OFG Bancorp (NYSE:OFG) to Issue Quarterly Dividend of $0.25

OFG Bancorp (NYSE:OFG - Get Free Report) announced a quarterly dividend on Wednesday, May 8th, Zacks reports. Stockholders of record on Friday, June 28th will be paid a dividend of 0.25 per share by the bank on Monday, July 15th. This represents a $1.00 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Friday, June 28th.

OFG Bancorp has raised its dividend by an average of 46.5% annually over the last three years and has increased its dividend annually for the last 4 consecutive years. OFG Bancorp has a payout ratio of 25.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect OFG Bancorp to earn $3.95 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 25.3%.

OFG Bancorp Stock Down 0.7 %

Shares of OFG stock traded down $0.28 on Friday, hitting $37.86. The stock had a trading volume of 121,408 shares, compared to its average volume of 194,115. The business has a 50 day moving average of $36.04 and a 200 day moving average of $35.34. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of 9.68 and a beta of 1.08. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.83. OFG Bancorp has a 12-month low of $23.11 and a 12-month high of $39.04.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its earnings results on Thursday, April 18th. The bank reported $1.05 EPS for the quarter, beating the consensus estimate of $0.95 by $0.10. The company had revenue of $213.49 million during the quarter, compared to the consensus estimate of $175.20 million. OFG Bancorp had a net margin of 23.00% and a return on equity of 16.10%. During the same quarter in the prior year, the company posted $0.96 earnings per share. As a group, analysts expect that OFG Bancorp will post 4.02 EPS for the current year.

Insider Activity

In other news, insider Ganesh Kumar sold 9,697 shares of the firm's stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $36.40, for a total value of $352,970.80. Following the completion of the transaction, the insider now directly owns 134,805 shares in the company, valued at $4,906,902. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders sold 61,305 shares of company stock worth $2,255,071. 2.16% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company cut their target price on shares of OFG Bancorp from $41.00 to $40.00 and set an "overweight" rating for the company in a research report on Wednesday, April 10th.

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.