Mirae Asset Global Investments Co. Ltd. Purchases 42,198 Shares of OFG Bancorp $OFG

Mirae Asset Global Investments Co. Ltd. acquired a new stake in OFG Bancorp (NYSE:OFG) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 42,198 shares of the bank’s stock, valued at approximately $2,113,000. Mirae Asset Global Investments Co. Ltd. owned 0.10% of OFG Bancorp at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Unison Advisors LLC boosted its stake in shares of OFG Bancorp by 0.7% in the third quarter. Unison Advisors LLC now owns 31,239 shares of the bank’s stock valued at $1,575,000 after purchasing an additional 217 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in OFG Bancorp by 7.1% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 30,287 shares of the bank’s stock worth $1,517,000 after buying an additional 2,000 shares in the last quarter. Carolina Wealth Advisors LLC lifted its holdings in OFG Bancorp by 8.0% in the 3rd quarter. Carolina Wealth Advisors LLC now owns 7,049 shares of the bank’s stock worth $353,000 after buying an additional 522 shares in the last quarter. Vest Financial LLC lifted its holdings in OFG Bancorp by 2.0% in the 3rd quarter. Vest Financial LLC now owns 175,375 shares of the bank’s stock worth $8,783,000 after buying an additional 3,453 shares in the last quarter. Finally, Range Financial Group LLC boosted its position in OFG Bancorp by 3.9% in the 3rd quarter. Range Financial Group LLC now owns 53,746 shares of the bank’s stock valued at $2,692,000 after buying an additional 2,009 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OFG. Piper Sandler set a $56.00 target price on OFG Bancorp in a research report on Wednesday, July 22nd. Weiss Ratings downgraded OFG Bancorp from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday. Keefe, Bruyette & Woods raised their price objective on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Truist Financial lifted their price objective on OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Finally, Zacks Research lowered OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $56.50.

Insider Buying and Selling at OFG Bancorp

In other news, CFO Maritza Arizmendi sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $53.35, for a total value of $533,500.00. Following the transaction, the chief financial officer directly owned 56,684 shares in the company, valued at approximately $3,024,091.40. This trade represents a 15.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Néstor de Jesús sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total transaction of $212,000.00. Following the sale, the director directly owned 20,040 shares of the company’s stock, valued at approximately $1,062,120. This represents a 16.64% decrease in their position. The SEC filing for this sale provides additional information. 1.23% of the stock is owned by insiders.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $50.78 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.88 and a current ratio of 0.86. OFG Bancorp has a one year low of $35.71 and a one year high of $54.47. The company’s 50-day simple moving average is $51.60 and its 200-day simple moving average is $46.97. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 9.67 and a beta of 0.74.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Wednesday, October 21st. The bank reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.10. OFG Bancorp had a return on equity of 16.38% and a net margin of 24.64%. The firm had revenue of $185.75 million during the quarter, compared to analyst estimates of $187.11 million. Equities analysts anticipate that OFG Bancorp will post 5.32 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be issued a $0.40 dividend. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Thursday, December 31st. OFG Bancorp’s dividend payout ratio is presently 26.67%.

About OFG Bancorp

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and institutions in Puerto Rico and the U.S. Virgin Islands.

Oriental Bank offers deposit accounts, consumer and commercial loans, residential mortgage lending, auto financing, credit cards and other retail banking products. The company also provides wealth management, trust, investment and insurance-related services through its affiliated businesses.

Founded in 1964, OFG Bancorp has expanded its presence in Puerto Rico through organic growth and acquisitions, including the purchase of Scotiabank’s Puerto Rico operations in 2019.