Mitsubishi UFJ Asset Management UK Ltd. Buys 8,000 Shares of OFG Bancorp (NYSE:OFG)

Mitsubishi UFJ Asset Management UK Ltd. raised its stake in OFG Bancorp (NYSE:OFG) by 38.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,000 shares of the bank’s stock after acquiring an additional 8,000 shares during the period. Mitsubishi UFJ Asset Management UK Ltd. owned approximately 0.06% of OFG Bancorp worth $1,227,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of OFG. State Street Corp raised its position in OFG Bancorp by 0.9% during the third quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock valued at $98,354,000 after purchasing an additional 19,372 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of OFG Bancorp by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank’s stock worth $48,565,000 after buying an additional 4,398 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of OFG Bancorp by 2.6% during the 3rd quarter. Wellington Management Group LLP now owns 769,727 shares of the bank’s stock worth $34,576,000 after buying an additional 19,599 shares during the last quarter. FMR LLC boosted its stake in OFG Bancorp by 8.1% in the third quarter. FMR LLC now owns 205,745 shares of the bank’s stock valued at $9,242,000 after buying an additional 15,498 shares in the last quarter. Finally, Algert Global LLC grew its position in OFG Bancorp by 3.2% in the third quarter. Algert Global LLC now owns 166,804 shares of the bank’s stock valued at $7,493,000 after acquiring an additional 5,120 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Piper Sandler lowered their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Keefe, Bruyette & Woods increased their price target on OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company cut their price objective on OFG Bancorp from $49.00 to $45.00 and set an “overweight” rating on the stock in a report on Monday, January 6th.

OFG Bancorp Stock Performance

NYSE:OFG opened at $44.77 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The company has a 50 day simple moving average of $43.59 and a two-hundred day simple moving average of $43.21. The company has a market capitalization of $2.05 billion, a PE ratio of 10.89 and a beta of 1.02.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.23%. OFG Bancorp’s payout ratio is currently 24.33%.

OFG Bancorp declared that its Board of Directors has initiated a share repurchase program on Monday, October 28th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the transaction, the chief executive officer now owns 284,775 shares of the company’s stock, valued at $12,883,221. This represents a 14.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.16% of the company’s stock.

OFG Bancorp 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.