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

OFG Bancorp (NYSE:OFG) announced a quarterly dividend on Wednesday, May 8th, Zacks reports. Shareholders 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 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Friday, June 28th.

OFG Bancorp has increased its dividend by an average of 46.5% per year over the last three years and has increased 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. Research 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 Price Performance

Shares of OFG traded down $0.37 during mid-day trading on Friday, hitting $37.77. The company’s stock had a trading volume of 21,177 shares, compared to its average volume of 233,591. 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 50-day simple moving average of $36.04 and a 200 day simple moving average of $35.34. The firm has a market capitalization of $1.78 billion, a P/E ratio of 9.75 and a beta of 1.08. OFG Bancorp has a 1-year low of $23.11 and a 1-year high of $39.04.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Thursday, April 18th. The bank reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.10. OFG Bancorp had a return on equity of 16.10% and a net margin of 23.00%. The firm had revenue of $213.49 million during the quarter, compared to the consensus estimate of $175.20 million. During the same period last year, the business posted $0.96 EPS. Analysts predict that OFG Bancorp will post 4.02 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Wells Fargo & Company dropped 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.

Insiders Place Their Bets

In other news, insider Ganesh Kumar sold 6,695 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $37.93, for a total transaction of $253,941.35. Following the sale, the insider now owns 76,578 shares in the company, valued at $2,904,603.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 61,305 shares of company stock valued at $2,255,071. Corporate insiders own 2.16% of the company’s stock.

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.