The Manufacturers Life Insurance Company bought a new stake in OP Bancorp (NASDAQ:OPBK - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 561,436 shares of the company's stock, valued at approximately $8,416,000. The Manufacturers Life Insurance Company owned about 3.76% of OP Bancorp at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of OP Bancorp in the 2nd quarter worth about $2,346,000. Diversify Advisory Services LLC bought a new stake in OP Bancorp during the 2nd quarter valued at $28,733,000. BlackRock Inc. bought a new stake in shares of OP Bancorp during the 2nd quarter valued at $14,995,000. Deutsche Bank AG purchased a new stake in shares of OP Bancorp in the second quarter worth about $178,000. Finally, Bank of New York Mellon Corp purchased a new stake in OP Bancorp in the 2nd quarter worth approximately $1,004,000. 53.63% of the stock is currently owned by institutional investors.
OP Bancorp Price Performance
Shares of NASDAQ:OPBK opened at $15.13 on Friday. The firm has a market cap of $225.94 million, a price-to-earnings ratio of 7.84 and a beta of 0.59. The business has a 50-day simple moving average of $15.25 and a two-hundred day simple moving average of $14.33. OP Bancorp has a fifty-two week low of $12.41 and a fifty-two week high of $16.83. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.01 and a current ratio of 1.02.
OP Bancorp (NASDAQ:OPBK - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.09. The company had revenue of $25.72 million for the quarter, compared to analysts' expectations of $25.15 million. OP Bancorp had a net margin of 16.87% and a return on equity of 12.59%. On average, analysts expect that OP Bancorp will post 2.06 earnings per share for the current year.
OP Bancorp Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 6th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.7%. The ex-dividend date was Thursday, August 6th. OP Bancorp's payout ratio is 29.02%.
Analyst Ratings Changes
OPBK has been the subject of a number of research analyst reports. Wall Street Zen downgraded OP Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Weiss Ratings upgraded OP Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 18th. Keefe, Bruyette & Woods increased their price target on shares of OP Bancorp from $17.00 to $17.50 and gave the company a "market perform" rating in a research report on Monday, July 27th. DA Davidson lifted their price target on shares of OP Bancorp from $17.00 to $18.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Finally, Zacks Research upgraded OP Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $17.75.
Check Out Our Latest Stock Analysis on OP Bancorp
About OP Bancorp
(
Free Report)
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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