OFG Bancorp (NYSE:OFG) to Issue $0.30 Quarterly Dividend

OFG Bancorp (NYSE:OFG) announced a quarterly dividend on Wednesday, April 30th, RTT News reports. Stockholders of record on Monday, June 30th will be given a dividend of 0.30 per share by the bank on Tuesday, July 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Monday, June 30th.

OFG Bancorp has a dividend payout ratio of 27.0% meaning its dividend is sufficiently covered by earnings. Analysts expect OFG Bancorp to earn $4.39 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 27.3%.

OFG Bancorp Stock Performance

NYSE:OFG opened at $43.19 on Friday. The company has a fifty day moving average of $41.05 and a 200-day moving average of $41.09. The firm has a market capitalization of $1.94 billion, a P/E ratio of 10.36 and a beta of 0.75. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.20. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). The company had revenue of $178.30 million during the quarter, compared to the consensus estimate of $175.35 million. OFG Bancorp had a net margin of 22.10% and a return on equity of 15.23%. During the same quarter in the prior year, the firm earned $1.05 EPS. As a group, sell-side analysts anticipate that OFG Bancorp will post 4.18 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on OFG shares. Keefe, Bruyette & Woods decreased their price target on shares of OFG Bancorp from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company lowered shares of OFG Bancorp from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $48.00 to $42.00 in a research note on Wednesday, April 9th. Hovde Group decreased their price target on shares of OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Wall Street Zen raised shares of OFG Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 21st. Finally, Piper Sandler cut their price objective on shares of OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $45.50.

Insider Activity at OFG Bancorp

In related news, CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $41.44, for a total transaction of $207,200.00. Following the completion of the transaction, the chief financial officer now owns 63,470 shares in the company, valued at approximately $2,630,196.80. This represents a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.11% of the stock is owned by company insiders.

Institutional Investors Weigh In On OFG Bancorp

An institutional investor recently raised its position in OFG Bancorp stock. Royal Bank of Canada grew its stake in shares of OFG Bancorp (NYSE:OFG) by 8.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,489 shares of the bank’s stock after buying an additional 2,456 shares during the period. Royal Bank of Canada owned 0.07% of OFG Bancorp worth $1,221,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 92.73% of the company’s stock.

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.