OFG Bancorp (NYSE:OFG – Get Free Report) announced a quarterly dividend on Wednesday, July 31st, Zacks reports. Shareholders of record on Monday, September 30th will be given a dividend of 0.25 per share by the bank on Tuesday, October 15th. This represents a $1.00 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Monday, September 30th.
OFG Bancorp has raised its dividend payment by an average of 46.5% annually over the last three years. OFG Bancorp has a payout ratio of 24.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect OFG Bancorp to earn $4.23 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 23.6%.
OFG Bancorp Stock Up 0.1 %
OFG Bancorp stock opened at $44.41 on Friday. The firm has a market capitalization of $2.07 billion, a P/E ratio of 11.36 and a beta of 0.99. The stock’s fifty day simple moving average is $44.06 and its 200-day simple moving average is $39.33. OFG Bancorp has a twelve month low of $28.32 and a twelve month high of $47.57. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on the stock. Piper Sandler started coverage on shares of OFG Bancorp in a research report on Monday, August 26th. They set an “overweight” rating and a $49.00 price objective for the company. Hovde Group lifted their price target on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Finally, Wells Fargo & Company increased their price objective on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a report on Monday, July 22nd.
Get Our Latest Stock Analysis on OFG
Insider Activity at OFG Bancorp
In related news, Director Jorge Colon sold 33,081 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $45.73, for a total value of $1,512,794.13. Following the completion of the sale, the director now directly owns 70,919 shares of the company’s stock, valued at $3,243,125.87. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 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.
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