OFG Bancorp (NYSE:OFG) Releases Earnings Results, Beats Expectations By $0.21 EPS

Key Points

• OFG Bancorp beat quarterly expectations, reporting EPS of $1.39 versus the $1.18 consensus estimate and revenue of $190.32 million, ahead of forecasts.
• The stock was trading up 3.4% after the results, with shares opening at $51.70 and moving close to the 52-week high of $52.36.
• The company also paid a quarterly dividend of $0.35 per share, equal to a $1.40 annualized payout and a 2.7% yield.

OFG Bancorp (NYSE:OFG - Get Free Report) issued its quarterly earnings data on Tuesday. The bank reported $1.39 EPS for the quarter, topping the consensus estimate of $1.18 by $0.21, RTT News reports. The company had revenue of $190.32 million during the quarter, compared to analyst estimates of $182.64 million. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.During the same quarter in the previous year, the firm earned $1.15 earnings per share.

OFG Bancorp Trading Up 3.4%

Shares of OFG opened at $51.70 on Tuesday. The firm's 50-day moving average price is $47.30 and its 200-day moving average price is $43.55. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 10.68 and a beta of 0.70. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.33. OFG Bancorp has a 1-year low of $35.71 and a 1-year high of $52.36.

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Tuesday, June 30th. OFG Bancorp's dividend payout ratio (DPR) is currently 28.93%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Benchmark began coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They issued a "hold" rating on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of OFG Bancorp in a research note on Friday, July 10th. Zacks Research lowered OFG Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 30th. Piper Sandler reiterated a "neutral" rating and issued a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company raised their price objective on OFG Bancorp from $45.00 to $49.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $49.00.

Institutional Trading of OFG Bancorp

Several large investors have recently bought and sold shares of OFG. Inceptionr LLC bought a new position in OFG Bancorp during the 4th quarter valued at about $234,000. PharVision Advisers LLC purchased a new position in shares of OFG Bancorp during the third quarter valued at approximately $213,000. Polymer Capital Management US LLC bought a new position in OFG Bancorp during the third quarter valued at approximately $360,000. Brevan Howard Capital Management LP boosted its holdings in OFG Bancorp by 13.4% in the third quarter. Brevan Howard Capital Management LP now owns 8,205 shares of the bank's stock worth $357,000 after purchasing an additional 971 shares during the last quarter. Finally, Aquatic Capital Management LLC grew its position in OFG Bancorp by 102.7% in the 3rd quarter. Aquatic Capital Management LLC now owns 4,859 shares of the bank's stock worth $211,000 after purchasing an additional 2,462 shares during the period. 92.73% of the stock is owned by institutional investors.

About OFG Bancorp

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.

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