Truffle Hound Capital LLC Cuts Holdings in OP Bancorp (NASDAQ:OPBK)

Key Points

• Truffle Hound Capital LLC reduced its holdings in OP Bancorp by 3.4% during the first quarter, owning 560,000 shares after selling 20,000 shares.
• OP Bancorp reported earnings of $0.42 per share, meeting analysts' expectations, alongside revenue of $23.69 million in its most recent quarterly results.
• The company announced a quarterly dividend of $0.12 per share, with an annualized yield of 3.8%, set to be paid on August 21st to stockholders of record on August 7th.

Truffle Hound Capital LLC trimmed its stake in OP Bancorp (NASDAQ:OPBK - Free Report) by 3.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 560,000 shares of the company's stock after selling 20,000 shares during the quarter. OP Bancorp makes up about 2.4% of Truffle Hound Capital LLC's investment portfolio, making the stock its 9th largest holding. Truffle Hound Capital LLC owned about 3.75% of OP Bancorp worth $6,731,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC acquired a new position in shares of OP Bancorp during the fourth quarter valued at $68,000. Bank of America Corp DE grew its holdings 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 worth $91,000 after acquiring an additional 5,171 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in OP Bancorp during the fourth quarter worth about $95,000. Barclays PLC grew its holdings in OP Bancorp by 116.2% during the fourth quarter. Barclays PLC now owns 10,046 shares of the company's stock worth $159,000 after acquiring an additional 5,399 shares during the period. Finally, Schonfeld Strategic Advisors LLC acquired a new position in OP Bancorp during the fourth quarter worth about $274,000. 53.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised their price objective on OP Bancorp from $15.00 to $15.50 and gave the stock a "market perform" rating in a research report on Monday, July 28th.

OP Bancorp Stock Down 0.3%

NASDAQ OPBK traded down $0.03 during trading on Wednesday, reaching $12.80. 9,941 shares of the company's stock were exchanged, compared to its average volume of 62,905. OP Bancorp has a fifty-two week low of $10.43 and a fifty-two week high of $18.57. The firm has a market capitalization of $190.02 million, a PE ratio of 8.65 and a beta of 0.70. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.36. The company's fifty day simple moving average is $12.87 and its 200-day simple moving average is $12.84.

OP Bancorp (NASDAQ:OPBK - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $0.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.42. The business had revenue of $23.69 million during the quarter, compared to analyst estimates of $22.85 million. OP Bancorp had a return on equity of 10.81% and a net margin of 13.91%. Sell-side analysts predict that OP Bancorp will post 1.9 EPS for the current year.

OP Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Thursday, August 7th. OP Bancorp's payout ratio is currently 32.43%.

OP Bancorp Profile

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.