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

Key Points

• OP Bancorp reported $0.48 EPS for the quarter, beating consensus by $0.07, though revenue missed at $24.56 million; the firm showed a return on equity of 11.75% and a net margin of 15.39%.
• The board raised the quarterly dividend to $0.14 (annualized $0.56) for a 3.9% yield, and analysts now give a consensus "Moderate Buy" rating with a $16.50 target price.

OP Bancorp (NASDAQ:OPBK - Get Free Report) issued its quarterly earnings results on Thursday. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.07, Zacks reports. The business had revenue of $24.56 million during the quarter, compared to analysts' expectations of $25.37 million. OP Bancorp had a return on equity of 11.75% and a net margin of 15.39%.

OP Bancorp Price Performance

NASDAQ OPBK traded up $0.29 on Friday, hitting $14.40. 11,253 shares of the company's stock were exchanged, compared to its average volume of 35,888. The stock has a 50-day moving average of $13.56 and a 200-day moving average of $13.76. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.44. OP Bancorp has a 52 week low of $11.52 and a 52 week high of $15.27. The stock has a market cap of $214.42 million, a price-to-earnings ratio of 8.42 and a beta of 0.62.

OP Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Thursday, May 7th will be paid a dividend of $0.14 per share. The ex-dividend date is Thursday, May 7th. This is a boost from OP Bancorp's previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a yield of 3.9%. OP Bancorp's dividend payout ratio is currently 28.07%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on OPBK shares. Weiss Ratings upgraded OP Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, April 10th. Zacks Research upgraded OP Bancorp from a "strong sell" rating to a "hold" rating in a research note on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.50.

Institutional Investors Weigh In On OP Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in OP Bancorp by 3.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 609,510 shares of the company's stock worth $8,606,000 after purchasing an additional 22,620 shares during the last quarter. 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 acquiring an additional 148,299 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in shares of OP Bancorp by 1.2% in the 4th quarter. Bridgeway Capital Management LLC now owns 209,040 shares of the company's stock valued at $2,952,000 after acquiring an additional 2,462 shares during the last quarter. State Street Corp lifted its stake in shares of OP Bancorp by 6.5% in the 4th quarter. State Street Corp now owns 145,773 shares of the company's stock valued at $2,058,000 after acquiring an additional 8,865 shares during the last quarter. Finally, 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 acquiring an additional 127,330 shares during the last quarter. 53.63% of the stock is currently owned by institutional investors.

About OP Bancorp

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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