OFG Bancorp Announces Quarterly Dividend of $0.30 (NYSE:OFG)

Key Points

• OFG Bancorp announced a quarterly dividend of $0.30 per share, which implies an annualized dividend of $1.20 and a dividend yield of 2.83% for shareholders of record on September 30th.
• The company's stock recently fell 3.0% to $42.37, with analysts forecasting earnings growth and an expected future payout ratio of 27.3% based on projected earnings of $4.39 per share for the next year.
• OFG Bancorp's recent quarterly earnings report revealed an EPS of $1.15, surpassing expectations and showing a year-over-year revenue increase of 1.6%.

OFG Bancorp (NYSE:OFG - Get Free Report) announced a quarterly dividend on Wednesday, July 30th, RTT News reports. Investors of record on Tuesday, September 30th will be paid a dividend of 0.30 per share by the bank on Wednesday, October 15th. This represents a c) annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 30th.

OFG Bancorp has a payout ratio of 27.0% meaning its dividend is sufficiently covered by earnings. Equities 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

Shares of NYSE OFG traded down $0.80 during mid-day trading on Friday, hitting $41.82. 283,667 shares of the company were exchanged, compared to its average volume of 221,752. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 0.34. The stock has a 50 day simple moving average of $42.80 and a 200-day simple moving average of $41.35. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 9.86 and a beta of 0.77.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.10. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%. The firm had revenue of $182.20 million during the quarter, compared to the consensus estimate of $181.50 million. During the same period last year, the company earned $1.08 earnings per share. The company's revenue for the quarter was up 1.6% on a year-over-year basis. On average, sell-side analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on OFG. Wall Street Zen raised OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Hovde Group reduced their target price on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Wells Fargo & Company raised their target price on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Keefe, Bruyette & Woods raised their target price on OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a report on Friday, July 18th. Finally, Piper Sandler reduced their target price on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

About OFG Bancorp

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.