OFG Bancorp (NYSE:OFG) to Repurchase $50.00 million in Outstanding Stock

OFG Bancorp (NYSE:OFG) declared that its Board of Directors has initiated a stock repurchase program on Monday, October 28th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Wells Fargo & Company boosted their price objective on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Piper Sandler dropped 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. Finally, Hovde Group boosted their target price 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.

OFG Bancorp Stock Up 1.2 %

Shares of NYSE:OFG opened at $40.78 on Thursday. The stock has a market cap of $1.90 billion, a price-to-earnings ratio of 9.92 and a beta of 0.98. The business’s 50 day moving average is $43.28 and its 200 day moving average is $40.35. OFG Bancorp has a 12-month low of $29.33 and a 12-month high of $47.57. 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) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The firm had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 earnings per share. On average, sell-side analysts forecast that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently announced 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 2.45%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is presently 24.33%.

About OFG Bancorp

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.