OFG Bancorp (OFG) Expected to Announce Earnings on Wednesday

OFG Bancorp (NYSE:OFG) will likely be issuing its quarterly earnings data before the market opens on Wednesday, January 22nd. Analysts expect the company to announce earnings of $0.97 per share and revenue of $148,050.00 billion for the quarter.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The firm had revenue of $174.10 million during the quarter, compared to analysts’ expectations of $178.25 million. During the same quarter last year, the company posted $0.95 earnings per share. OFG Bancorp’s revenue for the quarter was up 1.1% compared to the same quarter last year. 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 Stock Up 1.0 %

OFG Bancorp stock traded up $0.44 during midday trading on Wednesday, hitting $43.25. 277,111 shares of the stock were exchanged, compared to its average volume of 275,990. OFG Bancorp has a 1 year low of $33.19 and a 1 year high of $47.66. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. The firm 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 50 day moving average price of $43.69 and a two-hundred day moving average price of $42.98.

OFG Bancorp declared that its Board of Directors has approved a share 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp’s payout ratio is 24.33%.

Insiders Place Their Bets

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the business’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 owns 284,775 shares in the company, valued at $12,883,221. The trade was a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.11% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

OFG Bancorp Company Profile

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.