OFG Bancorp (NYSE:OFG) Shares Gap Down Following Weak Earnings

Shares of OFG Bancorp (NYSE:OFG) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. 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 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The company had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. During the same period in the prior year, the company earned $0.95 EPS. The company’s revenue was up 1.1% compared to the same quarter last year.

OFG Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on OFG. Wells Fargo & Company boosted their target price on shares of OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Hovde Group raised their price target on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Finally, Piper Sandler decreased their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday.

Insider Activity

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

Hedge Funds Weigh In On OFG Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OFG. Arizona State Retirement System lifted its position in OFG Bancorp by 1.9% in the second quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock worth $494,000 after purchasing an additional 247 shares during the period. Louisiana State Employees Retirement System lifted its position in shares of OFG Bancorp by 1.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock valued at $884,000 after acquiring an additional 300 shares during the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of OFG Bancorp by 1.6% during the 2nd quarter. SummerHaven Investment Management LLC now owns 26,733 shares of the bank’s stock worth $1,001,000 after acquiring an additional 412 shares in the last quarter. Texas Permanent School Fund Corp boosted its position in shares of OFG Bancorp by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 41,191 shares of the bank’s stock valued at $1,516,000 after purchasing an additional 540 shares during the period. Finally, XTX Topco Ltd increased its stake in OFG Bancorp by 7.6% in the 2nd quarter. XTX Topco Ltd now owns 7,974 shares of the bank’s stock worth $299,000 after purchasing an additional 566 shares in the last quarter. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Trading Up 0.5 %

The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of 10.63 and a beta of 0.98. The company has a fifty day simple moving average of $43.71 and a 200-day simple moving average of $40.03.

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.