DA Davidson Upgrades Earnings Outlook for OP Bancorp

On October 28, 2024, DA Davidson raised its fiscal year 2024 earnings estimates for OP Bancorp (NASDAQ:OPBK). Analyst G. Tenner now predicts that the company will achieve earnings per share (EPS) of $1.46, an increase from the previous estimate of $1.38. This revision comes as the consensus estimate for OP Bancorp's annual earnings also stands at $1.38 per share. Moreover, DA Davidson has projected OP Bancorp’s earnings for fiscal year 2025 to be slightly higher at $1.48 per share.

In a separate report, Keefe, Bruyette & Woods reiterated a "market perform" rating for OP Bancorp, setting a price target of $13.00 on its shares during a report released on August 26.

Current Stock Performance of OP Bancorp

As of Wednesday, shares of OPBK opened at $15.04. The company has a quick ratio of 1.01 and a current ratio of 1.02, with a debt-to-equity ratio standing at 0.59. Its market capitalization is approximately $224.40 million, and it has a price-to-earnings ratio of 10.71 alongside a beta of 0.63. The stock has traded with a fifty-day moving average of $12.73 and a two-hundred-day moving average of $11.14. Over the past year, OP Bancorp has seen its stock price fluctuate between a low of $8.36 and a high of $15.21.

On October 24, OP Bancorp announced its quarterly earnings results, revealing an EPS of $0.36, surpassing analyst expectations of $0.33 by $0.03. The company also reported a return on equity of 10.94% and a net margin of 14.18%, with revenues for the quarter reported at $39.54 million.

Dividend Announcement

Recently, OP Bancorp declared a quarterly dividend scheduled for payment on November 21. Shareholders recorded as of November 7 will receive a dividend of $0.12 per share. The ex-dividend date is also set for November 7. This results in an annualized dividend of $0.48, with a dividend yield of 3.19%. Currently, OP Bancorp's payout ratio is reported at 34.29%.

Insider Trading Activity

In recent news involving insider trading, Ki Won Yoon, an insider at OP Bancorp, sold 5,000 shares on August 14 at an average cost of $12.18, totaling $60,900. Following this transaction, the insider holds 47,137 shares valued at approximately $574,128.66, reflecting no significant changes in ownership. This information was disclosed in a regulatory filing to the Securities and Exchange Commission. Insider ownership currently covers 21.34% of the company's stock.

Institutional Investor Activity

Several hedge funds and institutional investors have recently adjusted their positions in OP Bancorp. Ritholtz Wealth Management increased its stake by 49.7% in Q3, now owning 35,948 shares valued at $449,000. Similarly, Renaissance Technologies LLC heightened its holdings by 40.1% in the second quarter, totaling 112,060 shares worth $1,075,000. Dimensional Fund Advisors LP grew its stake by 8.0% in Q2 with ownership of 476,934 shares valued at $4,573,000. ClariVest Asset Management LLC increased its positioning by 2.9%, while Ancora Advisors LLC raised its stake by 1.2%. Institutional investors collectively hold 53.63% of OP Bancorp’s stock.

About OP Bancorp

OP Bancorp serves as the parent company of Open Bank, providing various banking services and products throughout California. Its offerings include demand, checking, savings, money market, and time deposit accounts, along with certificates of deposit. Additionally, the company provides loans for commercial real estate, small businesses, single-family residences, and various consumer needs. Trade financing and letters of credit are also among the services offered by OP Bancorp.

Earnings, Stock, Finance