OFG Bancorp (NYSE:OFG) to Issue $0.25 Quarterly Dividend

OFG Bancorp (NYSE:OFG) announced a quarterly dividend on Monday, October 28th,RTT News reports. Shareholders of record on Tuesday, December 31st will be given 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 2.31%. The ex-dividend date of this dividend is Tuesday, December 31st.

OFG Bancorp has increased its dividend by an average of 46.5% per year over the last three years. OFG Bancorp has a payout ratio of 25.3% indicating that its dividend is sufficiently covered by earnings. 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 Down 0.3 %

OFG Bancorp stock opened at $43.20 on Friday. OFG Bancorp has a 52 week low of $33.19 and a 52 week high of $47.66. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The company’s 50-day moving average price is $43.26 and its two-hundred day moving average price is $42.49. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 10.51 and a beta of 1.02.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). The company had revenue of $174.10 million for 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%. The company’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.95 earnings per share. On average, analysts expect that OFG Bancorp will post 4.11 EPS for the current fiscal year.

Insider Buying and Selling at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the sale, the chief executive officer now directly owns 284,775 shares in the company, valued at approximately $12,883,221. The trade was a 14.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.16% of the company’s stock.

OFG Bancorp announced that its Board of Directors has authorized a stock repurchase plan on Monday, October 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 2.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

OFG has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of OFG Bancorp from $49.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Wells Fargo & Company increased their price objective on shares of OFG Bancorp from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Piper Sandler decreased their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

About OFG Bancorp

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.