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

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of OFG Bancorp (NYSE:OFG) in the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 42,198 shares of the bank’s stock, valued at approximately $2,113,000.

Several other institutional investors have also modified their holdings of OFG. NorthCrest Asset Manangement LLC grew its position in shares of OFG Bancorp by 0.7% during the third quarter. NorthCrest Asset Manangement LLC now owns 29,904 shares of the bank’s stock worth $1,523,000 after acquiring an additional 208 shares during the last quarter. Unison Advisors LLC boosted its stake in OFG Bancorp by 0.7% during the 3rd 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. Allworth Financial LP grew its position in OFG Bancorp by 186.2% in the 2nd quarter. Allworth Financial LP now owns 641 shares of the bank’s stock worth $31,000 after purchasing an additional 417 shares during the last quarter. Carolina Wealth Advisors LLC grew its position 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 purchasing an additional 522 shares during the last quarter. Finally, Nykredit A S acquired a new stake in shares of OFG Bancorp in the second quarter valued at approximately $43,000. Institutional investors own 92.73% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods lifted their price target on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a report on Wednesday, July 22nd. Piper Sandler set a $56.00 price objective on OFG Bancorp in a report on Wednesday, July 22nd. Zacks Research downgraded OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Benchmark started coverage on OFG Bancorp in a research note on Tuesday, July 14th. They set a “hold” rating on the stock. Finally, Weiss Ratings lowered shares of OFG Bancorp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $56.50.

OFG Bancorp Price Performance

Shares of NYSE:OFG opened at $50.78 on Friday. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $54.47. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of 9.67 and a beta of 0.74. The stock’s 50 day moving average price is $51.60 and its 200 day moving average price is $46.97. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.88.

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

OFG Bancorp Increases Dividend

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

Insider Buying and Selling at OFG Bancorp

In related news, Director Néstor de Jesús sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total transaction of $212,000.00. Following the completion of the transaction, the director owned 20,040 shares of the company’s stock, valued at $1,062,120. This trade represents a 16.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 of the company’s stock, valued at $3,024,091.40. This represents a 15.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.23% of the company’s stock.

OFG Bancorp Company Profile

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.