Goldman Sachs Group Inc. Grows Stake in OP Bancorp $OPBK

Key Points

• Goldman Sachs Group Inc. has increased its stake in OP Bancorp by 45.9% during the first quarter, now owning approximately 0.42% of the company valued at $755,000.
• Institutional investors currently hold 53.63% of OP Bancorp's stock, with multiple hedge funds increasing their stakes in the company.
• OP Bancorp recently declared a quarterly dividend of $0.12 per share, leading to an annualized dividend yield of 3.4%.

Goldman Sachs Group Inc. raised its holdings in shares of OP Bancorp (NASDAQ:OPBK - Free Report) by 45.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 62,824 shares of the company's stock after buying an additional 19,758 shares during the period. Goldman Sachs Group Inc. owned about 0.42% of OP Bancorp worth $755,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in OPBK. Connor Clark & Lunn Investment Management Ltd. increased its stake in OP Bancorp by 2.0% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 88,928 shares of the company's stock worth $1,069,000 after buying an additional 1,763 shares in the last quarter. Empowered Funds LLC increased its stake in OP Bancorp by 3.5% during the first quarter. Empowered Funds LLC now owns 54,763 shares of the company's stock worth $658,000 after acquiring an additional 1,834 shares during the last quarter. Amundi purchased a new position in OP Bancorp during the first quarter worth $26,000. Bank of America Corp DE grew its holdings 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 during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of OP Bancorp by 18.2% in the first quarter. Russell Investments Group Ltd. now owns 74,837 shares of the company's stock worth $900,000 after buying an additional 11,547 shares during the period. 53.63% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

OPBK has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of OP Bancorp from $15.00 to $15.50 and gave the company a "market perform" rating in a report on Monday, July 28th. Zacks Research cut OP Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 22nd. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $15.50.

OP Bancorp Trading Down 0.9%

Shares of OP Bancorp stock opened at $14.27 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.00 and a quick ratio of 1.00. The stock's 50 day simple moving average is $13.83 and its 200-day simple moving average is $12.87. The stock has a market cap of $212.48 million, a P/E ratio of 9.64 and a beta of 0.74. OP Bancorp has a 1-year low of $10.43 and a 1-year high of $18.57.

OP Bancorp (NASDAQ:OPBK - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.42 EPS for the quarter, hitting analysts' consensus estimates of $0.42. The firm had revenue of $23.69 million for the quarter, compared to the consensus estimate of $22.85 million. OP Bancorp had a return on equity of 10.72% and a net margin of 13.91%. Analysts predict that OP Bancorp will post 1.9 EPS for the current fiscal year.

OP Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.48 annualized dividend and a dividend yield of 3.4%. OP Bancorp's payout ratio is presently 32.43%.

About OP Bancorp

OP Bancorp operates as the bank holding company for Open Bank that provides banking products and services in California. It offers demand, checking, savings, money market, and time deposit accounts, as well as certificates of deposit. The company also provides commercial real estate, small business administration, commercial and industrial business, single-family residential, term, consumer, and home mortgage loans; trade financing products; and letters of credit, and SWIFT and export advice.

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