OFG Bancorp (NYSE:OFG) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

OFG Bancorp (NYSE:OFGGet Free Report) issued its earnings results on Wednesday. The bank reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.05, MarketWatch Earnings reports. The business had revenue of $208.26 million for the quarter, compared to analyst estimates of $172.50 million. OFG Bancorp had a return on equity of 16.61% and a net margin of 23.62%. During the same period last year, the company posted $0.97 EPS.

OFG Bancorp Stock Up 0.4 %

NYSE OFG traded up $0.16 during trading hours on Friday, hitting $37.93. The company had a trading volume of 15,639 shares, compared to its average volume of 224,470. OFG Bancorp has a fifty-two week low of $22.34 and a fifty-two week high of $38.47. The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of 9.89 and a beta of 1.14. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.88 and a quick ratio of 0.88. The firm’s 50 day moving average is $35.82 and its 200 day moving average is $32.49.

Insider Activity at OFG Bancorp

In other news, insider Cesar A. Ortiz sold 2,303 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $35.86, for a total transaction of $82,585.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Jesus Nestor De sold 3,000 shares of the firm’s stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $36.94, for a total transaction of $110,820.00. Following the completion of the sale, the director now directly owns 17,890 shares in the company, valued at $660,856.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Cesar A. Ortiz sold 2,303 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $35.86, for a total value of $82,585.58. The disclosure for this sale can be found here. In the last three months, insiders sold 10,992 shares of company stock worth $409,588. Corporate insiders own 3.11% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

A number of hedge funds have recently bought and sold shares of OFG. Charles Schwab Investment Management Inc. grew its stake in OFG Bancorp by 139.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,207,708 shares of the bank’s stock worth $30,120,000 after purchasing an additional 703,543 shares in the last quarter. First Trust Advisors LP grew its stake in OFG Bancorp by 236.5% in the first quarter. First Trust Advisors LP now owns 529,418 shares of the bank’s stock worth $13,204,000 after purchasing an additional 372,086 shares in the last quarter. Millennium Management LLC grew its stake in OFG Bancorp by 54.4% in the fourth quarter. Millennium Management LLC now owns 868,246 shares of the bank’s stock worth $23,929,000 after purchasing an additional 306,065 shares in the last quarter. BlackRock Inc. grew its stake in OFG Bancorp by 4.1% in the first quarter. BlackRock Inc. now owns 7,044,536 shares of the bank’s stock worth $175,691,000 after purchasing an additional 279,724 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in OFG Bancorp by 1,956.2% in the first quarter. Envestnet Asset Management Inc. now owns 178,726 shares of the bank’s stock worth $38,000 after purchasing an additional 170,034 shares in the last quarter. 91.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com started coverage on OFG Bancorp in a report on Thursday, October 5th. They issued a “hold” rating for the company.

Read Our Latest Analysis on OFG Bancorp

OFG Bancorp Company Profile

(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, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; financial planning and insurance services; and corporate and individual trust, and retirement services.

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Earnings History for OFG Bancorp (NYSE:OFG)

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