OFG Bancorp (NYSE:OFG) Shares Gap Down on Disappointing Earnings

by · The Cerbat Gem

Shares of OFG Bancorp (NYSE:OFG – Get Free Report) gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $44.86, but opened at $42.87. OFG Bancorp shares last traded at $42.47, with a volume of 28,711 shares traded.

The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The firm had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. During the same period last year, the company posted $0.95 EPS. The business’s revenue was up 1.1% on a year-over-year basis.

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.41%. OFG Bancorp’s payout ratio is presently 25.58%.

Analysts Set New Price Targets

Several research firms have commented on OFG. Hovde Group increased their target price on OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Piper Sandler cut 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. Finally, Wells Fargo & Company upped their price target on shares of OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd.

View Our Latest Stock Report on OFG

Insider Buying and Selling at OFG Bancorp

In other news, Director Jorge Colon sold 33,081 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the completion of the transaction, the director now directly owns 70,919 shares in the company, valued at $3,243,125.87. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.11% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of OFG Bancorp by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock worth $217,433,000 after acquiring an additional 63,883 shares in the last quarter. American Century Companies Inc. increased its holdings in OFG Bancorp by 16.5% in the second quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock worth $36,212,000 after purchasing an additional 136,813 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in OFG Bancorp by 58.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock valued at $22,905,000 after buying an additional 225,666 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of OFG Bancorp by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank’s stock worth $19,157,000 after buying an additional 2,757 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in shares of OFG Bancorp by 3.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 308,562 shares of the bank’s stock worth $11,358,000 after buying an additional 10,186 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Stock Up 0.5 %

The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. The firm’s 50 day moving average price is $43.71 and its two-hundred day moving average price is $40.03. The company has a market cap of $1.95 billion, a P/E ratio of 10.63 and a beta of 0.98.

About OFG Bancorp

(Get Free Report)

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.

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