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

OFG Bancorp (NYSE:OFG - Get Free Report) declared a quarterly dividend on Wednesday, January 29th,RTT News reports. Shareholders of record on Monday, March 31st will be paid a dividend of 0.30 per share by the bank on Tuesday, April 15th. This represents a $1.20 annualized dividend and a yield of 2.77%. This is an increase from OFG Bancorp's previous quarterly dividend of $0.25.

OFG Bancorp has increased its dividend payment by an average of 35.7% per year over the last three years. OFG Bancorp has a dividend payout ratio of 23.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect OFG Bancorp to earn $4.38 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 22.8%.

OFG Bancorp Trading Up 0.3 %

Shares of OFG stock traded up $0.14 on Wednesday, hitting $43.34. The company had a trading volume of 408,281 shares, compared to its average volume of 348,021. The stock's 50-day moving average is $43.54 and its two-hundred day moving average is $43.39. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. The firm has a market cap of $1.99 billion, a P/E ratio of 10.27 and a beta of 1.02. OFG Bancorp has a twelve month low of $33.19 and a twelve month high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same quarter last year, the business posted $0.98 earnings per share. On average, equities research analysts anticipate that OFG Bancorp will post 4.07 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on OFG. Keefe, Bruyette & Woods raised their price objective on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an "outperform" rating in a research report on Thursday, January 23rd. Piper Sandler reduced their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating for the company in a report on Thursday, October 17th. Finally, Wells Fargo & Company upped their price objective on shares of OFG Bancorp from $45.00 to $48.00 and gave the company an "overweight" rating in a report on Thursday, January 23rd.

Insider Buying and Selling at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of the sale, the chief executive officer now directly owns 284,775 shares of the company's stock, valued at $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.11% of the company's stock.

OFG Bancorp announced that its board has approved a stock repurchase program on Monday, October 28th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the bank to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.