OFG Bancorp (OFG) Expected to Announce Quarterly Earnings on Wednesday

OFG Bancorp (NYSE:OFG) is anticipated to release its earnings data before the market opens on Wednesday, January 22nd. Analysts expect OFG Bancorp to post earnings of $0.97 per share and revenue of $148,050.00 billion for the quarter.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The firm had revenue of $174.10 million for the quarter, compared to analysts’ expectations of $178.25 million. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.95 earnings per share. On average, analysts expect OFG Bancorp to post $4 EPS for the current fiscal year and $4 EPS for the next fiscal year.

OFG Bancorp Trading Up 1.0 %

Shares of NYSE:OFG traded up $0.44 during trading on Wednesday, reaching $43.25. The stock had a trading volume of 277,111 shares, compared to its average volume of 275,990. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The business has a fifty day moving average price of $43.69 and a 200-day moving average price of $42.98. The stock has a market cap of $1.99 billion, a P/E ratio of 10.52 and a beta of 1.02. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.31%. OFG Bancorp’s dividend payout ratio (DPR) is presently 24.33%.

OFG Bancorp announced that its board has approved a stock repurchase plan on Monday, October 28th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the bank to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on OFG shares. Piper Sandler decreased their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Keefe, Bruyette & Woods lifted their price target on shares of OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company dropped their price objective on OFG Bancorp from $49.00 to $45.00 and set an “overweight” rating for the company in a report on Monday, January 6th.

Insider Buying and Selling

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the sale, the chief executive officer now directly owns 284,775 shares of the company’s stock, valued at approximately $12,883,221. This represents a 14.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.11% of the company’s stock.

About OFG Bancorp

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, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.