Empowered Funds LLC Takes $1.01 Million Position in OP Bancorp $OPBK

Empowered Funds LLC purchased a new stake in OP Bancorp (NASDAQ:OPBK) during the 2nd quarter, HoldingsChannel reports. The fund purchased 67,254 shares of the company’s stock, valued at approximately $1,008,000.

Other hedge funds also recently modified their holdings of the company. Diversify Wealth Management LLC bought a new position in OP Bancorp in the 1st quarter worth approximately $26,511,000. Diversify Advisory Services LLC bought a new stake in OP Bancorp in the 2nd quarter valued at approximately $28,733,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in OP Bancorp in the second quarter valued at $2,346,000. BlackRock Inc. bought a new stake in OP Bancorp during the second quarter worth about $14,995,000. Finally, The Manufacturers Life Insurance Company bought a new position in OP Bancorp during the second quarter worth about $8,416,000. Institutional investors and hedge funds own 53.63% of the company’s stock.

Wall Street Analyst Weigh In

OPBK has been the topic of several research reports. Keefe, Bruyette & Woods upped their target price on OP Bancorp from $17.00 to $17.50 and gave the company a “market perform” rating in a research report on Monday, July 27th. Zacks Research raised shares of OP Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Wall Street Zen downgraded shares of OP Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. DA Davidson increased their price target on shares of OP Bancorp from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, Weiss Ratings raised OP Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, OP Bancorp presently has an average rating of “Buy” and an average price target of $17.75.

OP Bancorp Price Performance

Shares of NASDAQ:OPBK opened at $15.46 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.42. OP Bancorp has a 12 month low of $12.41 and a 12 month high of $16.83. The stock has a market cap of $230.86 million, a P/E ratio of 8.01 and a beta of 0.60. The company has a 50 day moving average of $15.28 and a 200 day moving average of $14.37.

OP Bancorp (NASDAQ:OPBK) last released its earnings results on Thursday, July 23rd. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.44 by $0.09. OP Bancorp had a net margin of 16.87% and a return on equity of 12.59%. The company had revenue of $25.72 million for the quarter, compared to analyst estimates of $25.15 million. As a group, sell-side analysts forecast that OP Bancorp will post 2.06 EPS for the current fiscal year.

OP Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were given 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 was Thursday, August 6th. OP Bancorp’s dividend payout ratio (DPR) is currently 29.02%.

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.