Zacks Investment Research Lowers Opus Bank (NASDAQ:OPB) to Sell

Opus Bank (NASDAQ:OPB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Opus Bank is a state-charted commercial bank. The Bank accepts deposits, loans, and provides other services for the public. It provides relationship-based banking products, services and loan products for small to mid-sized commercial businesses, entrepreneurs, real estate investors, professionals and consumers. Opus Bank is headquartered in Irvine, California. “

Several other research firms have also recently weighed in on OPB. BidaskClub raised shares of Opus Bank from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. ValuEngine raised shares of Opus Bank from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Finally, Hovde Group raised shares of Opus Bank from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $21.50 to $24.00 in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $23.33.

Opus Bank stock opened at $22.74 on Tuesday. The stock has a market cap of $758.87 million, a P/E ratio of 17.77 and a beta of 1.28. Opus Bank has a fifty-two week low of $17.79 and a fifty-two week high of $26.66. The firm’s fifty day moving average price is $21.59 and its 200-day moving average price is $21.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.98.

Opus Bank (NASDAQ:OPB) last released its quarterly earnings results on Monday, July 29th. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.03. The firm had revenue of $62.51 million for the quarter, compared to analysts’ expectations of $63.80 million. Opus Bank had a net margin of 7.32% and a return on equity of 4.47%. During the same quarter in the prior year, the firm posted $0.40 earnings per share. Sell-side analysts predict that Opus Bank will post 1.4 earnings per share for the current year.

Several institutional investors have recently added to or reduced their stakes in the company. United Services Automobile Association grew its position in Opus Bank by 5.8% in the second quarter. United Services Automobile Association now owns 13,655 shares of the financial services provider’s stock worth $288,000 after acquiring an additional 747 shares in the last quarter. Summit Global Investments grew its position in Opus Bank by 3.8% in the second quarter. Summit Global Investments now owns 33,100 shares of the financial services provider’s stock worth $699,000 after acquiring an additional 1,200 shares in the last quarter. Bank of Montreal Can grew its position in Opus Bank by 122.3% in the second quarter. Bank of Montreal Can now owns 3,373 shares of the financial services provider’s stock worth $71,000 after acquiring an additional 1,856 shares in the last quarter. Parametric Portfolio Associates LLC grew its position in Opus Bank by 2.0% in the second quarter. Parametric Portfolio Associates LLC now owns 115,527 shares of the financial services provider’s stock worth $2,439,000 after acquiring an additional 2,265 shares in the last quarter. Finally, Invesco Ltd. grew its position in Opus Bank by 3.2% in the second quarter. Invesco Ltd. now owns 92,478 shares of the financial services provider’s stock worth $1,952,000 after acquiring an additional 2,886 shares in the last quarter. 96.04% of the stock is currently owned by hedge funds and other institutional investors.

About Opus Bank

Opus Bank provides various banking products, services, and solutions for small and mid-sized companies, entrepreneurs, real estate investors, professionals, and high net worth individuals. The company accepts demand deposits, checking accounts, money market accounts, savings accounts, and certificates of deposit.

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