OP Bancorp (NASDAQ:OPBK) Announces Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Key Points

• OP Bancorp reported quarterly EPS of $0.53, beating analysts’ consensus estimate of $0.46 by $0.07.
• The stock traded slightly higher after the earnings release, reaching $14.79 during the session, with a market cap of about $220.2 million.
• Analyst sentiment is mixed but generally positive, with an average rating of “Moderate Buy” and an average price target of $16.50.

OP Bancorp (NASDAQ:OPBK - Get Free Report) issued its quarterly earnings data on Thursday. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.07, Zacks reports. OP Bancorp had a net margin of 16.12% and a return on equity of 12.20%.

OP Bancorp Stock Performance

OP Bancorp stock traded up $0.06 during mid-day trading on Thursday, hitting $14.79. 25,645 shares of the company's stock traded hands, compared to its average volume of 39,186. The firm has a 50 day simple moving average of $14.47 and a two-hundred day simple moving average of $14.10. OP Bancorp has a fifty-two week low of $12.41 and a fifty-two week high of $15.73. The stock has a market cap of $220.22 million, a price-to-earnings ratio of 8.13 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.

Institutional Trading of OP Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Amundi bought a new position in OP Bancorp in the 1st quarter valued at about $26,000. BNP Paribas Financial Markets increased its stake in shares of OP Bancorp by 96.7% during the third quarter. BNP Paribas Financial Markets now owns 2,492 shares of the company's stock worth $35,000 after purchasing an additional 1,225 shares during the period. JPMorgan Chase & Co. lifted its holdings in OP Bancorp by 6,423.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,675 shares of the company's stock worth $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 in the 2nd quarter valued at $84,000. Finally, Bank of America Corp DE boosted its stake in OP Bancorp by 880.9% in 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 period. Institutional investors own 53.63% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on OPBK shares. Wall Street Zen cut shares of OP Bancorp from a "buy" rating to a "hold" rating in a research report on Sunday, May 3rd. Zacks Research raised OP Bancorp from a "strong sell" rating to a "hold" rating in a research report on Friday, March 27th. Weiss Ratings raised shares of OP Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research 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 research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, OP Bancorp has an average rating of "Moderate Buy" and an average target price of $16.50.

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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