OFG Bancorp (NYSE:OFG) Increases Dividend to $0.30 Per Share

OFG Bancorp (NYSE:OFG) declared a quarterly dividend on Wednesday, January 29th,RTT News reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.30 per share by the bank on Tuesday, April 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Monday, March 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.25.

OFG Bancorp has raised its dividend payment by an average of 35.7% annually over the last three years. OFG Bancorp has a dividend payout ratio of 22.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect OFG Bancorp to earn $4.39 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 22.8%.

OFG Bancorp Price Performance

Shares of OFG stock opened at $43.50 on Friday. The company has a market capitalization of $2.00 billion, a P/E ratio of 10.31 and a beta of 1.02. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. OFG Bancorp has a 12 month low of $33.19 and a 12 month high of $47.66. The stock has a 50 day moving average of $43.52 and a two-hundred day moving average of $43.39.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating 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 period last year, the firm posted $0.98 EPS. As a group, equities analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

Analyst Ratings Changes

OFG has been the subject of a number of recent research reports. Wells Fargo & Company increased their target price on OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Piper Sandler cut their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Finally, Keefe, Bruyette & Woods upped their target price on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd.

Insider Buying and Selling

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.11% of the stock is owned by corporate insiders.

OFG Bancorp announced that its board has authorized a share repurchase plan on Monday, October 28th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 2.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are 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.