|Bid||22.39 x 1000|
|Ask||24.75 x 900|
|Day's Range||22.15 - 22.49|
|52 Week Range||14.42 - 24.95|
|Beta (3Y Monthly)||1.57|
|PE Ratio (TTM)||12.98|
|Forward Dividend & Yield||0.28 (1.25%)|
|1y Target Est||N/A|
Could OFG Bancorp (NYSE:OFG) be an attractive dividend share to own for the long haul? Investors are often drawn to...
(Bloomberg) -- Bank of Nova Scotia is benefiting from its sharpened focus on Latin America.Scotiabank has announced exits from 20 countries and redeployed about C$7 billion of capital in the past four years to focus on key areas such as Mexico, Peru, Chile and Colombia, bringing its international presence down to 34 countries. Still, Scotiabank’s international banking division earned C$902 million ($681 million), up 90% from a year ago to mark the biggest profit gain among the lender’s three main segments. That helped the company beat analysts’ estimates.Key InsightsWhile Scotiabank is Canada’s most international bank, most of its profit still comes from domestic banking. That continued in the quarter, with earnings from Canadian banking rising 2.7% to C$1.16 billion.At Scotiabank’s Global Banking and Markets unit, revenue had declined from a year earlier for the past eight quarters and profit had grown in only two of the periods, prompting National Bank Financial analyst Gabriel Dechaine this month to call the company’s smallest division the “biggest source of disappointment in recent years.” That trend continued as the unit posted earnings of C$374 million, down 15% from a year ago as revenue fell in the fiscal third quarter.Scotiabank latest move in its international retreat was its June agreement to sell its Puerto Rican operations to OFG Bancorp’s Oriental Bank. The announced sale resulted in a C$402 million after-tax loss in the third quarter, compared with its C$400 million guidance in June.Market ReactionScotiabank is down 0.4% this year through Monday, making it the second-worst performer among Canada’s large lenders and underperforming Canada’s eight-company S&P/TSX Commercial Banks Index, which has gained 3.7%.Get MoreNet income for the three months through July 31 rose 2.3% to C$1.98 billion, or C$1.50 a share, from C$1.94 billion, or C$1.55, a year earlier. Adjusted earnings totaled C$1.88 a share, beating the C$1.85 estimate of 14 analysts in a Bloomberg survey.Scotiabank increased its quarterly dividend by 3.4% to 90 Canadian cents.Read more about Scotiabank’s quarterly results here.To contact the reporter on this story: Doug Alexander in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Michael J. Moore at email@example.com, ;David Scanlan at firstname.lastname@example.org, Daniel Taub, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
OFG (OFG) delivered earnings and revenue surprises of -2.27% and 5.62%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?
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Bank of Nova Scotia, Canada's third biggest lender, said on Wednesday it would sell its operations in Puerto Rico and the U.S. Virgin Islands to Oriental Bank for $560 million in cash. The deal is expected to be about 40% accretive to Oriental Bank parent OFG Bancorp's earnings per share in 2020, and the lender will have a loan portfolio totaling $7.2 billion and about 500,000 customers.
The deal is expected to be about 40% accretive to Oriental Bank parent OFG Bancorp's earnings per share in 2020, and the lender will have a loan portfolio totaling $7.2 billion and about 500,000 customers. Scotiabank will record an after-tax loss of about C$400 million ($304.79 million) in the third quarter of 2019 following the deal, which will help it focus on its key six markets.
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