OFG Bancorp's Preferred Stock, Series B Yield Pushes Past 8%

In trading on Wednesday, shares of OFG Bancorp's 7.0% Noncumulative Monthly Income Preferred Stock, Series B (OFG.PRB) were yielding above the 8% mark based on its monthly dividend (annualized to $1.75), with shares changing hands as low as $21.46 on the day. This compares to an average yield of 5.65% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, OFG.PRB was trading at a 10.84% discount to its liquidation preference amount, versus the average premium of 2.40% 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.

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The chart below shows the one year performance of OFG.PRB shares, versus OFG:

Performance Comparison Chart

Below is a dividend history chart for OFG.PRB, showing historical dividend payments on OFG Bancorp's 7.0% Noncumulative Monthly Income Preferred Stock, Series B :

OFG.PRB+Dividend+History+Chart

In Wednesday trading, OFG Bancorp's 7.0% Noncumulative Monthly Income Preferred Stock, Series B ( OFG.PRB) is currently down about 2% on the day, while the common shares ( OFG) are up about 0.8%.

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