OFG Bancorp (OFG) to Distribute Quarterly Dividend of $0.35 on July 15th

OFG Bancorp (NYSE:OFG) declared a quarterly dividend on Wednesday, April 22nd. Shareholders of record on Tuesday, June 30th will be paid a dividend of 0.35 per share by the bank on Wednesday, July 15th. This represents a c) annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, June 30th.

OFG Bancorp has increased its dividend payment by an average of 0.3%annually over the last three years and has raised its dividend every year for the last 5 years. OFG Bancorp has a dividend payout ratio of 31.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect OFG Bancorp to earn $4.80 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 29.2%.

OFG Bancorp Price Performance

Shares of OFG stock opened at $49.03 on Friday. The stock’s fifty day moving average is $45.76 and its 200-day moving average is $42.66. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a market capitalization of $2.07 billion, a PE ratio of 10.13 and a beta of 0.70. OFG Bancorp has a 52 week low of $35.71 and a 52 week high of $49.69.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The company had revenue of $185.80 million during the quarter. Equities research analysts expect that OFG Bancorp will post 4.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on OFG. Wells Fargo & Company raised their price objective on shares of OFG Bancorp from $43.00 to $45.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 22nd. Truist Financial increased their price target on shares of OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Zacks Research raised shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Finally, Piper Sandler restated a “neutral” rating and issued a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, OFG Bancorp presently has an average rating of “Moderate Buy” and an average price target of $47.20.

OFG Bancorp Company Profile

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.