OFG Bancorp (NYSE:OFG) Plans Quarterly Dividend of $0.40

OFG Bancorp (NYSE:OFG) declared a quarterly dividend on Monday, November 2nd. Stockholders of record on Thursday, December 31st will be given a dividend of $0.40 per share by the bank on Friday, January 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Thursday, December 31st. This is a 14.3% increase from OFG Bancorp’s previous quarterly dividend of $0.35.

OFG Bancorp has raised its dividend 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. Analysts expect OFG Bancorp to earn $5.32 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 26.3%.

OFG Bancorp Stock Up 1.9%

Shares of NYSE:OFG opened at $50.96 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.86 and a debt-to-equity ratio of 0.30. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $54.47. The stock’s fifty day simple moving average is $51.69 and its 200-day simple moving average is $46.78. The company has a market capitalization of $2.15 billion, a P/E ratio of 9.71 and a beta of 0.73.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Wednesday, October 21st. The bank reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.10. OFG Bancorp had a return on equity of 16.38% and a net margin of 24.64%. The business had revenue of $186.21 million for the quarter, compared to analyst estimates of $187.11 million. As a group, equities research analysts forecast that OFG Bancorp will post 5.32 earnings per share for the current fiscal year.

OFG Bancorp Company Profile

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and institutions in Puerto Rico and the U.S. Virgin Islands.

Oriental Bank offers deposit accounts, consumer and commercial loans, residential mortgage lending, auto financing, credit cards and other retail banking products. The company also provides wealth management, trust, investment and insurance-related services through its affiliated businesses.

Founded in 1964, OFG Bancorp has expanded its presence in Puerto Rico through organic growth and acquisitions, including the purchase of Scotiabank’s Puerto Rico operations in 2019.