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

Key Points

• Bank of America purchased 62,071 shares of Origin Bancorp during the second quarter, valued at approximately $3.18 million and representing about 0.20% of the company. Institutional investors collectively own 54.68% of OBK.
• Analysts remain broadly positive, with five Buy ratings and three Hold ratings, an overall “Moderate Buy” consensus, and an average price target of $58.00.
• Origin Bancorp exceeded quarterly earnings expectations, reporting $1.09 in EPS versus the $1.00 estimate, and maintains a quarterly dividend of $0.25, equivalent to a 1.9% annualized yield.

Bank of America Corp DE purchased a new stake in Origin Bancorp, Inc. (NYSE:OBK - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 62,071 shares of the company's stock, valued at approximately $3,175,000. Bank of America Corp DE owned approximately 0.20% of Origin Bancorp at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Royal Bank of Canada increased its holdings in shares of Origin Bancorp by 2.6% in the 1st quarter. Royal Bank of Canada now owns 18,167 shares of the company's stock valued at $753,000 after purchasing an additional 457 shares in the last quarter. Allworth Financial LP purchased a new stake in Origin Bancorp during the second quarter worth about $30,000. Azora Capital LP boosted its holdings in Origin Bancorp by 4.0% during the fourth quarter. Azora Capital LP now owns 17,012 shares of the company's stock worth $640,000 after buying an additional 659 shares in the last quarter. Summit Financial Wealth Advisors LLC grew its position in Origin Bancorp by 5.3% during the first quarter. Summit Financial Wealth Advisors LLC now owns 13,917 shares of the company's stock worth $577,000 after buying an additional 700 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in Origin Bancorp by 42.7% during the first quarter. PNC Financial Services Group Inc. now owns 2,509 shares of the company's stock worth $104,000 after buying an additional 751 shares during the period. Institutional investors and hedge funds own 54.68% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on OBK. DA Davidson lifted their price target on shares of Origin Bancorp from $53.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Raymond James Financial restated an "outperform" rating on shares of Origin Bancorp in a report on Thursday, July 23rd. Keefe, Bruyette & Woods lifted their price objective on Origin Bancorp from $57.00 to $60.00 and gave the stock an "outperform" rating in a report on Tuesday, August 4th. Weiss Ratings raised Origin Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, August 21st. Finally, Benchmark upgraded Origin Bancorp to a "hold" rating in a research report on Thursday, September 24th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $58.00.

Origin Bancorp Price Performance

OBK stock opened at $52.74 on Wednesday. The stock's 50 day moving average price is $53.71 and its 200 day moving average price is $49.22. The firm has a market cap of $1.63 billion, a P/E ratio of 16.48 and a beta of 0.71. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.98 and a current ratio of 0.98. Origin Bancorp, Inc. has a 1 year low of $32.13 and a 1 year high of $55.57.

Origin Bancorp (NYSE:OBK - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.09. The company had revenue of $107.59 million during the quarter. Origin Bancorp had a return on equity of 7.97% and a net margin of 16.26%. On average, sell-side analysts expect that Origin Bancorp, Inc. will post 4.1 earnings per share for the current fiscal year.

Origin Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Friday, August 14th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.00 annualized dividend and a yield of 1.9%. Origin Bancorp's payout ratio is presently 31.25%.

Origin Bancorp Company Profile

Origin Bancorp, Inc is the bank holding company for Origin Bank, a regional financial institution headquartered in Ruston, Louisiana. The company provides banking and financial services to individuals, businesses and communities through a network of banking offices and digital channels.

Origin Bank offers deposit accounts, commercial and consumer lending, residential mortgage loans, treasury management, wealth management and other financial services. Its business banking activities include financing for commercial real estate, agriculture, small businesses and other operating needs, while its consumer offerings include personal loans, home loans and deposit products.

The bank serves customers primarily in Louisiana, Texas and Mississippi.

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