OFG Bancorp (NYSE:OFG) to Issue $0.07 Quarterly Dividend

OFG Bancorp (NYSE:OFG) declared a quarterly dividend on Wednesday, July 29th, Zacks reports. Investors of record on Wednesday, September 30th will be paid a dividend of 0.07 per share by the bank on Thursday, October 15th. This represents a $0.28 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Tuesday, September 29th.

OFG Bancorp has increased its dividend payment by an average of 16.7% per year over the last three years and has increased its dividend every year for the last 2 years. OFG Bancorp has a dividend payout ratio of 31.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect OFG Bancorp to earn $1.94 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 14.4%.

OFG Bancorp stock traded down $0.54 during mid-day trading on Friday, hitting $12.84. The stock had a trading volume of 2,353 shares, compared to its average volume of 294,583. The firm has a market capitalization of $703.41 million, a P/E ratio of 29.09 and a beta of 1.66. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average is $12.95 and its 200 day moving average is $14.50. OFG Bancorp has a one year low of $8.63 and a one year high of $23.76.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Friday, July 24th. The bank reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.19. The company had revenue of $128.17 million during the quarter, compared to the consensus estimate of $128.60 million. OFG Bancorp had a net margin of 5.71% and a return on equity of 6.32%. As a group, equities research analysts forecast that OFG Bancorp will post 1.17 earnings per share for the current year.

Several research analysts have commented on OFG shares. ValuEngine raised shares of OFG Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, April 30th. Zacks Investment Research raised shares of OFG Bancorp from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Tuesday, July 7th.

OFG Bancorp Company Profile

OFG Bancorp, a financial holding company, provides various banking and financial services. It operates in three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, as well as time deposit products; commercial, consumer, auto, and mortgage lending products; financial planning, insurance, financial services, and investment brokerage; and corporate and individual trust, and retirement services.

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Dividend History for OFG Bancorp (NYSE:OFG)

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