OFG Bancorp (OFG) to Issue Quarterly Dividend of $0.35 on October 15th

OFG Bancorp (NYSE:OFG) declared a quarterly dividend on Wednesday, July 22nd. Investors of record on Wednesday, September 30th will be given a dividend of 0.35 per share by the bank on Thursday, October 15th. This represents a c) annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 30th.

OFG Bancorp has raised its dividend 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 dividend payout ratio of 31.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect OFG Bancorp to earn $5.22 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 26.8%.

OFG Bancorp Stock Up 0.6%

Shares of OFG stock opened at $52.45 on Friday. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $53.20. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.86 and a current ratio of 0.88. The firm has a market capitalization of $2.22 billion, a PE ratio of 10.32 and a beta of 0.70. The stock’s 50-day simple moving average is $47.79 and its 200-day simple moving average is $43.79.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, beating the consensus estimate of $1.17 by $0.22. The business had revenue of $190.32 million for the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same period in the prior year, the firm earned $1.15 EPS. Equities analysts expect that OFG Bancorp will post 5.05 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on OFG. Zacks Research cut OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Keefe, Bruyette & Woods raised their price target on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday. Truist Financial raised their price objective on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday. Benchmark started coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They set a “hold” rating on the stock. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $54.00.

About OFG Bancorp

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.