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

OFG Bancorp (NYSE:OFG) announced a quarterly dividend on Wednesday, July 31st, Zacks reports. Shareholders of record on Monday, September 30th will be given a dividend of 0.25 per share by the bank on Tuesday, October 15th. This represents a $1.00 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Monday, September 30th.

OFG Bancorp has raised its dividend by an average of 46.5% annually over the last three years. OFG Bancorp has a payout ratio of 24.5% meaning its dividend is sufficiently covered by earnings.

OFG Bancorp Stock Down 4.2 %

Shares of OFG stock traded down $1.85 during mid-day trading on Friday, hitting $42.13. 35,731 shares of the stock traded hands, compared to its average volume of 235,641. The stock has a market cap of $1.98 billion, a P/E ratio of 10.74 and a beta of 1.00. The stock’s fifty day moving average is $39.06 and its two-hundred day moving average is $37.23. OFG Bancorp has a 52-week low of $28.18 and a 52-week high of $47.57. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.87 and a quick ratio of 0.85.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Thursday, July 18th. The bank reported $1.08 EPS for the quarter, beating the consensus estimate of $0.96 by $0.12. The business had revenue of $179.40 million during the quarter, compared to analyst estimates of $176.09 million. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.93 earnings per share.

Wall Street Analyst Weigh In

Several research firms have commented on OFG. Wells Fargo & Company increased their price target on shares of OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Hovde Group upped their price objective on shares of OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, July 22nd.

Insider Activity

In other news, insider Ganesh Kumar sold 6,695 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $37.93, for a total transaction of $253,941.35. Following the transaction, the insider now owns 76,578 shares in the company, valued at $2,904,603.54. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Jorge Colon sold 33,081 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $45.73, for a total value of $1,512,794.13. Following the transaction, the director now owns 70,919 shares in the company, valued at approximately $3,243,125.87. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Ganesh Kumar sold 6,695 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now owns 76,578 shares in the company, valued at approximately $2,904,603.54. The disclosure for this sale can be found here. Insiders have sold a total of 59,850 shares of company stock worth $2,529,547 over the last 90 days. 3.11% of the stock is currently owned by corporate insiders.

OFG Bancorp Company Profile

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.