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

OFG Bancorp (NYSE:OFG - Get Free Report) announced a quarterly dividend on Monday, October 28th, RTT News reports. Investors 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 dividend on an annualized basis and a yield of 2.46%.

OFG Bancorp has raised its dividend by an average of 46.5% per year over the last three years. OFG Bancorp has a dividend 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 Price Performance

Shares of NYSE:OFG traded up $1.66 during trading on Monday, reaching $40.63. The company had a trading volume of 403,912 shares, compared to its average volume of 234,646. The company has a fifty day moving average of $43.37 and a two-hundred day moving average of $40.30. The stock has a market capitalization of $1.89 billion, a P/E ratio of 9.89 and a beta of 0.98. OFG Bancorp has a 12 month low of $29.33 and a 12 month high of $47.57. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Hovde Group increased their price target on shares of OFG Bancorp from $44.00 to $51.00 and gave the company an "outperform" rating in a research report on Monday, July 22nd. Piper Sandler dropped their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating for the company in a research report on Thursday, October 17th. Finally, Wells Fargo & Company raised their target price on shares of OFG Bancorp from $40.00 to $48.00 and gave the stock an "overweight" rating in a research report on Monday, July 22nd.

OFG Bancorp announced that its Board of Directors has initiated a share buyback plan on Monday, October 28th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the bank to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

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.