OP Bancorp (NASDAQ:OPBK) Upgraded by Zacks Research to Strong-Buy Rating

Key Points

• Zacks Research upgraded OP Bancorp from “hold” to “strong buy,” while analysts maintain a consensus “buy” rating and an average price target of $17.75.
• OP Bancorp reported quarterly EPS of $0.53, exceeding estimates of $0.44, and revenue of $25.72 million versus expectations of $25.15 million.
• Shares opened at $15.76, with the stock trading above its 50-day and 200-day moving averages; institutional investors own 53.63% of the company.

OP Bancorp (NASDAQ:OPBK - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Wednesday,Zacks.com reports.

Other equities analysts have also issued reports about the company. DA Davidson lifted their price objective on OP Bancorp from $17.00 to $18.00 and gave the company a "buy" rating in a research note on Tuesday. Wall Street Zen lowered shares of OP Bancorp from a "buy" rating to a "hold" rating in a report on Sunday, May 3rd. Keefe, Bruyette & Woods lifted their price target on shares of OP Bancorp from $17.00 to $17.50 and gave the company a "market perform" rating in a research report on Monday. Finally, Weiss Ratings upgraded shares of OP Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, OP Bancorp has a consensus rating of "Buy" and an average target price of $17.75.

OP Bancorp Stock Performance

Shares of OPBK stock opened at $15.76 on Wednesday. The firm has a market capitalization of $234.73 million, a price-to-earnings ratio of 8.17 and a beta of 0.60. The company has a 50 day moving average price of $14.67 and a 200 day moving average price of $14.15. OP Bancorp has a one year low of $12.41 and a one year high of $16.80. 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 (NASDAQ:OPBK - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.09. The company had revenue of $25.72 million during the quarter, compared to analysts' expectations of $25.15 million. OP Bancorp had a net margin of 16.87% and a return on equity of 12.74%. Sell-side analysts anticipate that OP Bancorp will post 2.06 EPS for the current year.

Institutional Trading of OP Bancorp

Hedge funds have recently made changes to their positions in the company. Amundi acquired a new stake in OP Bancorp during the 1st quarter valued at $26,000. BNP Paribas Financial Markets lifted its holdings in OP Bancorp by 96.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,492 shares of the company's stock worth $35,000 after buying an additional 1,225 shares in the last quarter. JPMorgan Chase & Co. boosted its position in OP Bancorp by 6,423.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,675 shares of the company's stock valued at $74,000 after buying an additional 5,588 shares during the last quarter. Bank of America Corp DE grew its stake in shares of OP Bancorp by 880.9% during the fourth quarter. Bank of America Corp DE now owns 5,758 shares of the company's stock valued at $91,000 after acquiring an additional 5,171 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of OP Bancorp during the second quarter valued at about $84,000. Hedge funds and other institutional investors own 53.63% of the company's stock.

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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