OFG Bancorp (OFG) To Go Ex-Dividend on March 31st

OFG Bancorp (NYSE:OFG) announced a quarterly dividend on Wednesday, January 28th. Stockholders of record on Tuesday, March 31st will be paid a dividend of 0.35 per share by the bank on Wednesday, April 15th. This represents a c) annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Tuesday, March 31st. This is a 16.7% increase from OFG Bancorp’s previous quarterly dividend of $0.30.

OFG Bancorp has increased its dividend payment by an average of 0.3%annually 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% meaning its dividend is sufficiently covered by earnings. Analysts expect OFG Bancorp to earn $4.39 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 31.9%.

OFG Bancorp Trading Down 1.2%

Shares of OFG stock opened at $40.12 on Friday. The stock has a 50-day simple moving average of $40.37 and a 200 day simple moving average of $41.10. The stock has a market capitalization of $1.70 billion, a P/E ratio of 8.76 and a beta of 0.74. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $46.11. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.33.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 EPS for the quarter, topping the consensus estimate of $1.16 by $0.11. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The firm had revenue of $185.37 million for the quarter, compared to analysts’ expectations of $184.17 million. During the same period in the previous year, the business earned $1.09 earnings per share. OFG Bancorp’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, sell-side analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a report on Friday, January 23rd. Piper Sandler started coverage on shares of OFG Bancorp in a report on Thursday, January 15th. They set a “neutral” rating and a $45.00 target price for the company. Weiss Ratings restated a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Truist Financial dropped their price target on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, January 26th. Finally, Zacks Research upgraded OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, OFG Bancorp currently has an average rating of “Hold” and a consensus target price of $45.83.

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.