561,436 Shares in OP Bancorp $OPBK Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new position in shares of OP Bancorp (NASDAQ:OPBK) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 561,436 shares of the company’s stock, valued at approximately $8,416,000.

Other institutional investors have also recently made changes to their positions in the company. Amundi bought a new stake in shares of OP Bancorp in the 1st quarter valued at approximately $26,000. BNP Paribas Financial Markets grew its stake in OP Bancorp by 96.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,492 shares of the company’s stock worth $35,000 after acquiring an additional 1,225 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in OP Bancorp by 6,423.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,675 shares of the company’s stock worth $74,000 after purchasing an additional 5,588 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of OP Bancorp during the second quarter valued at $84,000. Finally, Bank of America Corp DE raised its holdings in shares of OP Bancorp by 880.9% in the 4th quarter. Bank of America Corp DE now owns 5,758 shares of the company’s stock valued at $91,000 after purchasing an additional 5,171 shares in the last quarter. Institutional investors own 53.63% of the company’s stock.

Analysts Set New Price Targets

OPBK has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their price target on OP Bancorp from $17.00 to $17.50 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Zacks Research upgraded shares of OP Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. DA Davidson upped their target price on OP Bancorp from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Wall Street Zen downgraded OP Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $17.75.

OP Bancorp Stock Down 0.3%

NASDAQ OPBK opened at $15.13 on Friday. The business has a fifty day moving average price of $15.25 and a 200 day moving average price of $14.33. The company has a market cap of $225.94 million, a P/E ratio of 7.84 and a beta of 0.59. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.01 and a current ratio of 1.02. OP Bancorp has a one year low of $12.41 and a one year high of $16.83.

OP Bancorp (NASDAQ:OPBK) last posted its quarterly 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 for the quarter, compared to analyst estimates of $25.15 million. Research analysts anticipate that OP Bancorp will post 2.06 EPS for the current fiscal year.

OP Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Thursday, August 6th. OP Bancorp’s payout ratio is currently 29.02%.

OP Bancorp 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.