Connor Clark & Lunn Investment Management Ltd. Makes New Investment in OP Bancorp $OPBK

Key Points

• Connor Clark & Lunn Investment Management acquired 156,511 shares of OP Bancorp worth approximately $2.35 million, giving it a 1.05% stake. Institutional investors collectively own 53.63% of the company.
• OP Bancorp exceeded quarterly expectations, reporting $0.53 EPS versus the $0.44 consensus estimate and revenue of $25.72 million. Analysts expect $2.06 in full-year EPS.
• The company pays a quarterly dividend of $0.14 per share, equivalent to an annualized $0.56 dividend and a 3.7% yield. Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $17.75.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in OP Bancorp (NASDAQ:OPBK - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 156,511 shares of the company's stock, valued at approximately $2,346,000. Connor Clark & Lunn Investment Management Ltd. owned 1.05% of OP Bancorp as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Amundi acquired a new stake in shares of OP Bancorp during the first quarter worth $26,000. BNP Paribas Financial Markets lifted its holdings in OP Bancorp by 96.7% in the third quarter. BNP Paribas Financial Markets now owns 2,492 shares of the company's stock valued at $35,000 after buying an additional 1,225 shares during the period. JPMorgan Chase & Co. lifted its holdings in 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 buying an additional 5,588 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in OP Bancorp during the second quarter valued at $84,000. Finally, Bank of America Corp DE boosted its position in OP Bancorp by 880.9% during the fourth quarter. Bank of America Corp DE now owns 5,758 shares of the company's stock valued at $91,000 after acquiring an additional 5,171 shares during the last quarter. 53.63% of the stock is owned by institutional investors.

OP Bancorp Trading Down 0.3%

NASDAQ:OPBK opened at $15.13 on Friday. OP Bancorp has a 12 month low of $12.41 and a 12 month high of $16.83. 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 stock has a market capitalization of $225.89 million, a price-to-earnings ratio of 7.84 and a beta of 0.59. The firm has a fifty day simple moving average of $15.25 and a two-hundred day simple moving average of $14.33.

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

OP Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on OPBK shares. Zacks Research raised OP Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 29th. Weiss Ratings upgraded OP Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, June 18th. DA Davidson raised their target price on OP Bancorp from $17.00 to $18.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods lifted their target price on OP Bancorp from $17.00 to $17.50 and gave the stock a "market perform" rating in a report on Monday, July 27th. Finally, Wall Street Zen lowered 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 issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, OP Bancorp has a consensus rating of "Buy" and an average price target of $17.75.

About OP Bancorp

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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