Bank of New York Mellon Corp Takes Position in OP Bancorp $OPBK

Key Points

• Bank of New York Mellon acquired 66,979 shares of OP Bancorp worth approximately $1.0 million, while institutional investors collectively own 53.63% of the company.
• Analyst sentiment remains positive: OP Bancorp has a consensus “Buy” rating and an average price target of $17.75, above its recent $15.26 share price.
• OP Bancorp exceeded quarterly earnings expectations, reporting $0.53 in EPS versus $0.44 estimated, and paid a quarterly dividend of $0.14, representing a 3.7% annualized yield.

Bank of New York Mellon Corp acquired a new position in OP Bancorp (NASDAQ:OPBK - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 66,979 shares of the company's stock, valued at approximately $1,004,000. Bank of New York Mellon Corp owned about 0.45% of OP Bancorp as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Empowered Funds LLC grew its position in shares of OP Bancorp by 9.3% in the 1st quarter. Empowered Funds LLC now owns 62,639 shares of the company's stock valued at $833,000 after buying an additional 5,349 shares during the last quarter. Lazard Asset Management LLC bought a new stake in shares of OP Bancorp in the 1st quarter valued at $180,000. Arrowstreet Capital Limited Partnership raised its stake in OP Bancorp by 16.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 155,590 shares of the company's stock worth $2,069,000 after buying an additional 21,713 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in OP Bancorp by 4.4% in the first quarter. Dimensional Fund Advisors LP now owns 636,128 shares of the company's stock valued at $8,461,000 after buying an additional 26,618 shares during the period. Finally, Diversify Wealth Management LLC bought a new stake in OP Bancorp during the first quarter valued at $26,511,000. 53.63% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on OPBK. DA Davidson upped their target price on OP Bancorp from $17.00 to $18.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Zacks Research upgraded OP Bancorp from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. 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 raised their price objective on shares of OP Bancorp from $17.00 to $17.50 and gave the stock a "market perform" rating in a research report on Monday, July 27th. Finally, Wall Street Zen lowered shares of OP Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $17.75.

OP Bancorp Trading Up 0.4%

NASDAQ:OPBK opened at $15.26 on Friday. OP Bancorp has a 52 week low of $12.41 and a 52 week high of $16.83. The firm has a 50-day moving average price of $15.30 and a two-hundred day moving average price of $14.41. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.01 and a current ratio of 1.02. The firm has a market cap of $227.83 million, a price-to-earnings ratio of 7.91 and a beta of 0.60.

OP Bancorp (NASDAQ:OPBK - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.09. The firm had revenue of $25.72 million for the quarter, compared to the consensus estimate of $25.15 million. OP Bancorp had a return on equity of 12.59% and a net margin of 16.87%. On average, equities analysts expect that OP Bancorp will post 2.06 earnings per share for the current fiscal year.

OP Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Thursday, August 6th. OP Bancorp's dividend payout ratio is 29.02%.

OP Bancorp 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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