OFG Bancorp (NYSE:OFG) Declares Quarterly Dividend of $0.25

OFG Bancorp (NYSE:OFG) announced a quarterly dividend on Monday, October 28th, RTT News reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.25 per share by the bank on Wednesday, January 15th. This represents a $1.00 dividend on an annualized basis and a yield of 2.49%.

OFG Bancorp has raised its dividend by an average of 46.5% annually over the last three years. OFG Bancorp has a payout ratio of 25.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect OFG Bancorp to earn $4.07 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 24.6%.

OFG Bancorp Stock Performance

NYSE OFG traded up $1.20 during trading hours on Monday, reaching $40.17. The stock had a trading volume of 36,088 shares, compared to its average volume of 232,824. The stock has a fifty day moving average of $43.42 and a 200 day moving average of $40.26. The stock has a market cap of $1.89 billion, a P/E ratio of 9.97 and a beta of 0.98. OFG Bancorp has a 52-week low of $29.33 and a 52-week high of $47.57. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The firm had revenue of $174.10 million during the quarter, compared to analysts’ expectations of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. OFG Bancorp’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 EPS. Sell-side analysts predict that OFG Bancorp will post 4.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on OFG shares. Hovde Group boosted their price target on OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Wells Fargo & Company boosted their price target on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Finally, Piper Sandler decreased their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

OFG Bancorp Company Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.