Overview

• OFG Bancorp Q3 EPS rose 16% yr/yr to $1.16, with core revenues up 5.6%

• Company repurchased $20.4 mln of common shares, indicating confidence in future growth

• Digital First strategy expands with AI-driven customer insights and efficiency initiatives

Outlook

• Company did not provide specific financial guidance for future quarters or the full year

Result Drivers

• COMMERCIAL LOANS - Growth in commercial loans contributed to increased loan and core deposit balances, while auto loan originations moderated

• DIGITAL STRATEGY - Digital First strategy with AI-driven insights enhanced customer acquisition and retention

• ECONOMIC ENVIRONMENT - Puerto Rico's strong economic performance, including tourism surge and new investments, supported results

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 $51.00, about 17.3% above its October 21 closing price of $42.18

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release: ID:nBw3VRSw0a

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)