On Aug 3, 2013, Zacks Investment Research upgraded
) to a Zacks Rank #1 (Strong Buy).
Why the Upgrade?
OFG Bancorp has been witnessing rising earnings estimates on the
back of strong second-quarter results. Moreover, the company has
an expected long-term earnings growth rate of 8.00%.
On Jul 22, 2013, OFG Bancorp reported second-quarter earnings of
68 cents per share, significantly surpassing the Zacks Consensus
Estimate as well as the prior-quarter earnings of 37 cents.
The sequential improvement was driven by top-line growth,
partially offset by higher operating expenses. Moreover, asset
quality and capital ratios showed improvement.
OFG Bancorp's total revenue came in at $113.2 million, up 9.1%
from $103.7 in the prior quarter. However, total expenses
increased 3.7% to $63.5 million.
Moreover, OFG Bancorp's asset quality showed an improvement in
the reported quarter. Non-performing loans stood at $88.5 million
as of Jun 30, 2013 compared with $130.5 million as of Mar 31,
2013. Allowance for loans and lease losses as a percentage of
loans held for investments was 2.57% as of Jun 30, 2013 compared
with 2.89% as of Mar 31, 2013.
Capital ratios also showed improvement. As of Jun 30, 2013, Tier
1 common ratio stood at 9.85% compared with 9.20% as of Mar 31,
2013. Tier 1 risk-based capital ratio was 13.79% as of Jun 30,
2013 compared with 13.01% as of Mar 31, 2013. Total risk-based
capital ratio stood at 15.83% as of Jun 30, 2013 compared with
15.03% as of Mar 31, 2013.
Over the last 30 days, the Zacks Consensus Estimate for 2013 went
up by 21.4% to $1.87 per share. However, for 2014, the Zacks
Consensus Estimate remained stable at $1.97 per share over the
same time frame.
Other Stocks to Consider
Other stocks that are also worth considering with a Zacks Rank #1
(Strong Buy) include
CNB Financial Corp
Eagle Bancorp, Inc
Metro Bancorp, Inc
CNB FINL CP PA (CCNE): Free Stock Analysis
EAGLE BCP INC (EGBN): Free Stock Analysis
METRO BANCORP (METR): Free Stock Analysis
OFG BANCORP (OFG): Free Stock Analysis Report
To read this article on Zacks.com click here.