Segall Bryant & Hamill LLC Reduces Holdings in OP Bancorp $OPBK

Key Points

• Segall Bryant & Hamill cut its OP Bancorp stake by 72.8% in the first quarter, selling 97,485 shares and retaining 36,408 shares worth approximately $484,000. Institutional investors collectively own 53.63% of OPBK.
• Analyst sentiment improved, with multiple firms upgrading the stock or raising price targets. OP Bancorp has an overall “Buy” consensus rating and a consensus target price of $17.75.
• OP Bancorp exceeded quarterly expectations, reporting $0.53 in EPS versus a $0.44 estimate and $25.72 million in revenue. The company also announced a quarterly dividend of $0.14 per share, representing a 3.6% annualized yield.

Segall Bryant & Hamill LLC lowered its holdings in shares of OP Bancorp (NASDAQ:OPBK - Free Report) by 72.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,408 shares of the company's stock after selling 97,485 shares during the period. Segall Bryant & Hamill LLC owned about 0.24% of OP Bancorp worth $484,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of OPBK. Empowered Funds LLC lifted its stake in OP Bancorp by 9.3% in the 1st quarter. Empowered Funds LLC now owns 62,639 shares of the company's stock valued at $833,000 after buying an additional 5,349 shares in the last quarter. Lazard Asset Management LLC acquired a new position in shares of OP Bancorp in the first quarter worth $180,000. Arrowstreet Capital Limited Partnership lifted its position in shares of OP Bancorp by 16.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 155,590 shares of the company's stock valued at $2,069,000 after acquiring an additional 21,713 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of OP Bancorp by 4.4% in the first quarter. Dimensional Fund Advisors LP now owns 636,128 shares of the company's stock valued at $8,461,000 after acquiring an additional 26,618 shares in the last quarter. Finally, Diversify Wealth Management LLC acquired a new stake in shares of OP Bancorp during the first quarter valued at $26,511,000. Hedge funds and other institutional investors own 53.63% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on OPBK. Keefe, Bruyette & Woods lifted their price objective on OP Bancorp from $17.00 to $17.50 and gave the stock a "market perform" rating in a research report on Monday, July 27th. Wall Street Zen raised shares of OP Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Weiss Ratings upgraded shares of OP Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 18th. Zacks Research raised shares of OP Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 29th. Finally, DA Davidson upped their price objective on shares of OP Bancorp from $17.00 to $18.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $17.75.

OP Bancorp Price Performance

OPBK opened at $15.63 on Friday. The company's 50 day simple moving average is $14.83 and its 200 day simple moving average is $14.20. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.02. OP Bancorp has a 1 year low of $12.41 and a 1 year high of $16.83. The stock has a market capitalization of $232.73 million, a PE ratio of 8.10 and a beta of 0.59.

OP Bancorp (NASDAQ:OPBK - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.44 by $0.09. OP Bancorp had a net margin of 16.87% and a return on equity of 12.74%. The firm had revenue of $25.72 million during the quarter, compared to analyst estimates of $25.15 million. As a group, sell-side analysts expect that OP Bancorp will post 2.06 EPS for the current year.

OP Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Thursday, August 6th. OP Bancorp's dividend payout ratio (DPR) is 29.02%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source