OFG Bancorp (NYSE:OFG) to Issue $0.35 Quarterly Dividend

OFG Bancorp (NYSE:OFG) announced a quarterly dividend on Wednesday, July 22nd. Stockholders of record on Wednesday, September 30th will be given a dividend of 0.35 per share by the bank on Thursday, October 15th. This represents a c) dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 30th.

OFG Bancorp has increased its dividend by an average of 0.3%per year over the last three years and has increased its dividend annually for the last 5 consecutive years. OFG Bancorp has a payout ratio of 31.5% meaning its dividend is sufficiently covered by earnings. Analysts expect OFG Bancorp to earn $4.98 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 28.1%.

OFG Bancorp Price Performance

NYSE:OFG opened at $52.00 on Thursday. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of 10.24 and a beta of 0.70. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.86 and a current ratio of 0.88. OFG Bancorp has a 52 week low of $35.71 and a 52 week high of $53.20. The company has a 50-day moving average of $47.63 and a 200-day moving average of $43.71.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The firm had revenue of $190.32 million during the quarter, compared to analyst estimates of $182.64 million. During the same period in the prior year, the company posted $1.15 earnings per share. As a group, equities research analysts anticipate that OFG Bancorp will post 4.79 earnings per share for the current fiscal year.

About OFG Bancorp

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.