Financial Holding Company OFG Bancorp's Q2 EPS rises 6.5%

Overview

• OFG Bancorp Q2 EPS rises to $1.15, up 6.5% year-over-year

• Total core revenues grow 1.5% year-over-year to $182.2 mln

• Co repurchased 186,024 shares, indicating strategic financial management

Outlook

• OFG Bancorp emphasizes digital strategy and customer experience investments

Result Drivers

• LOAN ORIGINATION - Strong loan origination contributed to increased EPS and core revenues, per CEO José Rafael Fernández

• DIGITAL STRATEGY - Omnichannel digital strategy and new product launches improved customer experience and operational efficiencies

• LIQUIDITY INCREASE - New borrowings and brokered deposits increased liquidity to fund strategic growth in commercial loans

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for OFG Bancorp is $48.00, about 8.3% above its July 16 closing price of $44.02

Press Release: ID:nBw5QDSlta