On 6/27/13, OFG Bancorp's Series D Non-Cumulative Perpetual Preferred Stock (NYSE: OFG.PRD) will trade ex-dividend, for its quarterly dividend of $0.4453, payable on 7/15/13. As a percentage of OFG.PRD's recent share price of $25.00, this dividend works out to approximately 1.78%, so look for shares of OFG.PRD to trade 1.78% lower — all else being equal — when OFG.PRD shares open for trading on 6/27/13. On an annualized basis, the current yield is approximately 7.12%, which compares to an average yield of 5.26% in the "Financial" preferred stock category, according to Preferred Stock Channel.
As of last close, OFG.PRD was trading at a 0.00% premium to its liquidation preference amount, versus the average discount of 0.18% 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.PRD shares, versus OFG:
Below is a dividend history chart for OFG.PRD, showing historical dividends prior to the most recent $0.4453 on OFG Bancorp's Series D Non-Cumulative Perpetual Preferred Stock :
According to the ETF Finder at ETF Channel, OFG Bancorp (NYSE: OFG) makes up 1.19% of the Latin America Small-Cap Index ETF (LATM)which is trading up by about 3.5% on the day Tuesday.
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In Tuesday trading, OFG Bancorp's Series D Non-Cumulative Perpetual Preferred Stock (NYSE: OFG.PRD) is currently trading flat on the day, while the common shares (NYSE: OFG) are up about 1.1%.
