OFG Bancorp Analysts Raise Their Forecasts Following Upbeat Q1 Results

Benzinga04-22

OFG Bancorp (NYSE:OFG) reported upbeat earnings for the first quarter on Tuesday.

The company posted quarterly earnings of $1.26 per share which beat the analyst consensus estimate of $1.02 per share. The company reported quarterly sales of $185.800 million which beat the analyst consensus estimate of $166.544 million.

José Rafael Fernández, Chief Executive Officer, said, “Business momentum and disciplined strategy execution drove strong first quarter results, supported by proactive balance sheet management and core deposit strength. Our operating model continues to deliver, with ongoing loan growth, high quality credit performance, and consistent execution across the franchise. During the quarter, we repurchased $44.5 million of common shares and increased our dividend by 17%, reinforcing our commitment to capital management and shareholder returns.”

OFG Bancorp shares gained 5.1% to close at $44.71 on Tuesday.

These analysts made changes to their price targets on OFG Bancorp following earnings announcement.

Truist Securities analyst Arren Cyganovich maintained OFG Bancorp with a Buy and raised the price target from $44 to $50.
Piper Sandler analyst Manuel Navas reiterated the stock with a Neutral and raised the price target from $43 to $48.

Considering buying OFG stock? Here’s what analysts think:

Photo via Shutterstock

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The company reported quarterly sales of $185.800 million which beat the analyst consensus estimate of $166.544 million.</p>\n<p>José Rafael Fernández, Chief Executive Officer, said, “Business momentum and disciplined strategy execution drove strong first quarter results, supported by proactive balance sheet management and core deposit strength. Our operating model continues to deliver, with ongoing loan growth, high quality credit performance, and consistent execution across the franchise. During the quarter, we repurchased $44.5 million of common shares and increased our dividend by 17%, reinforcing our commitment to capital management and shareholder returns.”</p>\n<p>OFG Bancorp shares gained 5.1% to close at $44.71 on Tuesday.</p>\n<p>These analysts made changes to their price targets on OFG Bancorp following earnings announcement.</p>\n<ul>\n<li>Truist Securities analyst Arren Cyganovich maintained OFG Bancorp with a Buy and raised the price target from $44 to $50.</li>\n<li>Piper Sandler analyst Manuel Navas reiterated the stock with a Neutral and raised the price target from $43 to $48.</li>\n</ul>\n<p><strong>Considering buying OFG stock? 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The company reported quarterly sales of $185.800 million which beat the analyst consensus estimate of $166.544 million.</p>\n<p>José Rafael Fernández, Chief Executive Officer, said, “Business momentum and disciplined strategy execution drove strong first quarter results, supported by proactive balance sheet management and core deposit strength. Our operating model continues to deliver, with ongoing loan growth, high quality credit performance, and consistent execution across the franchise. During the quarter, we repurchased $44.5 million of common shares and increased our dividend by 17%, reinforcing our commitment to capital management and shareholder returns.”</p>\n<p>OFG Bancorp shares gained 5.1% to close at $44.71 on Tuesday.</p>\n<p>These analysts made changes to their price targets on OFG Bancorp following earnings announcement.</p>\n<ul>\n<li>Truist Securities analyst Arren Cyganovich maintained OFG Bancorp with a Buy and raised the price target from $44 to $50.</li>\n<li>Piper Sandler analyst Manuel Navas reiterated the stock with a Neutral and raised the price target from $43 to $48.</li>\n</ul>\n<p><strong>Considering buying OFG stock? 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