Mirae Asset Global Investments Co. Ltd. Buys 3,041 Shares of OFG Bancorp (NYSE:OFG)

Mirae Asset Global Investments Co. Ltd. increased its holdings in OFG Bancorp (NYSE:OFG) by 11.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,660 shares of the bank’s stock after purchasing an additional 3,041 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.06% of OFG Bancorp worth $1,273,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Blue Trust Inc. raised its position in OFG Bancorp by 2,377.8% in the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after purchasing an additional 1,070 shares during the period. CWM LLC raised its position in OFG Bancorp by 138.1% in the 3rd quarter. CWM LLC now owns 4,448 shares of the bank’s stock worth $200,000 after purchasing an additional 2,580 shares during the period. SG Americas Securities LLC raised its position in OFG Bancorp by 190.2% in the 3rd quarter. SG Americas Securities LLC now owns 65,506 shares of the bank’s stock worth $2,943,000 after purchasing an additional 42,932 shares during the period. Sanctuary Advisors LLC purchased a new position in OFG Bancorp in the 2nd quarter worth $453,000. Finally, Point72 Asset Management L.P. raised its position in OFG Bancorp by 414.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 7,200 shares of the bank’s stock worth $270,000 after purchasing an additional 5,800 shares during the period. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on OFG. Wells Fargo & Company lifted their target price on shares of OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Piper Sandler decreased their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Finally, Hovde Group boosted their price objective on shares of OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd.

OFG Bancorp Price Performance

OFG stock opened at $40.25 on Friday. The firm’s 50-day moving average price is $43.22 and its two-hundred day moving average price is $40.35. OFG Bancorp has a 12-month low of $29.33 and a 12-month high of $47.57. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 9.79 and a beta of 0.98. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The company had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.95 EPS. As a group, equities analysts predict that OFG Bancorp will post 4.11 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp’s payout ratio is 24.33%.

OFG Bancorp announced that its Board of Directors has authorized a share repurchase plan on Monday, October 28th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

OFG Bancorp Company Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.