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Ex-Div Reminder for OFG Bancorp's 7.125% Non-cumulative Monthly Income Preferred Stock, Series A
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Ex-Div Reminder for OFG Bancorp's 7.125% Non-cumulative Monthly Income Preferred Stock, Series A

By Preferred Stock Channel Staff, Tuesday, May 12, 1:35 PM ET
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On 5/14/20, OFG Bancorp's 7.125% Non-cumulative Monthly Income Preferred Stock, Series A (NYSE:OFG.PRA) will trade ex-dividend, for its monthly dividend of $0.1484, payable on 6/1/20. As a percentage of OFG.PRA's recent share price of $24.62, this dividend works out to approximately 0.60%, so look for shares of OFG.PRA to trade 0.60% lower — all else being equal — when OFG.PRA shares open for trading on 5/14/20. On an annualized basis, the current yield is approximately 7.27%, which compares to an average yield of 5.64% in the "Financial" preferred stock category, according to Preferred Stock Channel.

As of last close, OFG.PRA was trading at a 2.04% discount to its liquidation preference amount, versus the average premium of 0.68% in the "Financial" category. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend. The chart below shows the one year performance of OFG.PRA shares, versus OFG:

Performance Comparison Chart

Below is a dividend history chart for OFG.PRA, showing historical dividends prior to the most recent $0.1484 on OFG Bancorp's 7.125% Non-cumulative Monthly Income Preferred Stock, Series A:


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In Tuesday trading, OFG Bancorp's 7.125% Non-cumulative Monthly Income Preferred Stock, Series A (NYSE:OFG.PRA) is currently up about 0.6% on the day, while the common shares (NYSE:OFG) are off about 2.5%.


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