SAN JUAN - OFG Bancorp (NYSE: NYSE:OFG), a diversified financial holding company, announced today that its Board of Directors has approved a regular quarterly cash dividend of $0.25 per common share.
This dividend pertains to the second quarter of the year ending June 30, 2024. Shareholders on record as of June 28, 2024, will be eligible to receive the dividend, which is scheduled for disbursement on July 15, 2024.
OFG Bancorp, celebrating its 60th year of operation, is a financial entity that adheres to the banking laws and regulations of the U.S., Puerto Rico, and the U.S. Virgin Islands. The company's primary subsidiaries include Oriental Bank, Oriental Financial Services, and Oriental Insurance.
These subsidiaries offer a variety of financial products and services, such as retail and commercial banking, lending, and wealth management solutions, mainly in Puerto Rico and the U.S. Virgin Islands.
The declaration of the dividend follows OFG Bancorp’s tradition of providing returns to its shareholders and reflects the company's continued financial performance. The ex-dividend date, which is the cutoff for investors to be entitled to the upcoming dividend, is also set for June 28, 2024. This means that investors who purchase shares on or after the ex-dividend date will not receive the dividend for this quarter.
While the announcement of the dividend is a routine financial disclosure, it is an indicator of OFG Bancorp's commitment to share profits with its investors. This information is based on a press release statement and is intended to provide shareholders and potential investors with the latest financial developments of the company.
InvestingPro Insights
OFG Bancorp (NYSE: OFG) has not only announced its quarterly dividend but also exhibits a strong financial posture as evidenced by key metrics from InvestingPro. With a market capitalization of $1.8 billion and a robust operating income margin of 44.39% over the last twelve months as of Q1 2024, the company's operational efficiency stands out. Moreover, OFG Bancorp has shown a commendable revenue growth of 3.75% during the same period.
The company's commitment to shareholder returns is further highlighted by a dividend yield of 2.65% and an impressive dividend growth of 13.64% over the last twelve months as of Q1 2024, echoing its historical practice of maintaining and growing dividend payments.
In fact, one of the InvestingPro Tips notes that OFG Bancorp has raised its dividend for 3 consecutive years and has maintained dividend payments for 33 consecutive years, underscoring its reliability for income-focused investors.
For those considering an investment in OFG Bancorp, it's worth noting that the company is trading near its 52-week high, at 97.59% of this peak value. This could indicate market confidence in its performance and potential. Furthermore, the company has been profitable over the last twelve months, and analysts predict it will continue to be profitable this year, as per additional InvestingPro Tips.
To uncover more insights and tips, including the three analyst revisions with upward earnings expectations for the upcoming period, investors can explore InvestingPro's full suite of tools and analysis. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and access the 9 additional InvestingPro Tips available for OFG Bancorp.
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