Mirae Asset Global Investments Co. Ltd. Acquires 3,465 Shares of OFG Bancorp $OFG

Mirae Asset Global Investments Co. Ltd. lifted its position in shares of OFG Bancorp (NYSE:OFG) by 9.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,868 shares of the bank’s stock after purchasing an additional 3,465 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.09% of OFG Bancorp worth $1,749,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently modified their holdings of OFG. SummerHaven Investment Management LLC raised its position in shares of OFG Bancorp by 1.7% in the 1st quarter. SummerHaven Investment Management LLC now owns 20,507 shares of the bank’s stock worth $821,000 after purchasing an additional 337 shares during the last quarter. Wedge Capital Management L L P NC raised its position in shares of OFG Bancorp by 1.5% in the 2nd quarter. Wedge Capital Management L L P NC now owns 26,409 shares of the bank’s stock worth $1,130,000 after purchasing an additional 394 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of OFG Bancorp by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after purchasing an additional 552 shares during the last quarter. Alps Advisors Inc. boosted its stake in OFG Bancorp by 8.8% during the 1st quarter. Alps Advisors Inc. now owns 8,799 shares of the bank’s stock valued at $352,000 after purchasing an additional 709 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in OFG Bancorp by 5.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 26,707 shares of the bank’s stock valued at $1,142,000 after purchasing an additional 1,275 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Stock Up 0.8%

Shares of NYSE OFG opened at $42.63 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $1.90 billion, a PE ratio of 10.05 and a beta of 0.80. The stock’s fifty day simple moving average is $43.58 and its two-hundred day simple moving average is $41.86. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.10. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%.The business had revenue of $182.20 million for the quarter, compared to the consensus estimate of $181.50 million. During the same period in the prior year, the firm posted $1.08 earnings per share. The business’s quarterly revenue was up 1.6% on a year-over-year basis. As a group, analysts expect that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. OFG Bancorp’s dividend payout ratio is presently 28.30%.

Wall Street Analysts Forecast Growth

OFG has been the subject of a number of research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research note on Wednesday. Wall Street Zen upgraded shares of OFG Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 20th. Wells Fargo & Company upped their target price on shares of OFG Bancorp from $42.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 10th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of OFG Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, July 18th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

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.