OP Bancorp (OTCMKTS:OPBK) high for a strong buy at Zacks Investment Research

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OP Bancorp (OTCMKTS: OPBK) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released Friday, Zacks.com reports. The brokerage currently has a price target of $15.00 on the stock. Zacks Investment Research’s price target would suggest a potential upside of 7.53% from the company’s current price.

According to Zacks, “OP Bancorp provides commercial banking services to retail and institutional customers. It offers commercial loans, home loans, online banking, cash management, certificates of deposit, electronic transfers and debit and credit card services. The company operates primarily in Seattle, Washington, Dallas, Texas and Atlanta, Georgia. OP Bancorp is headquartered in Los Angeles, California.”

Shares of OTCMKTS:OPBK opened at $13.95 on Friday. OP Bancorp has a fifty-two week low of $7.75 and a fifty-two week high of $14.71. The company has a 50-day simple moving average of $13.00 and a 200-day simple moving average of $11.56.

OP Bancorp (OTCMKTS:OPBK) last released its quarterly earnings data on Thursday, January 27. The company reported earnings per share of $0.59 for the quarter, beating Thomson Reuters consensus estimate of $0.52 by $0.07.

A number of institutional investors have recently increased or reduced their stake in the stock. The Manufacturers Life Insurance Company increased its stake in OP Bancorp by 2.1% during the third quarter. The Manufacturers Life Insurance Company now owns 872,984 shares of the company worth $8,992,000 after purchasing an additional 17,920 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in OP Bancorp shares by 1.7% in the second quarter. The Manufacturers Life Insurance Company now owns 855,064 shares of the company valued at $8,602,000 after acquiring an additional 14,238 shares during the period. KLK Capital Management LLC purchased a new stake in OP Bancorp during the second quarter worth approximately $8,013,000. Alliancebernstein LP increased its position in OP Bancorp by 40.8% during the third quarter. Alliancebernstein LP now owns 663,492 shares of the company worth $6,834,000 after purchasing an additional 192,191 shares during the period. Finally, rhino investment partners Inc increased its position in OP Bancorp by 10.0% during the third quarter. Rhino Investment Partners Inc now owns 452,943 shares of the company worth $4,656,000 after purchasing an additional 41,014 shares during the period.

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About OP Bancorp

OP Bancorp operates as a bank holding company, which provides general commercial banking services through its subsidiary. It offers deposit, loan, online banking, cash management, e-statements, mobile banking, zelle, and wire transfer services. The company serves small and medium enterprises, professionals and residents, mainly from Korean communities and other ethnic minorities.

Feature article: Initial public offering (IPO)

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