Vanguard Group Inc. cut its stake in Opus Bank (NASDAQ:OPB) by 3.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 874,521 shares of the financial services provider’s stock after selling 30,377 shares during the quarter. Vanguard Group Inc. owned about 2.34% of Opus Bank worth $21,163,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. JPMorgan Chase & Co. purchased a new stake in Opus Bank in the first quarter worth $334,000. OppenheimerFunds Inc. purchased a new stake in Opus Bank in the first quarter worth $333,000. Principal Financial Group Inc. increased its stake in Opus Bank by 3.3% in the first quarter. Principal Financial Group Inc. now owns 148,778 shares of the financial services provider’s stock worth $2,998,000 after purchasing an additional 4,815 shares during the period. California Public Employees Retirement System increased its stake in Opus Bank by 129.9% in the first quarter. California Public Employees Retirement System now owns 17,700 shares of the financial services provider’s stock worth $357,000 after purchasing an additional 10,000 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Opus Bank by 7.4% in the first quarter. Dimensional Fund Advisors LP now owns 789,587 shares of the financial services provider’s stock worth $15,910,000 after purchasing an additional 54,110 shares during the period.
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A number of research firms have weighed in on OPB. TheStreet upgraded Opus Bank from a “c+” rating to a “b-” rating in a research note on Wednesday, October 25th. BidaskClub upgraded Opus Bank from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 26th. FIG Partners began coverage on Opus Bank in a research note on Thursday, November 9th. They issued an “outperform” rating and a $32.00 target price on the stock. ValuEngine upgraded Opus Bank from a “sell” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $27.00 target price on shares of Opus Bank in a research note on Friday, October 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $28.50.
Opus Bank (OPB) opened at $24.65 on Wednesday. The company has a market capitalization of $856.90, a price-to-earnings ratio of 33.33 and a beta of 1.12. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.92 and a current ratio of 0.90. Opus Bank has a 52 week low of $18.45 and a 52 week high of $30.60.
Opus Bank (NASDAQ:OPB) last announced its quarterly earnings results on Monday, October 23rd. The financial services provider reported $0.54 EPS for the quarter, beating the consensus estimate of $0.34 by $0.20. The firm had revenue of $68.20 million for the quarter, compared to analyst estimates of $70.45 million. Opus Bank had a return on equity of 3.11% and a net margin of 8.30%. The business’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) earnings per share. analysts forecast that Opus Bank will post 1.57 EPS for the current year.
Opus Bank Profile
Opus Bank is a commercial bank. The Company provides banking products, services and solutions to its clients through its Retail Bank, Commercial Bank, Merchant Bank, and Correspondent Bank. The Company’s Commercial Bank consists Commercial Banking, Business Banking, Healthcare Banking, Technology Banking, Fiduciary Banking, Institutional Syndications and Commercial Real Estate Banking (CREB), which includes Income Property Banking, its Structured Finance Group and Capital Markets Group.
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