OP Bancorp (NASDAQ:OPBK) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of OP Bancorp (NASDAQ:OPBK) from a hold rating to a buy rating in a research report released on Saturday morning.

OPBK has been the topic of several other research reports. Zacks Research raised shares of OP Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday. DA Davidson raised their price objective on shares of OP Bancorp from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday. Keefe, Bruyette & Woods lifted their target price 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, July 27th. Finally, Weiss Ratings raised shares of OP Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $17.75.

OP Bancorp Price Performance

Shares of NASDAQ:OPBK opened at $15.60 on Friday. The firm has a market capitalization of $232.28 million, a PE ratio of 8.08 and a beta of 0.60. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. OP Bancorp has a 1-year low of $12.41 and a 1-year high of $16.80. The business’s 50 day moving average is $14.70 and its 200-day moving average is $14.16.

OP Bancorp (NASDAQ:OPBK) last issued its earnings results on Thursday, July 23rd. The company reported $0.53 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%. Sell-side analysts predict that OP Bancorp will post 2.06 earnings per share for the current year.

OP Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Thursday, August 6th. OP Bancorp’s payout ratio is currently 29.02%.

Institutional Investors Weigh In On OP Bancorp

A number of hedge funds have recently added to or reduced their stakes in OPBK. Diversify Wealth Management LLC bought a new position in shares of OP Bancorp in the first quarter worth about $26,511,000. Daytona Street Capital LLC bought a new stake in shares of OP Bancorp during the fourth quarter valued at approximately $123,000. Wells Fargo & Company MN increased its holdings in shares of OP Bancorp by 36.5% in the fourth quarter. Wells Fargo & Company MN now owns 16,119 shares of the company’s stock valued at $228,000 after purchasing an additional 4,306 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of OP Bancorp in the second quarter valued at approximately $173,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of OP Bancorp in the second quarter valued at approximately $150,000. 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.