Diversify Wealth Management LLC Makes New $26.51 Million Investment in OP Bancorp $OPBK

Key Points

• Diversify Wealth Management LLC disclosed a new stake in OP Bancorp, buying 1.84 million shares worth about $26.5 million in the first quarter. The position represents roughly 12.34% of the company.
• OP Bancorp has seen additional institutional activity, with several firms either starting or expanding positions, and institutional investors now own about 53.63% of the stock. Analyst sentiment is mixed, but the consensus remains a Moderate Buy with a $16.50 price target.
• The bank recently reported Q1 EPS of $0.48, topping estimates, and raised its quarterly dividend to $0.14 from $0.12. The stock was trading near $14.86, above its 50-day and 200-day averages.

Diversify Wealth Management LLC bought a new position in OP Bancorp (NASDAQ:OPBK - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,837,182 shares of the company's stock, valued at approximately $26,511,000. Diversify Wealth Management LLC owned about 12.34% of OP Bancorp at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of OPBK. Amundi purchased a new position in shares of OP Bancorp in the 1st quarter worth about $26,000. BNP Paribas Financial Markets grew its position in OP Bancorp by 96.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,492 shares of the company's stock valued at $35,000 after purchasing an additional 1,225 shares during the last quarter. JPMorgan Chase & Co. grew its position in OP Bancorp by 6,423.0% during the 2nd 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in OP Bancorp during the 2nd quarter valued at about $84,000. Finally, Bank of America Corp DE increased its stake in OP Bancorp by 880.9% during the 4th 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.

Analysts Set New Price Targets

OPBK has been the topic of several analyst reports. Wall Street Zen downgraded shares of OP Bancorp from a "buy" rating to a "hold" rating in a research note on Sunday, May 3rd. Zacks Research raised shares of OP Bancorp from a "strong sell" rating to a "hold" rating in a research report on Friday, March 27th. Weiss Ratings upgraded shares of OP Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 18th. Finally, DA Davidson restated a "buy" rating and issued a $17.00 price objective on shares of OP Bancorp in a report on Tuesday, April 28th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.50.

OP Bancorp Stock Performance

NASDAQ OPBK traded up $0.19 during trading hours on Friday, hitting $14.86. The company's stock had a trading volume of 16,524 shares, compared to its average volume of 60,761. OP Bancorp has a 12 month low of $12.41 and a 12 month high of $15.73. The company's 50 day simple moving average is $14.37 and its two-hundred day simple moving average is $14.06. The company has a market cap of $221.27 million, a P/E ratio of 8.16 and a beta of 0.60. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.02 and a quick ratio of 1.01.

OP Bancorp (NASDAQ:OPBK - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.07. OP Bancorp had a net margin of 16.12% and a return on equity of 12.20%. The firm had revenue of $24.55 million for the quarter, compared to the consensus estimate of $25.37 million. As a group, sell-side analysts expect that OP Bancorp will post 1.91 EPS for the current fiscal year.

OP Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 7th were issued a $0.14 dividend. This is an increase from OP Bancorp's previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a yield of 3.8%. The ex-dividend date was Thursday, May 7th. OP Bancorp's dividend payout ratio is 30.77%.

OP Bancorp Company 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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