OP Bancorp (NASDAQ:OPBK – Get Free Report)’s stock price was up 1.3% on Wednesday . The company traded as high as $14.39 and last traded at $14.18. Approximately 46,486 shares were traded during trading, an increase of 66% from the average daily volume of 28,002 shares. The stock had previously closed at $14.00.
Analysts Set New Price Targets
A number of equities analysts recently commented on the company. DA Davidson restated a “buy” rating and set a $17.00 target price on shares of OP Bancorp in a report on Tuesday, April 28th. Weiss Ratings downgraded OP Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. Zacks Research upgraded OP Bancorp from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Finally, Wall Street Zen downgraded OP Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, OP Bancorp has an average rating of “Moderate Buy” and a consensus price target of $16.50.
Check Out Our Latest Research Report on OPBK
OP Bancorp Stock Performance
OP Bancorp (NASDAQ:OPBK – Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. The company had revenue of $24.56 million during the quarter, compared to the consensus estimate of $25.37 million. OP Bancorp had a return on equity of 12.20% and a net margin of 16.12%. On average, equities analysts predict that OP Bancorp will post 1.9 EPS for the current year.
OP Bancorp Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 7th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.9%. This is a positive change from OP Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, May 7th. OP Bancorp’s dividend payout ratio is currently 30.77%.
Hedge Funds Weigh In On OP Bancorp
A number of institutional investors have recently added to or reduced their stakes in OPBK. Diversify Wealth Management LLC bought a new position in OP Bancorp in the first quarter worth $26,511,000. Diversify Advisory Services LLC raised its holdings in OP Bancorp by 145.4% in the third quarter. Diversify Advisory Services LLC now owns 1,840,941 shares of the company’s stock worth $24,595,000 after purchasing an additional 1,090,687 shares in the last quarter. Geode Capital Management LLC raised its holdings in 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 purchasing an additional 148,299 shares in the last quarter. Segall Bryant & Hamill LLC bought a new position in OP Bancorp in the third quarter worth $1,864,000. Finally, Marshall Wace LLP raised its holdings in OP Bancorp by 960.2% in the second quarter. Marshall Wace LLP now owns 140,591 shares of the company’s stock worth $1,826,000 after purchasing an additional 127,330 shares in the last quarter. Institutional investors own 53.63% of the company’s stock.
OP Bancorp Company Profile
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.
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