OFG Bancorp (NYSE:OFG) to Issue $0.35 Quarterly Dividend

OFG Bancorp (NYSE:OFG) announced a quarterly dividend on Wednesday, April 22nd. Stockholders of record on Tuesday, June 30th will be given a dividend of 0.35 per share by the bank on Wednesday, July 15th. This represents a c) dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, June 30th.

OFG Bancorp has increased its dividend payment by an average of 0.3%per year over the last three years and has increased its dividend annually for the last 5 consecutive years. OFG Bancorp has a dividend payout ratio of 31.5% meaning its dividend is sufficiently covered by earnings. Analysts expect OFG Bancorp to earn $4.70 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 29.8%.

OFG Bancorp Trading Up 2.3%

Shares of OFG Bancorp stock opened at $45.74 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.86. The firm has a 50-day moving average of $41.10 and a 200-day moving average of $40.91. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $46.85. The stock has a market cap of $1.94 billion, a PE ratio of 9.45 and a beta of 0.67.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Tuesday, April 21st. The bank reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.24. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. The business had revenue of $185.80 million for the quarter, compared to analyst estimates of $179.16 million. During the same period last year, the firm earned $1.00 earnings per share. OFG Bancorp’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, sell-side analysts forecast that OFG Bancorp will post 4.5 EPS for the current year.

OFG Bancorp declared that its Board of Directors has initiated a share buyback program on Wednesday, January 28th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 12% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

About OFG Bancorp

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.