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

OFG Bancorp (NYSE:OFG) declared that its Board of Directors has approved a stock buyback plan on Monday, October 28th, RTT News reports. The company plans to repurchase $50.00 million in shares. This repurchase authorization authorizes the bank to buy up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

OFG Bancorp Trading Up 1.2 %

Shares of NYSE OFG opened at $40.78 on Thursday. The firm has a 50 day moving average price of $43.28 and a two-hundred day moving average price of $40.35. The stock has a market cap of $1.90 billion, a P/E ratio of 9.92 and a beta of 0.98. OFG Bancorp has a 52-week low of $29.33 and a 52-week high of $47.57. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). The company had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.95 earnings per share. As a group, equities analysts forecast that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.45%. OFG Bancorp’s payout ratio is 24.33%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Piper Sandler decreased their target price 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. Hovde Group boosted their price objective on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Finally, Wells Fargo & Company upped their target price on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd.

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.