Puerto Rican financial services company OFG Bancorp (NYSE: OFG) will be reporting results this Thursday morning. Here’s what to expect.
OFG Bancorp beat analysts’ revenue expectations by 2% last quarter, reporting revenues of $178.6 million, up 2.4% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ net interest income estimates and a solid beat of analysts’ tangible book value per share estimates.
Is OFG Bancorp a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting OFG Bancorp’s revenue to grow 1.1% year on year to $181.7 million, slowing from the 5.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.05 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. OFG Bancorp has missed Wall Street’s revenue estimates twice over the last two years.
Looking at OFG Bancorp’s peers in the banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Fulton Financial’s revenues decreased 3.2% year on year, beating analysts’ expectations by 1.9%, and FB Financial reported a revenue decline of 40.1%, falling short of estimates by 43.5%. FB Financial traded down 4.4% following the results.
Read our full analysis of Fulton Financial’s results here and FB Financial’s results here.
There has been positive sentiment among investors in the banks segment, with share prices up 8.3% on average over the last month. OFG Bancorp is up 6.8% during the same time and is heading into earnings with an average analyst price target of $48.67 (compared to the current share price of $43.29).
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