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

OFG Bancorp (NYSE:OFG) declared a quarterly dividend on Wednesday, May 8th, Zacks reports. Investors of record on Friday, June 28th will be given a dividend of 0.25 per share by the bank on Monday, July 15th. This represents a $1.00 annualized dividend and a yield of 2.64%. The ex-dividend date is Friday, June 28th.

OFG Bancorp has raised its dividend payment by an average of 46.5% per year over the last three years and has raised its dividend every year for the last 4 years. OFG Bancorp has a dividend payout ratio of 25.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect OFG Bancorp to earn $3.95 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 25.3%.

OFG Bancorp Trading Down 0.8 %

OFG traded down $0.30 during midday trading on Friday, hitting $37.84. The company’s stock had a trading volume of 10,216 shares, compared to its average volume of 233,457. OFG Bancorp has a 52-week low of $23.11 and a 52-week high of $39.04. The firm has a 50-day moving average price of $36.04 and a two-hundred day moving average price of $35.34. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 0.17. The firm has a market cap of $1.78 billion, a P/E ratio of 9.75 and a beta of 1.08.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.10. OFG Bancorp had a net margin of 23.00% and a return on equity of 16.10%. The company had revenue of $213.49 million for the quarter, compared to the consensus estimate of $175.20 million. During the same quarter last year, the firm posted $0.96 earnings per share. On average, research analysts anticipate that OFG Bancorp will post 4.02 earnings per share for the current year.

Insiders Place Their Bets

In other OFG Bancorp news, insider Ganesh Kumar sold 9,697 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $36.40, for a total transaction of $352,970.80. Following the completion of the sale, the insider now owns 134,805 shares in the company, valued at approximately $4,906,902. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold 61,305 shares of company stock worth $2,255,071 in the last quarter. 2.16% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Wells Fargo & Company lowered their price target on OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, April 10th.

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.