Zacks Research Downgrades OP Bancorp (NASDAQ:OPBK) to Hold

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

Other analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods increased their price objective on shares of OP Bancorp from $15.50 to $16.00 and gave the stock a “market perform” rating in a report on Monday, October 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of OP Bancorp in a report on Monday. Finally, DA Davidson boosted their price objective on OP Bancorp from $16.50 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 28th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $16.50.

OP Bancorp Stock Performance

Shares of OPBK opened at $14.23 on Monday. The firm has a market cap of $211.83 million, a price-to-earnings ratio of 9.06 and a beta of 0.69. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.34. The business’s 50 day moving average is $13.73 and its two-hundred day moving average is $13.63. OP Bancorp has a 52-week low of $10.43 and a 52-week high of $16.07.

OP Bancorp (NASDAQ:OPBK) last posted its quarterly earnings results on Thursday, October 23rd. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.01. OP Bancorp had a net margin of 14.42% and a return on equity of 11.09%. The firm had revenue of $24.48 million for the quarter, compared to analysts’ expectations of $24.25 million. Analysts forecast that OP Bancorp will post 1.9 EPS for the current fiscal year.

Hedge Funds Weigh In On OP Bancorp

Hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC increased its holdings in shares of OP Bancorp by 7.5% during the 2nd quarter. Acadian Asset Management LLC now owns 291,491 shares of the company’s stock valued at $3,782,000 after acquiring an additional 20,379 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in OP Bancorp by 45.4% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 129,342 shares of the company’s stock worth $1,680,000 after buying an additional 40,414 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in OP Bancorp by 45.9% during the first quarter. Goldman Sachs Group Inc. now owns 62,824 shares of the company’s stock valued at $755,000 after acquiring an additional 19,758 shares during the period. Fourthstone LLC raised its holdings in OP Bancorp by 128.3% in the 2nd quarter. Fourthstone LLC now owns 263,790 shares of the company’s stock valued at $3,427,000 after acquiring an additional 148,238 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of OP Bancorp during the second quarter valued at approximately $92,000. 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.