OFG Bancorp Inc (NYSE:OFG) Reports Quarterly Earnings, Beats Expectations of $0.10 per EPS
OFG Bancorp (NYSE:OFG) released its quarterly results on Wednesday. The bank reported earnings per share of $0.66 for the quarter, missing analyst consensus estimates of $0.76 per ($0.10), MarketWatch Earnings reports. OFG Bancorp achieved a return on equity of 13.99% and a net margin of 23.53%. In the same quarter last year, the company achieved EPS of $0.58.
NYSE: OFG was down $0.54 in Friday’s midday session, hitting $27.20. 12,112 shares of the company were traded, compared to its average volume of 235,138. The company has a leverage ratio of 0.09, a quick ratio of 0.97 and a current ratio of 0.97. The company’s 50-day simple moving average is $26.68 and its 200-day simple moving average is $24.95. OFG Bancorp has a 1 year minimum of $16.00 and a 1 year maximum of $30.93. The company has a market capitalization of $1.36 billion, a PE ratio of 10.79 and a beta of 1.38.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 18. Shareholders of record on Friday, December 31 received a dividend of $0.12 per share. The ex-dividend date was Thursday, December 30. This represents an annualized dividend of $0.48 and a yield of 1.76%. OFG Bancorp’s dividend payout ratio (DPR) is currently 18.68%.
Major investors have recently been buying and selling shares of the company. Jane Street Group LLC increased its stake in shares of OFG Bancorp by 49.5% during the third quarter. Jane Street Group LLC now owns 16,320 shares of the bank worth $412,000 after purchasing an additional 5,405 shares in the last quarter. Morgan Stanley increased its stake in OFG Bancorp shares by 63.4% during the second quarter. Morgan Stanley now owns 202,212 shares of the bank worth $4,472,000 after buying an additional 78,460 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in OFG Bancorp shares by 1.1% in the third quarter. Bank of New York Mellon Corp now owns 552,103 shares of the bank worth $13,925,000 after acquiring 5,891 additional shares in the last quarter. Hedge funds and other institutional investors hold 91.83% of the company’s shares.
Several equity analysts weighed in on OFG shares. Wells Fargo & Company raised its price target on OFG Bancorp shares from $31.00 to $33.00 and gave the company an “overweight” rating in a Tuesday, Jan. 4, report. Zacks Investment Research downgraded shares of OFG Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, Dec. 22. Finally, the Hovde Group launched a hedge on the shares of OFG Bancorp in a report on Monday, December 20. They issued an “outperform” rating and a target price of $32.00 for the company.
OFG Bancorp Company Profile
OFG Bancorp is a holding company that provides banking and financial services. It operates through the following segments: Banking, Wealth Management and Treasury. The Banking segment includes its branches and traditional banking products such as deposits and commercial, consumer and mortgage loans.
Further Reading: Cost of Debt
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