Diversify Advisory Services LLC Acquires Shares of 1,847,777 OP Bancorp $OPBK

Diversify Advisory Services LLC bought a new stake in shares of OP Bancorp (NASDAQ:OPBK) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,847,777 shares of the company’s stock, valued at approximately $28,733,000. Diversify Advisory Services LLC owned about 12.41% of OP Bancorp at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Amundi bought a new position in OP Bancorp during the first quarter valued at about $26,000. BNP Paribas Financial Markets increased its holdings in OP Bancorp by 96.7% during the third quarter. BNP Paribas Financial Markets now owns 2,492 shares of the company’s stock worth $35,000 after buying an additional 1,225 shares during the last quarter. JPMorgan Chase & Co. raised its position in OP Bancorp by 6,423.0% in the second quarter. JPMorgan Chase & Co. now owns 5,675 shares of the company’s stock worth $74,000 after acquiring an additional 5,588 shares during the period. Bank of America Corp DE raised its position in 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. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in OP Bancorp in the second quarter valued at about $84,000. 53.63% of the stock is currently owned by institutional investors.

OP Bancorp Price Performance

NASDAQ OPBK opened at $15.55 on Wednesday. The company has a market cap of $232.16 million, a PE ratio of 8.06 and a beta of 0.59. OP Bancorp has a 52 week low of $12.41 and a 52 week high of $16.83. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The firm’s 50-day simple moving average is $15.08 and its two-hundred day simple moving average is $14.28.

OP Bancorp (NASDAQ:OPBK) last issued its earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.09. OP Bancorp had a net margin of 16.87% and a return on equity of 12.59%. The firm had revenue of $25.72 million during the quarter, compared to analyst estimates of $25.15 million. Research analysts predict that OP Bancorp will post 2.06 earnings per share for the current year.

OP Bancorp Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $0.56 annualized dividend and a yield of 3.6%. OP Bancorp’s dividend payout ratio (DPR) is 29.02%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on OPBK shares. Zacks Research raised shares of OP Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Wall Street Zen cut shares of OP Bancorp from a “buy” rating to a “hold” rating in a report on Saturday. DA Davidson upped their price objective on OP Bancorp from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods increased their price objective on OP Bancorp from $17.00 to $17.50 and gave the company a “market perform” rating in a report on Monday, July 27th. Finally, Weiss Ratings raised OP Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. One equities research 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.com, OP Bancorp presently has an average rating of “Buy” and an average target price of $17.75.

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.