OFG Bancorp's Preferred Stock, Series A Yield Pushes Past 7.5%

In trading on Wednesday, shares of OFG Bancorp's 7.125% Non-cumulative Monthly Income Preferred Stock, Series A (OFG.PRA) were yielding above the 7.5% mark based on its monthly dividend (annualized to $1.7812), with shares changing hands as low as $22.96 on the day. This compares to an average yield of 5.52% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, OFG.PRA was trading at a 3.64% discount to its liquidation preference amount, versus the average discount of 0.43% 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 dividend payments on OFG Bancorp's 7.125% Non-cumulative Monthly Income Preferred Stock, Series A:

OFG.PRA+Dividend+History+Chart

In Wednesday trading, OFG Bancorp's 7.125% Non-cumulative Monthly Income Preferred Stock, Series A ( OFG.PRA) is currently down about 0.7% on the day, while the common shares ( OFG) are off about 0.4%.

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