OP Bancorp (NASDAQ:OPBK) Raised to “Strong-Buy” at Zacks Research

OP Bancorp (NASDAQ:OPBK) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

Several other research firms have also recently commented on OPBK. Weiss Ratings upgraded shares of OP Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. Wall Street Zen cut OP Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. DA Davidson boosted their price objective on OP Bancorp from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods increased their price objective on OP Bancorp from $17.00 to $17.50 and gave the stock a “market perform” rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $17.75.

OP Bancorp Stock Performance

Shares of NASDAQ OPBK opened at $15.76 on Wednesday. The stock has a market capitalization of $234.73 million, a P/E ratio of 8.17 and a beta of 0.60. OP Bancorp has a 52-week low of $12.41 and a 52-week high of $16.80. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.43. The firm’s 50-day moving average price is $14.67 and its two-hundred day moving average price is $14.15.

OP Bancorp (NASDAQ:OPBK) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.09. The business had revenue of $25.72 million during the quarter, compared to analyst estimates of $25.15 million. OP Bancorp had a return on equity of 12.74% and a net margin of 16.87%. As a group, sell-side analysts forecast that OP Bancorp will post 2.06 earnings per share for the current year.

Institutional Trading of OP Bancorp

A number of institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE increased 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 during the period. Amundi acquired a new stake in OP Bancorp in the first quarter worth approximately $26,000. Goldman Sachs Group Inc. boosted its stake in OP Bancorp by 45.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 62,824 shares of the company’s stock valued at $755,000 after purchasing an additional 19,758 shares in the last quarter. Empowered Funds LLC boosted its stake in OP Bancorp by 3.5% during the 1st quarter. Empowered Funds LLC now owns 54,763 shares of the company’s stock valued at $658,000 after purchasing an additional 1,834 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in shares of OP Bancorp by 124.6% in the 1st quarter. Jane Street Group LLC now owns 45,394 shares of the company’s stock worth $546,000 after buying an additional 25,181 shares in the last quarter. 53.63% of the stock is owned by institutional investors and hedge funds.

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.