OFG Bancorp (NYSE:OFG) Board Authorizes Stock Buyback Program

OFG Bancorp (NYSE:OFG) announced that its Board of Directors has authorized a stock repurchase program on Wednesday, January 28th, RTT News reports. The company plans to repurchase $200.00 million in shares. This repurchase authorization permits the bank to reacquire up to 12% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Piper Sandler began coverage on shares of OFG Bancorp in a report on Thursday, January 15th. They set a “neutral” rating and a $45.00 price objective on the stock. Wells Fargo & Company dropped their price target on shares of OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, October 27th. Zacks Research raised shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Finally, UBS Group set a $50.00 target price on OFG Bancorp in a research report on Thursday, October 9th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $45.83.

OFG Bancorp Stock Performance

NYSE OFG opened at $37.67 on Thursday. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $46.11. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.85. The stock has a market capitalization of $1.66 billion, a PE ratio of 8.22 and a beta of 0.77. The company’s 50 day simple moving average is $40.87 and its two-hundred day simple moving average is $42.01.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.11. The firm had revenue of $185.37 million during the quarter, compared to analyst estimates of $184.17 million. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.09 EPS. Analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Wednesday, December 31st. OFG Bancorp’s dividend payout ratio is currently 26.20%.

Insiders Place Their Bets

In related news, Director Jesus Nestor De sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $42.31, for a total value of $84,620.00. Following the sale, the director directly owned 22,690 shares of the company’s stock, valued at $960,013.90. This trade represents a 8.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jose Rafael Fernandez sold 25,232 shares of OFG Bancorp stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total transaction of $1,033,250.40. Following the sale, the chief executive officer owned 184,675 shares of the company’s stock, valued at approximately $7,562,441.25. The trade was a 12.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 62,500 shares of company stock worth $2,564,302. 2.16% of the stock is currently owned by insiders.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.