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

OFG Bancorp (NYSE:OFG) announced 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 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date is Monday, March 31st. 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 22.7% indicating that 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 $1.00 annual dividend with an expected future payout ratio of 22.8%.

OFG Bancorp Stock Up 0.5 %

OFG stock opened at $43.50 on Friday. OFG Bancorp has a one year low of $33.19 and a one year high of $47.66. 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 company has a 50 day moving average price of $43.52 and a two-hundred day moving average price of $43.39. The stock has a market capitalization of $2.00 billion, a P/E ratio of 10.31 and a beta of 1.02.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same quarter in the previous year, the company posted $0.98 earnings per share. As a group, sell-side analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp declared that its board has authorized a share buyback program on Monday, October 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the bank to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have recently weighed in on OFG. Keefe, Bruyette & Woods raised their price target 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 on the stock in a research report on Thursday, October 17th. Finally, Wells Fargo & Company boosted their price objective on 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

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

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.