OFG Bancorp Plans Quarterly Dividend of $0.35 (NYSE:OFG)

OFG Bancorp (NYSE:OFG) announced a quarterly dividend on Wednesday, July 22nd. Investors of record on Wednesday, September 30th will be given a dividend of 0.35 per share by the bank on Thursday, October 15th. This represents a c) dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 30th.

OFG Bancorp has increased its dividend payment by an average of 0.3%annually over the last three years and has raised its dividend annually for the last 5 consecutive years. OFG Bancorp has a payout ratio of 31.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect OFG Bancorp to earn $4.98 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 28.1%.

OFG Bancorp Trading Down 1.7%

NYSE:OFG opened at $52.00 on Thursday. The company has a market cap of $2.20 billion, a P/E ratio of 10.24 and a beta of 0.70. The business has a 50 day moving average price of $47.63 and a two-hundred day moving average price of $43.71. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $53.20.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping the consensus estimate of $1.17 by $0.22. The company had revenue of $190.32 million during the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same period in the previous year, the company posted $1.15 EPS. As a group, analysts expect that OFG Bancorp will post 4.79 EPS for the current fiscal year.

Hedge Funds Weigh In On OFG Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the company. Unison Advisors LLC increased its position in OFG Bancorp by 0.7% in the first quarter. Unison Advisors LLC now owns 30,823 shares of the bank’s stock worth $1,258,000 after buying an additional 221 shares during the last quarter. Trexquant Investment LP grew its position in shares of OFG Bancorp by 0.4% during the 4th quarter. Trexquant Investment LP now owns 102,933 shares of the bank’s stock valued at $4,218,000 after purchasing an additional 446 shares in the last quarter. Polymer Capital Management US LLC increased its stake in OFG Bancorp by 5.6% in the 4th quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank’s stock worth $358,000 after acquiring an additional 466 shares during the last quarter. California State Teachers Retirement System grew its stake in OFG Bancorp by 1.2% in the 2nd quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock worth $1,838,000 after buying an additional 506 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in OFG Bancorp by 2.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock valued at $1,069,000 after purchasing an additional 552 shares in the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high?net?worth individuals and institutional clients.