SAN JUAN, Puerto Rico—Jorge Colon, a director at OFG Bancorp (NYSE:OFG), recently sold 10,000 shares of the company’s common stock, according to a regulatory filing. The shares were sold at an average price of $46.4018, totaling approximately $464,018. Following this transaction, Colon retains ownership of 49,743 shares in the company. This sale was disclosed in a filing with the Securities and Exchange Commission, signed by Nilda M. Vazquez-Rodriguez, Attorney-in-Fact for Jorge Colon.
In other recent news, OFG Bancorp has announced a new $50 million stock repurchase authorization and set its quarterly cash dividend at $0.25 per share. The company reported a 5.3% year-over-year increase in earnings per share to $1.00 for the third quarter of 2024, with total core revenues reaching $174.1 million. The company's total assets grew by 12% to $11.5 billion and new loan production reached $572 million.
Despite third-quarter earnings falling short of expectations, Piper Sandler has maintained its Overweight rating on OFG Bancorp, anticipating only minor adjustments to its projections. The company also acquired a servicing portfolio projected to generate approximately $900,000 in quarterly mortgage banking fees.
Looking ahead, OFG Bancorp anticipates two additional Federal Reserve rate cuts and continued loan growth. The net interest margin for Q4 is projected between 5.3% and 5.4%, and non-interest expenses are expected to range from $91 million to $93 million. These are recent developments that highlight OFG Bancorp's ongoing efforts to provide a robust financial platform for its shareholders.
InvestingPro Insights
The recent stock sale by OFG Bancorp director Jorge Colon comes at a time when the company's financial metrics and market performance present an interesting picture for investors. According to InvestingPro data, OFG Bancorp has a market capitalization of $2.03 billion and is trading at a price-to-earnings ratio of 10.68, which is relatively low compared to many in the financial sector.
One of the most notable InvestingPro Tips for OFG Bancorp is that the company has raised its dividend for 4 consecutive years, demonstrating a commitment to returning value to shareholders. This is further supported by the fact that OFG has maintained dividend payments for an impressive 33 consecutive years. The current dividend yield stands at 2.27%, which may be attractive to income-focused investors.
The company's stock has shown strong performance, with a significant 7.79% return over the last week and an impressive 43.5% return over the past year. This aligns with another InvestingPro Tip highlighting OFG's high return over the last decade.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. There are 10 more tips available on the InvestingPro platform, which could provide a deeper understanding of OFG Bancorp's financial health and market position.
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