BlackRock Inc. Buys New Stake in OP Bancorp $OPBK

Key Points

• BlackRock acquired 1,000,340 shares of OP Bancorp in the second quarter, worth about $15 million and representing a 6.72% stake. Institutional investors and hedge funds collectively own 53.63% of the company.
• OP Bancorp reported quarterly earnings of $0.53 per share, exceeding analyst estimates of $0.44, while revenue reached $25.72 million. The company also pays a $0.14 quarterly dividend, equivalent to a 3.6% yield.
• Analyst sentiment is broadly positive, with the stock carrying an average “Buy” rating and a consensus price target of $17.75, compared with its reported price of $15.35.

BlackRock Inc. bought a new stake in OP Bancorp (NASDAQ:OPBK - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,000,340 shares of the company's stock, valued at approximately $14,995,000. BlackRock Inc. owned 6.72% of OP Bancorp as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in OPBK. Amundi acquired a new position in OP Bancorp during the 1st quarter worth about $26,000. BNP Paribas Financial Markets lifted its position in shares of OP Bancorp by 96.7% during the third quarter. BNP Paribas Financial Markets now owns 2,492 shares of the company's stock worth $35,000 after purchasing an additional 1,225 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of OP Bancorp by 6,423.0% in the second quarter. JPMorgan Chase & Co. now owns 5,675 shares of the company's stock valued at $74,000 after purchasing an additional 5,588 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of OP Bancorp in the second quarter valued at approximately $84,000. Finally, Bank of America Corp DE grew its holdings in shares of OP Bancorp by 880.9% in the fourth quarter. Bank of America Corp DE now owns 5,758 shares of the company's stock valued at $91,000 after purchasing an additional 5,171 shares in the last quarter. 53.63% of the stock is currently owned by institutional investors and hedge funds.

OP Bancorp Price Performance

OP Bancorp stock opened at $15.35 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.42. The company has a fifty day simple moving average of $15.28 and a 200-day simple moving average of $14.37. The stock has a market cap of $229.18 million, a P/E ratio of 7.95 and a beta of 0.60. OP Bancorp has a 12-month low of $12.41 and a 12-month high of $16.83.

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

OP Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 6th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 3.6%. The ex-dividend date was Thursday, August 6th. OP Bancorp's payout ratio is 29.02%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on OPBK. Weiss Ratings upgraded shares of OP Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 18th. DA Davidson upped their price objective on OP Bancorp from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods increased their price objective on OP Bancorp from $17.00 to $17.50 and gave the company a "market perform" rating in a research note on Monday, July 27th. Zacks Research raised OP Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Finally, Wall Street Zen downgraded OP Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $17.75.

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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