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

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

A number of other equities analysts have also recently issued reports on OPBK. DA Davidson upped their price objective on shares of OP Bancorp from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday. 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. Wall Street Zen downgraded shares of OP Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Finally, Keefe, Bruyette & Woods increased their price target on OP Bancorp from $17.00 to $17.50 and gave the company a “market perform” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $17.75.

OP Bancorp Price Performance

Shares of OPBK stock opened at $15.76 on Wednesday. The business has a fifty day simple moving average of $14.67 and a 200 day simple moving average of $14.15. The company has a market cap of $234.73 million, a P/E ratio of 8.17 and a beta of 0.60. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.43. OP Bancorp has a twelve month low of $12.41 and a twelve month high of $16.80.

OP Bancorp (NASDAQ:OPBK) last issued its earnings results on Thursday, July 23rd. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.44 by $0.09. The firm had revenue of $25.72 million during the quarter, compared to the consensus estimate of $25.15 million. OP Bancorp had a return on equity of 12.74% and a net margin of 16.87%. On average, sell-side analysts forecast that OP Bancorp will post 2.06 EPS for the current fiscal year.

Institutional Trading of OP Bancorp

Institutional investors have recently modified their holdings of the business. Diversify Wealth Management LLC bought a new position in OP Bancorp during the 1st quarter worth $26,511,000. New York State Common Retirement Fund bought a new position in shares of OP Bancorp during the second quarter worth about $105,000. Bank of America Corp DE lifted its stake in shares of OP Bancorp by 880.9% in the fourth quarter. Bank of America Corp DE now owns 5,758 shares of the company’s stock worth $91,000 after acquiring an additional 5,171 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in OP Bancorp in the second quarter valued at approximately $84,000. Finally, JPMorgan Chase & Co. increased its position in OP Bancorp by 6,423.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,675 shares of the company’s stock valued at $74,000 after purchasing an additional 5,588 shares during the period. Institutional investors own 53.63% of the company’s stock.

OP Bancorp Company Profile

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.