OP Bancorp (NASDAQ:OPBK) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS

OP Bancorp (NASDAQ:OPBK) posted its quarterly earnings results on Thursday. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.09, Zacks reports. The firm had revenue of $25.72 million for the quarter, compared to the consensus estimate of $25.15 million. OP Bancorp had a net margin of 16.12% and a return on equity of 12.20%.

OP Bancorp Trading Up 5.5%

NASDAQ:OPBK traded up $0.82 on Friday, reaching $15.61. The company’s stock had a trading volume of 16,322 shares, compared to its average volume of 39,029. OP Bancorp has a 12-month low of $12.41 and a 12-month high of $15.73. The stock has a 50 day moving average price of $14.48 and a 200 day moving average price of $14.10. The firm has a market cap of $232.43 million, a price-to-earnings ratio of 8.58 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be given a $0.14 dividend. The ex-dividend date is Thursday, August 6th. This represents a $0.56 dividend on an annualized basis and a yield of 3.6%. OP Bancorp’s payout ratio is currently 30.77%.

Wall Street Analyst Weigh In

A number of analysts have commented on OPBK shares. Wall Street Zen downgraded shares of OP Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Zacks Research upgraded OP Bancorp from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Weiss Ratings upgraded OP Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $17.00 price target on shares of OP Bancorp in a report on Tuesday, April 28th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $16.50.

Institutional Trading of OP Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its holdings in OP Bancorp by 3.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 609,510 shares of the company’s stock valued at $8,606,000 after buying an additional 22,620 shares during the period. Geode Capital Management LLC boosted its stake in OP Bancorp by 118.3% during the second quarter. Geode Capital Management LLC now owns 273,701 shares of the company’s stock worth $3,556,000 after buying an additional 148,299 shares during the period. Bridgeway Capital Management LLC increased its position in shares of OP Bancorp by 1.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 209,040 shares of the company’s stock valued at $2,952,000 after acquiring an additional 2,462 shares during the last quarter. State Street Corp increased its position in shares of OP Bancorp by 6.5% during the fourth quarter. State Street Corp now owns 145,773 shares of the company’s stock valued at $2,058,000 after acquiring an additional 8,865 shares during the last quarter. Finally, Marshall Wace LLP increased its position in shares of OP Bancorp by 960.2% during the second quarter. Marshall Wace LLP now owns 140,591 shares of the company’s stock valued at $1,826,000 after acquiring an additional 127,330 shares during 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.