OP Bancorp (NASDAQ:OPBK) Lowered to Hold Rating by Zacks Research

Zacks Research cut shares of OP Bancorp (NASDAQ:OPBK) from a strong-buy rating to a hold rating in a report released on Monday morning,Zacks.com reports.

A number of other analysts have also recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of OP Bancorp in a research report on Monday. Keefe, Bruyette & Woods upped their target price on OP Bancorp from $15.50 to $16.00 and gave the stock a “market perform” rating in a research report on Monday, October 27th. Finally, DA Davidson raised their target price on OP Bancorp from $16.50 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 28th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $16.50.

OP Bancorp Stock Up 0.3%

Shares of NASDAQ:OPBK opened at $14.23 on Monday. The stock has a 50-day simple moving average of $13.73 and a 200-day simple moving average of $13.63. The stock has a market capitalization of $211.83 million, a P/E ratio of 9.06 and a beta of 0.69. OP Bancorp has a 1 year low of $10.43 and a 1 year high of $16.07. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.01 and a current ratio of 1.01.

OP Bancorp (NASDAQ:OPBK) last announced its quarterly earnings results on Thursday, October 23rd. The company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. OP Bancorp had a net margin of 14.42% and a return on equity of 11.09%. The firm had revenue of $24.48 million for the quarter, compared to analysts’ expectations of $24.25 million. Equities analysts forecast that OP Bancorp will post 1.9 earnings per share for the current year.

OP Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, November 6th were paid a $0.12 dividend. The ex-dividend date was Thursday, November 6th. This represents a $0.48 annualized dividend and a dividend yield of 3.4%. OP Bancorp’s payout ratio is 30.57%.

Institutional Investors Weigh In On OP Bancorp

Hedge funds have recently bought and sold shares of the business. Diversify Advisory Services LLC raised its position in shares of OP Bancorp by 145.4% in the 3rd quarter. Diversify Advisory Services LLC now owns 1,840,941 shares of the company’s stock valued at $24,595,000 after purchasing an additional 1,090,687 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of OP Bancorp by 118.3% in the second quarter. Geode Capital Management LLC now owns 273,701 shares of the company’s stock worth $3,556,000 after buying an additional 148,299 shares during the last quarter. Fourthstone LLC raised its holdings in OP Bancorp by 128.3% in the second quarter. Fourthstone LLC now owns 263,790 shares of the company’s stock valued at $3,427,000 after acquiring an additional 148,238 shares in the last quarter. Segall Bryant & Hamill LLC bought a new position in OP Bancorp during the 3rd quarter valued at $1,864,000. Finally, Marshall Wace LLP grew its holdings in OP Bancorp by 960.2% during the 2nd quarter. Marshall Wace LLP now owns 140,591 shares of the company’s stock worth $1,826,000 after acquiring an additional 127,330 shares in the last quarter. Institutional investors and hedge funds own 53.63% of the company’s stock.

About OP Bancorp

OP Bancorp is the bank holding company for Old Point National Bank, a community-focused financial institution headquartered in Suffolk, Virginia. Through its subsidiary, the company offers a broad range of commercial and consumer banking services designed to meet the needs of businesses, professionals and individuals across the Hampton Roads and Virginia Peninsula regions. Core services include business lending, real estate financing, deposit accounts, cash management solutions and treasury services.

The company’s lending portfolio spans commercial real estate loans, construction and land development financing, equipment loans and lines of credit tailored for small and medium-sized enterprises.