OFG Bancorp (NYSE:OFG) Announces Quarterly Dividend of $0.25

OFG Bancorp (NYSE:OFG - Get Free Report) announced a quarterly dividend on Monday, October 28th, RTT News reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.25 per share by the bank on Wednesday, January 15th. This represents a $1.00 annualized dividend and a dividend yield of 2.49%.

OFG Bancorp has increased its dividend payment by an average of 46.5% annually over the last three years. OFG Bancorp has a payout ratio of 25.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect OFG Bancorp to earn $4.07 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 24.6%.

OFG Bancorp Trading Up 3.1 %

Shares of NYSE:OFG traded up $1.20 on Monday, hitting $40.17. 36,088 shares of the company's stock were exchanged, compared to its average volume of 232,824. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. The business's 50 day simple moving average is $43.42 and its two-hundred day simple moving average is $40.26. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 9.97 and a beta of 0.98. OFG Bancorp has a 12 month low of $29.33 and a 12 month high of $47.57.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). The firm had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The business's revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. Analysts anticipate that OFG Bancorp will post 4.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on OFG. Hovde Group lifted their price objective on OFG Bancorp from $44.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, July 22nd. Wells Fargo & Company lifted their target price on OFG Bancorp from $40.00 to $48.00 and gave the company an "overweight" rating in a research note on Monday, July 22nd. Finally, Piper Sandler cut their target price on OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating on the stock in a research note on Thursday, October 17th.

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.

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