OFG Bancorp (NYSE:OFG) Approves Stock Repurchase Program

OFG Bancorp (NYSE:OFG - Get Free Report) announced that its board has authorized a share buyback plan on Monday, October 28th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 2.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

OFG Bancorp Trading Up 4.3 %

NYSE OFG traded up $1.66 during trading hours on Monday, hitting $40.63. The company's stock had a trading volume of 403,912 shares, compared to its average volume of 234,646. The stock has a fifty day moving average of $43.37 and a 200 day moving average of $40.30. OFG Bancorp has a twelve month low of $29.33 and a twelve month high of $47.57. The firm has a market capitalization of $1.89 billion, a P/E ratio of 9.89 and a beta of 0.98. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its earnings results on Wednesday, October 16th. The bank reported $1.00 EPS 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 the consensus estimate of $178.25 million. During the same period in the previous year, the company posted $0.95 EPS. The firm's revenue for the quarter was up 1.1% on a year-over-year basis. Equities research analysts forecast that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 2.46%. OFG Bancorp's dividend payout ratio is 24.33%.

Wall Street Analyst Weigh In

Several analysts have weighed in on OFG shares. Wells Fargo & Company upped their price objective on shares of OFG Bancorp from $40.00 to $48.00 and gave the stock an "overweight" rating in a research note on Monday, July 22nd. Hovde Group upped their price objective on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, July 22nd. Finally, Piper Sandler decreased their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating on the stock in a research note on Thursday, October 17th.

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.

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