OFG Bancorp's Noncumulative Monthly Income Preferred Stock, Series B About To Put More Money In Your Pocket

On 11/10/16, OFG Bancorp's 7.0% Noncumulative Monthly Income Preferred Stock, Series B (OFG.PRB) will trade ex-dividend, for its monthly dividend of $0.1458, payable on 11/30/16. As a percentage of OFG.PRB's recent share price of $23.50, this dividend works out to approximately 0.62%, so look for shares of OFG.PRB to trade 0.62% lower — all else being equal — when OFG.PRB shares open for trading on 11/10/16. On an annualized basis, the current yield is approximately 7.45%, which compares to an average yield of 5.49% in the "Financial" preferred stock category, according to Preferred Stock Channel.

START SLIDESHOW:
Click here to learn which S.A.F.E. dividend stocks also have preferred shares that should be on your radar screen »

As of last close, OFG.PRB was trading at a 6.04% discount to its liquidation preference amount, versus the average premium of 5.32% 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.PRB shares, versus OFG:

Performance Comparison Chart

Below is a dividend history chart for OFG.PRB, showing historical dividends prior to the most recent $0.1458 on OFG Bancorp's 7.0% Noncumulative Monthly Income Preferred Stock, Series B :

OFG.PRB+Dividend+History+Chart

In Tuesday trading, OFG Bancorp's 7.0% Noncumulative Monthly Income Preferred Stock, Series B ( OFG.PRB) is currently trading flat on the day, while the common shares ( OFG) are up about 0.9%.

More from Stocks

REPLAY: Jim Cramer on How to Navigate the Stock Market Amid Tariff Worries

REPLAY: Jim Cramer on How to Navigate the Stock Market Amid Tariff Worries

Jim Cramer: 4 Stocks Could Get Throttled By a 'Knock Down Drag Out' With China

Jim Cramer: 4 Stocks Could Get Throttled By a 'Knock Down Drag Out' With China

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

Why Starbucks Latest Data Reveal Should Worry Investors

Why Starbucks Latest Data Reveal Should Worry Investors