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

OFG Bancorp (NYSE:OFG) declared a quarterly dividend on Monday, October 28th,RTT News reports. Stockholders of record on Tuesday, December 31st will be paid a dividend of 0.25 per share by the bank on Wednesday, January 15th. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Tuesday, December 31st.

OFG Bancorp has raised its dividend by an average of 46.5% per year over the last three years. OFG Bancorp has a dividend payout ratio of 25.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect OFG Bancorp to earn $4.07 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 24.6%.

OFG Bancorp Stock Down 0.3 %

Shares of OFG opened at $43.20 on Friday. The company has a market capitalization of $1.98 billion, a PE ratio of 10.51 and a beta of 1.02. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. OFG Bancorp has a 12-month low of $33.19 and a 12-month high of $47.66. The business’s 50 day moving average is $43.26 and its 200 day moving average is $42.49.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The company had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. During the same period in the previous year, the business earned $0.95 earnings per share. OFG Bancorp’s revenue for the quarter was up 1.1% on a year-over-year basis. Research analysts expect that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Piper Sandler dropped their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Keefe, Bruyette & Woods boosted their price objective on OFG Bancorp from $49.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company raised their price target on shares of OFG Bancorp from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd.

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

Insiders Place Their Bets

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.16% of the stock is owned by corporate insiders.

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.