OP Bancorp (NASDAQ:OPBK) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• OP Bancorp reported a quarterly earnings per share (EPS) of $0.45, exceeding analyst expectations of $0.44 by $0.01.
• Despite the positive earnings report, OP Bancorp's stock declined 1.4% on the trading day, closing at $13.39.
• Analysts have mixed views on OP Bancorp, with Zacks lowering their rating to "hold," while Keefe, Bruyette & Woods raised their price target to $15.50 and maintained a "market perform" rating.

OP Bancorp (NASDAQ:OPBK - Get Free Report) issued its earnings results on Thursday. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.01, Zacks reports. OP Bancorp had a return on equity of 10.72% and a net margin of 13.91%.

OP Bancorp Stock Down 1.4%

Shares of OPBK traded down $0.19 on Thursday, reaching $13.39. The stock had a trading volume of 24,157 shares, compared to its average volume of 56,722. The firm has a market capitalization of $199.38 million, a price-to-earnings ratio of 9.05 and a beta of 0.70. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.00 and a current ratio of 1.00. The company has a 50-day simple moving average of $14.00 and a 200-day simple moving average of $13.08. OP Bancorp has a 12-month low of $10.43 and a 12-month high of $18.57.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on OPBK shares. Zacks Research cut OP Bancorp from a "strong-buy" rating to a "hold" rating in a report on Friday, August 22nd. Weiss Ratings reiterated a "buy (b-)" rating on shares of OP Bancorp in a report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods increased their price objective on OP Bancorp from $15.00 to $15.50 and gave the stock a "market perform" rating in a report on Monday, July 28th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $15.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in shares of OP Bancorp by 118.3% in the 2nd quarter. Geode Capital Management LLC now owns 273,701 shares of the company's stock valued at $3,556,000 after purchasing an additional 148,299 shares during the period. Marshall Wace LLP lifted its stake in shares of OP Bancorp by 960.2% in the 2nd quarter. Marshall Wace LLP now owns 140,591 shares of the company's stock valued at $1,826,000 after purchasing an additional 127,330 shares during the period. Raymond James Financial Inc. lifted its stake in shares of OP Bancorp by 13.8% in the 2nd quarter. Raymond James Financial Inc. now owns 111,898 shares of the company's stock valued at $1,454,000 after purchasing an additional 13,583 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of OP Bancorp by 40.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 105,720 shares of the company's stock valued at $1,373,000 after purchasing an additional 30,301 shares during the period. Finally, American Century Companies Inc. increased its position in OP Bancorp by 14.0% during the 2nd quarter. American Century Companies Inc. now owns 81,827 shares of the company's stock valued at $1,063,000 after buying an additional 10,058 shares in the last quarter. Hedge funds and other institutional investors own 53.63% of the company's stock.

OP Bancorp Company 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.

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