OFG Bancorp (NYSE:OFG) Announces Quarterly Dividend of $0.35

OFG Bancorp (NYSE:OFG) declared a quarterly dividend on Wednesday, January 28th. Investors of record on Tuesday, March 31st will be paid a dividend of 0.35 per share by the bank on Wednesday, April 15th. This represents a c) dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a 16.7% increase from OFG Bancorp’s previous quarterly dividend of $0.30.

OFG Bancorp has raised its dividend payment by an average of 0.3%per year over the last three years and has raised its dividend annually for the last 5 consecutive years. OFG Bancorp has a payout ratio of 27.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect OFG Bancorp to earn $4.39 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 27.3%.

OFG Bancorp Trading Up 5.8%

NYSE:OFG traded up $2.21 during mid-day trading on Thursday, hitting $39.94. 271,050 shares of the company’s stock were exchanged, compared to its average volume of 278,811. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $46.11. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $1.76 billion, a P/E ratio of 8.70 and a beta of 0.77. The company has a 50 day simple moving average of $40.87 and a 200-day simple moving average of $42.01.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.11. The firm had revenue of $185.37 million during the quarter, compared to analysts’ expectations of $184.17 million. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The company’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.09 EPS. As a group, research analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Jesus Nestor De sold 2,000 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $42.31, for a total transaction of $84,620.00. Following the completion of the sale, the director owned 22,690 shares in the company, valued at approximately $960,013.90. This represents a 8.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jorge Colon sold 25,000 shares of the stock in a transaction on Monday, November 10th. The shares were sold at an average price of $40.85, for a total value of $1,021,250.00. Following the completion of the sale, the director directly owned 27,543 shares of the company’s stock, valued at $1,125,131.55. The trade was a 47.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 62,500 shares of company stock worth $2,564,302 in the last ninety days. Corporate insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Quarry LP purchased a new position in OFG Bancorp during the third quarter worth about $35,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of OFG Bancorp during the 3rd quarter worth approximately $53,000. EverSource Wealth Advisors LLC lifted its position in shares of OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after buying an additional 1,095 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of OFG Bancorp in the 2nd quarter worth approximately $97,000. Finally, Quantbot Technologies LP bought a new position in shares of OFG Bancorp in the second quarter valued at approximately $162,000. 92.73% of the stock is owned by institutional investors.

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.