Mirae Asset Global Investments Co. Ltd. Buys 5,041 Shares of OFG Bancorp (NYSE:OFG)

Mirae Asset Global Investments Co. Ltd. boosted its position in OFG Bancorp (NYSE:OFG) by 17.6% during the fourth quarter, Holdings Channel reports. The fund owned 33,701 shares of the bank’s stock after acquiring an additional 5,041 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in OFG Bancorp were worth $1,456,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in OFG. GAMMA Investing LLC increased its position in shares of OFG Bancorp by 48.9% during the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock valued at $34,000 after purchasing an additional 263 shares during the last quarter. XTX Topco Ltd boosted its stake in OFG Bancorp by 5.2% in the third quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock worth $377,000 after buying an additional 413 shares in the last quarter. Martingale Asset Management L P grew its position in OFG Bancorp by 0.5% during the third quarter. Martingale Asset Management L P now owns 87,215 shares of the bank’s stock valued at $3,918,000 after acquiring an additional 460 shares during the last quarter. KBC Group NV raised its stake in shares of OFG Bancorp by 39.7% during the fourth quarter. KBC Group NV now owns 2,620 shares of the bank’s stock worth $111,000 after acquiring an additional 745 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of OFG Bancorp by 3.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,893 shares of the bank’s stock worth $895,000 after acquiring an additional 886 shares during the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Price Performance

Shares of OFG Bancorp stock opened at $43.22 on Tuesday. The firm has a market cap of $1.98 billion, a PE ratio of 10.24 and a beta of 1.00. The company’s fifty day simple moving average is $43.13 and its two-hundred day simple moving average is $43.34. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. OFG Bancorp has a 12-month low of $33.19 and a 12-month high of $47.66.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same quarter in the prior year, the firm posted $0.98 EPS. As a group, equities analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp declared that its board has approved a share buyback plan on Monday, October 28th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the bank to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

OFG Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.30 dividend. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a yield of 2.78%. OFG Bancorp’s dividend payout ratio (DPR) is presently 23.70%.

Insider Activity at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of the sale, the chief executive officer now directly owns 284,775 shares in the company, valued at $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 3.11% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on OFG. Keefe, Bruyette & Woods lifted their target price on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Piper Sandler decreased their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Wells Fargo & Company increased their target price on OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd.

About OFG Bancorp

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.