OFG Bancorp (NYSE:OFG) Plans $0.07 Quarterly Dividend

OFG Bancorp (NYSE:OFG) declared a quarterly dividend on Wednesday, July 29th, Zacks reports. Shareholders of record on Wednesday, September 30th will be given a dividend of 0.07 per share by the bank on Thursday, October 15th. This represents a $0.28 annualized dividend and a yield of 2.18%. The ex-dividend date is Tuesday, September 29th.

OFG Bancorp has raised its dividend payment by an average of 16.7% per year over the last three years and has increased its dividend every year for the last 2 years. OFG Bancorp has a payout ratio of 31.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect OFG Bancorp to earn $1.94 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 14.4%.

NYSE:OFG traded down $0.54 on Friday, hitting $12.84. The stock had a trading volume of 2,353 shares, compared to its average volume of 294,583. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.15. The stock has a market cap of $703.41 million, a price-to-earnings ratio of 29.09 and a beta of 1.66. The company has a fifty day moving average price of $12.95 and a two-hundred day moving average price of $14.50. OFG Bancorp has a 1-year low of $8.63 and a 1-year high of $23.76.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Friday, July 24th. The bank reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.19. The business had revenue of $128.17 million for the quarter, compared to the consensus estimate of $128.60 million. OFG Bancorp had a net margin of 5.71% and a return on equity of 6.32%. As a group, analysts anticipate that OFG Bancorp will post 1.17 earnings per share for the current year.

OFG has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of OFG Bancorp from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Tuesday, July 7th. ValuEngine raised shares of OFG Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, April 30th.

About OFG Bancorp

OFG Bancorp, a financial holding company, provides various banking and financial services. It operates in three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, as well as time deposit products; commercial, consumer, auto, and mortgage lending products; financial planning, insurance, financial services, and investment brokerage; and corporate and individual trust, and retirement services.

Further Reading: What is the balance sheet?

Dividend History for OFG Bancorp (NYSE:OFG)

Receive News & Ratings for OFG Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for OFG Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.