2. Oriental Financial Group

Shares of Oriental Financial Group ( OFG) of San Juan, Puerto Rico, closed at $12.11 Thursday, for a flat year-to-date return, following a 1% decline during 2011. Based on a six-cent quarterly payout, the shares have a dividend yield of 1.98%.

The shares trade for just nine times the consensus 2013 EPS estimate of $1.40, and for 0.8 times tangible book value. The consensus 2012 EPS estimate is $1.10.

Oriental had $6.7 billion in total assets as of Dec. 30, and saw a major expansion with its purchase of the failed Eurobank of San Juan from the Federal Deposit Insurance Corp. in April 2010.

The company reported a fourth-quarter net loss to common shareholders of $13.1 million, or 31 cents a share, compared to earnings of $3.9 million, or eight cents a share, in the fourth quarter of 2010. The fourth-quarter loss mainly resulted from a $15 million impairment charge on securities.

B. Riley analyst Joe Gladue has a neutral rating on Oriental, with a $12 price target, and said on Jan. 31 after the fourth-quarter results were announced that "Oriental maintains very high capital, enabling the company to pursue strategic acquisitions or to return capital to shareholders through dividends and stock repurchases."

The analyst expects Oriental "to continue to pursue its stock repurchase program aggressively over the next few quarters," and for the company "to raise the dividend gradually from the current $0.06 per quarter toward the $0.14 quarterly dividend the company paid out prior to the financial crisis."

Gladue estimates Oriental will earn 90 cents a share this year, followed by 2013 EPS of $1.16.

Interested in more on Oriental Financial Group? See TheStreet Ratings' report card for this stock.

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