OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, as well as time deposit products; commercial, consumer, auto, and mortgage lending services; financial planning and insurance services; and corporate and individual trust, and retirement services. It also provides securities brokerage and investment advisory services, including various investment alternatives, such as tax-advantaged fixed income securities, mutual funds, stocks, and bonds to retail and institutional clients; and separately-managed accounts and mutual fund asset allocation programs. In addition, the company engages in the insurance agency and reinsurance businesses; administration and servicing of retirement plans; various treasury-related functions with an investment portfolio consisting of mortgage-backed securities, obligations of U.S. government sponsored agencies, and U.S. Treasury securities and money market instruments; and management and participation in public offerings and private placements of debt and equity securities. Further, it offers money management and investment banking services; and engages in the asset/liability management activities, such as purchases and sales of investment securities, interest rate risk management, derivatives, and borrowings. The company operates through a network of 50 branches in Puerto Rico and 2 branches in USVI. OFG Bancorp was founded in 1964 and is headquartered in San Juan, Puerto Rico.
Wall Street Analyst Weigh In
Several analysts have weighed in on the company. Piper Sandler lowered their price objective on OFG Bancorp to $33.00 in a research report on Monday, July 4th. StockNews.com downgraded OFG Bancorp from a "strong-buy" rating to a "buy" rating in a research report on Friday, May 20th.
OFG Bancorp Trading Up 0.0 %
Shares of OFG traded up $0.01 during mid-day trading on Wednesday, hitting $29.69. 2,274 shares of the company's stock traded hands, compared to its average volume of 243,982. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.03. OFG Bancorp has a 1 year low of $22.23 and a 1 year high of $30.93. The firm has a market capitalization of $1.41 billion, a P/E ratio of 9.67 and a beta of 1.20. The business's 50-day moving average price is $26.78 and its 200-day moving average price is $27.07.
OFG Bancorp (NYSE:OFG - Get Rating) last posted its earnings results on Thursday, July 21st. The bank reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.13. OFG Bancorp had a return on equity of 14.64% and a net margin of 25.87%. During the same quarter in the previous year, the firm earned $0.78 EPS. As a group, sell-side analysts forecast that OFG Bancorp will post 3.3 EPS for the current fiscal year.
OFG Bancorp Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.69%. This is a boost from OFG Bancorp's previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 29th. OFG Bancorp's dividend payout ratio is presently 19.54%.
Insider Buying and Selling
In related news, COO Ganesh Kumar sold 3,059 shares of the company's stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $29.10, for a total value of $89,016.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.66% of the stock is owned by insiders.