Man Group plc Makes New Investment in OP Bancorp $OPBK

Man Group plc acquired a new position in shares of OP Bancorp (NASDAQ:OPBK) in the 2nd quarter, HoldingsChannel reports. The fund acquired 96,016 shares of the company’s stock, valued at approximately $1,439,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OPBK. Bank of America Corp DE boosted its holdings in OP Bancorp by 880.9% during the fourth quarter. Bank of America Corp DE now owns 5,758 shares of the company’s stock valued at $91,000 after acquiring an additional 5,171 shares during the period. Amundi bought a new stake in OP Bancorp during the 1st quarter valued at approximately $26,000. Goldman Sachs Group Inc. grew its holdings in OP Bancorp by 45.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 62,824 shares of the company’s stock valued at $755,000 after buying an additional 19,758 shares during the last quarter. Empowered Funds LLC increased its position in OP Bancorp by 3.5% in the 1st quarter. Empowered Funds LLC now owns 54,763 shares of the company’s stock worth $658,000 after buying an additional 1,834 shares during the period. Finally, Jane Street Group LLC lifted its holdings in shares of OP Bancorp by 124.6% during the first quarter. Jane Street Group LLC now owns 45,394 shares of the company’s stock worth $546,000 after buying an additional 25,181 shares during the last quarter. Institutional investors and hedge funds own 53.63% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on OPBK shares. Keefe, Bruyette & Woods boosted their target price on shares of OP Bancorp from $17.00 to $17.50 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Weiss Ratings upgraded OP Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. Wall Street Zen cut OP Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. DA Davidson raised their price objective on OP Bancorp from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, Zacks Research raised OP Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. One 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, OP Bancorp has a consensus rating of “Buy” and an average target price of $17.75.

OP Bancorp Trading Up 1.2%

Shares of OPBK opened at $15.17 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.02 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 firm has a market capitalization of $226.49 million, a PE ratio of 7.86 and a beta of 0.60. The stock’s fifty day simple moving average is $15.27 and its 200-day simple moving average is $14.36.

OP Bancorp (NASDAQ:OPBK) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.09. The business had revenue of $25.72 million for the quarter, compared to analysts’ expectations of $25.15 million. OP Bancorp had a return on equity of 12.59% and a net margin of 16.87%. As a group, 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 declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were given a dividend of $0.14 per share. The ex-dividend date was Thursday, August 6th. This represents a $0.56 annualized dividend and a dividend yield of 3.7%. OP Bancorp’s payout ratio 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.