OFG Bancorp (NYSE:OFG) Declares $0.35 Quarterly Dividend

OFG Bancorp (NYSE:OFG) declared a quarterly dividend on Wednesday, July 22nd. Stockholders of record on Wednesday, September 30th will be paid 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 of this dividend 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 every year for the last 5 years. OFG Bancorp has a payout ratio of 31.5% indicating that 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 Stock Down 1.7%

OFG stock opened at $52.00 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm has a 50 day moving average of $47.63 and a 200 day moving average of $43.71. The stock has a market capitalization of $2.20 billion, a PE ratio of 10.24 and a beta of 0.70. OFG Bancorp has a 52 week low of $35.71 and a 52 week high of $53.20.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.22. The firm had revenue of $190.32 million during the quarter, compared to analysts’ expectations of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same period in the previous year, the business posted $1.15 EPS. Sell-side analysts forecast that OFG Bancorp will post 4.79 earnings per share for the current year.

Institutional Investors Weigh In On OFG Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. First Trust Advisors LP grew its position in OFG Bancorp by 13.8% during the first quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock valued at $93,945,000 after purchasing an additional 281,593 shares in the last quarter. Qube Research & Technologies Ltd lifted its holdings in OFG Bancorp by 31.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock worth $23,720,000 after purchasing an additional 133,046 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of OFG Bancorp during the 4th quarter worth $4,224,000. Squarepoint Ops LLC grew its holdings in OFG Bancorp by 990.9% in the 4th quarter. Squarepoint Ops LLC now owns 101,746 shares of the bank’s stock valued at $4,170,000 after buying an additional 92,419 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in OFG Bancorp by 518.1% in the 2nd quarter. Jane Street Group LLC now owns 109,427 shares of the bank’s stock valued at $4,683,000 after purchasing an additional 91,723 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

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.