OFG Bancorp Announces Quarterly Dividend of $0.35 (NYSE:OFG)

Key Points

• OFG Bancorp announced a quarterly dividend of $0.35 per share, payable July 15 to shareholders of record June 30 (ex-dividend date June 30), implying a $1.40 annual payout and about a 3.1% yield.
• The bank beat expectations this quarter, reporting $1.26 EPS vs. a $1.02 consensus and $185.8M in revenue, and its ~31.5% payout ratio suggests the dividend is comfortably covered by earnings.
• Shares trade near $45.7 with a 52-week range of $35.71–$46.85, a market cap of $1.94B and a PE of 9.45; analysts hold a consensus "Hold" rating with a $47.67 price target (mix of Buy and Hold ratings).

OFG Bancorp (NYSE:OFG - Get Free Report) announced a quarterly dividend on Wednesday, April 22nd. Shareholders 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) annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend 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 every year for the last 5 years. OFG Bancorp has a payout ratio of 31.5% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Stock Up 2.3%

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

OFG Bancorp (NYSE:OFG - Get Free Report) last released its earnings results on Tuesday, April 21st. The bank reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.24. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The company had revenue of $185.80 million for the quarter, compared to analysts' expectations of $179.16 million. During the same quarter in the previous year, the firm posted $1.00 EPS. The firm's quarterly revenue was up 4.2% on a year-over-year basis. As a group, research analysts anticipate that OFG Bancorp will post 4.5 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on OFG shares. Zacks Research upgraded OFG Bancorp from a "strong sell" rating to a "hold" rating in a research report on Wednesday, January 14th. Truist Financial boosted their target price on OFG Bancorp from $44.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a research report on Friday, January 23rd. Wells Fargo & Company boosted their target price on OFG Bancorp from $43.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Finally, Piper Sandler reiterated a "neutral" rating and set a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a research report on Wednesday. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $47.67.

OFG Bancorp Company Profile

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.

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