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OFG Bancorp Announces New $100 Million Share Repurchase Plan

1. OFG Bancorp approved a new $100 million stock repurchase plan. 2. The plan is open-ended and supplements a previous buyback authorization.

Shares Buyback
+3.89%Current Return
VS
+0.76%S&P 500
$39.3504/30 04:46 PM EDTEvent Start
$40.8805/01 11:15 PM EDTLatest Updated
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FAQ

Why Bullish?

Stock repurchase programs typically signal financial strength and confidence in future growth. OFG's previous buybacks have supported its stock price, indicating potential positive market reaction.

How important is it?

The buyback plan demonstrates OFG's commitment to returning value, indicating market confidence. Investors usually react positively to such actions, enhancing the stock's appeal.

Why Short Term?

The announcement's immediate effect on stock price is likely due to perceived confidence. Historical stock repurchase announcements have often led to short-term price increases.

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BKZIONFITB
SAN JUAN, Puerto Rico--(BUSINESS WIRE)--OFG Bancorp (NYSE: OFG) today announced its Board of Directors approved a new $100 million stock repurchase authorization plan as part of OFG's capital actions. The new plan, which is open-ended, is in addition to the previously authorized stock repurchase plan. About OFG Bancorp Now in its 61st year in business, OFG Bancorp is a diversified financial holding company that operates under U.S., Puerto Rico and U.S. Virgin Islands banking laws and regulation.

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