OFG Bancorp (OFG) To Go Ex-Dividend on June 30th

OFG Bancorp (NYSE:OFG) announced a quarterly dividend on Wednesday, April 22nd. Stockholders of record on Tuesday, June 30th will be given a dividend of 0.35 per share by the bank on Wednesday, July 15th. This represents a c) annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, June 30th.

OFG Bancorp has increased its dividend payment by an average of 0.3%annually over the last three years and has raised its dividend annually for the last 5 consecutive years. OFG Bancorp has a payout ratio of 31.5% meaning its dividend is sufficiently covered by earnings. Analysts expect OFG Bancorp to earn $4.70 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 29.8%.

OFG Bancorp Trading Up 0.6%

OFG Bancorp stock opened at $46.05 on Friday. The stock has a market cap of $1.96 billion, a P/E ratio of 9.51 and a beta of 0.67. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.86 and a quick ratio of 0.87. OFG Bancorp has a 1 year low of $35.71 and a 1 year high of $46.85. The firm’s 50 day moving average price is $41.18 and its 200-day moving average price is $40.94.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Tuesday, April 21st. The bank reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.24. The firm had revenue of $185.80 million for the quarter, compared to analysts’ expectations of $179.16 million. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.00 earnings per share. On average, equities analysts predict that OFG Bancorp will post 4.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on OFG. Wells Fargo & Company lifted their price objective on shares of OFG Bancorp from $43.00 to $45.00 and gave the company an “equal weight” rating in a research report on Wednesday. Weiss Ratings reissued a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a report on Friday, January 23rd. Piper Sandler reissued a “neutral” rating and issued a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a report on Wednesday. Finally, Truist Financial raised their target price on shares of OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $47.20.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.