Bank of America Corp DE Increases Stake in Origin Bancorp, Inc. $OBK

Key Points

• Bank of America increased its Origin Bancorp stake by 71.2% in the first quarter, bringing its holdings to 74,524 shares valued at approximately $3.09 million. Institutional investors collectively own 54.68% of OBK.
• Origin Bancorp reported quarterly EPS of $1.09, exceeding analyst expectations of $1.00, on revenue of $107.59 million. The company maintains a quarterly dividend of $0.25 per share, representing a 1.9% yield.
• Analysts remain broadly positive, with five Buy ratings and two Holds, producing a consensus “Moderate Buy” rating and an average price target of $58.00 versus the reported share price of $53.00.

Bank of America Corp DE raised its position in Origin Bancorp, Inc. (NYSE:OBK - Free Report) by 71.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 74,524 shares of the company's stock after acquiring an additional 31,005 shares during the quarter. Bank of America Corp DE owned approximately 0.24% of Origin Bancorp worth $3,090,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Quarry LP bought a new stake in shares of Origin Bancorp during the third quarter valued at approximately $25,000. Kestra Advisory Services LLC purchased a new position in shares of Origin Bancorp in the fourth quarter worth $27,000. International Assets Investment Management LLC bought a new position in Origin Bancorp during the fourth quarter valued at $30,000. Tower Research Capital LLC TRC lifted its stake in Origin Bancorp by 232.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,620 shares of the company's stock worth $94,000 after purchasing an additional 1,832 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Origin Bancorp by 42.7% during the first quarter. PNC Financial Services Group Inc. now owns 2,509 shares of the company's stock valued at $104,000 after purchasing an additional 751 shares during the period. 54.68% of the stock is owned by hedge funds and other institutional investors.

Origin Bancorp Stock Performance

OBK stock traded down $0.25 on Monday, reaching $53.00. The company's stock had a trading volume of 59,524 shares, compared to its average volume of 185,454. The firm has a fifty day moving average of $52.67 and a two-hundred day moving average of $47.52. The company has a market capitalization of $1.64 billion, a P/E ratio of 16.56 and a beta of 0.72. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.98 and a quick ratio of 0.98. Origin Bancorp, Inc. has a 52 week low of $32.13 and a 52 week high of $55.57.

Origin Bancorp (NYSE:OBK - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.09. Origin Bancorp had a net margin of 16.26% and a return on equity of 7.97%. The company had revenue of $107.59 million for the quarter. As a group, analysts predict that Origin Bancorp, Inc. will post 4.13 EPS for the current fiscal year.

Origin Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 14th. Origin Bancorp's payout ratio is currently 31.25%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on OBK. Raymond James Financial restated an "outperform" rating on shares of Origin Bancorp in a research note on Thursday, July 23rd. DA Davidson raised their target price on Origin Bancorp from $53.00 to $62.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Weiss Ratings raised Origin Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, August 21st. Piper Sandler boosted their price target on shares of Origin Bancorp from $55.00 to $56.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Origin Bancorp from $57.00 to $60.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Origin Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $58.00.

Origin Bancorp Company Profile

Origin Bancorp, Inc NYSE: OBK is a bank holding company based in Ruston, Louisiana, and is the parent of Origin Bank, a full-service commercial banking franchise. The company provides a broad range of financial products and services to individuals, small and middle-market businesses, and institutional clients across the southeastern United States.

Through Origin Bank, the company offers a variety of deposit products, including checking and savings accounts, money market accounts, and certificates of deposit.