Mirae Asset Global Investments Co. Ltd. Raises Holdings in OFG Bancorp (NYSE:OFG)

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of OFG Bancorp (NYSE:OFG) by 11.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 37,403 shares of the bank’s stock after acquiring an additional 3,702 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in OFG Bancorp were worth $1,505,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Meeder Asset Management Inc. purchased a new stake in OFG Bancorp during the 4th quarter valued at $44,000. Smartleaf Asset Management LLC boosted its stake in OFG Bancorp by 196.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank’s stock valued at $44,000 after purchasing an additional 680 shares during the last quarter. Vestcor Inc purchased a new stake in OFG Bancorp during the 4th quarter valued at $107,000. Point72 Asset Management L.P. purchased a new position in shares of OFG Bancorp in the 4th quarter worth $172,000. Finally, Bridgefront Capital LLC purchased a new position in shares of OFG Bancorp in the 4th quarter worth $221,000. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Price Performance

Shares of OFG Bancorp stock opened at $45.01 on Friday. OFG Bancorp has a one year low of $33.15 and a one year high of $47.66. The stock’s fifty day moving average is $41.79 and its 200 day moving average is $41.11. The stock has a market cap of $2.02 billion, a P/E ratio of 10.79 and a beta of 0.75. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.84 and a current ratio of 0.85.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, April 23rd. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.23% and a net margin of 22.10%. The company had revenue of $178.30 million during the quarter, compared to the consensus estimate of $175.35 million. During the same period in the prior year, the business posted $1.05 earnings per share. Sell-side analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a yield of 2.67%. OFG Bancorp’s dividend payout ratio is presently 28.78%.

Wall Street Analyst Weigh In

OFG has been the topic of a number of research reports. Piper Sandler dropped their price target on OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Keefe, Bruyette & Woods dropped their price target on OFG Bancorp from $53.00 to $48.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Wells Fargo & Company downgraded OFG Bancorp from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $48.00 to $42.00 in a research note on Wednesday, April 9th. Wall Street Zen upgraded OFG Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 21st. Finally, Hovde Group dropped their price target on OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $45.50.

Insider Buying and Selling

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of the firm’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $41.44, for a total transaction of $207,200.00. Following the sale, the chief financial officer directly owned 63,470 shares of the company’s stock, valued at $2,630,196.80. This trade represents a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.11% of the stock is currently owned by corporate insiders.

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.