Engineers Gate Manager LP Raises Holdings in Opus Bank (OPB)
Engineers Gate Manager LP grew its stake in Opus Bank (NASDAQ:OPB) by 65.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,877 shares of the financial services provider’s stock after purchasing an additional 11,393 shares during the quarter. Engineers Gate Manager LP’s holdings in Opus Bank were worth $788,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of OPB. Municipal Employees Retirement System of Michigan raised its holdings in Opus Bank by 59.0% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 6,820 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 2,530 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in Opus Bank in the 4th quarter worth $202,000. Voya Investment Management LLC bought a new position in shares of Opus Bank in the 2nd quarter worth about $209,000. Bbva Compass Bancshares Inc. bought a new position in shares of Opus Bank in the 3rd quarter worth about $220,000. Finally, Bank of Montreal Can increased its stake in shares of Opus Bank by 21.1% in the 4th quarter. Bank of Montreal Can now owns 10,102 shares of the financial services provider’s stock worth $276,000 after acquiring an additional 1,762 shares in the last quarter. Institutional investors and hedge funds own 99.88% of the company’s stock.
OPB has been the subject of several research reports. ValuEngine upgraded shares of Opus Bank from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Piper Jaffray Companies reiterated a “buy” rating and issued a $30.00 price target on shares of Opus Bank in a research note on Tuesday, January 9th. TheStreet upgraded shares of Opus Bank from a “c+” rating to a “b-” rating in a research note on Wednesday, October 25th. BidaskClub upgraded shares of Opus Bank from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 26th. Finally, FIG Partners initiated coverage on shares of Opus Bank in a research note on Thursday, November 9th. They issued an “outperform” rating and a $32.00 price target for the company. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $29.25.
Opus Bank (NASDAQ:OPB) last issued its quarterly earnings results on Monday, January 22nd. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.14). The business had revenue of $64.60 million during the quarter, compared to the consensus estimate of $67.30 million. Opus Bank had a return on equity of 5.98% and a net margin of 15.45%. The firm’s revenue was down 25.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.55) earnings per share. analysts anticipate that Opus Bank will post 1.92 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Thursday, February 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.48%. The ex-dividend date is Wednesday, January 31st. Opus Bank’s dividend payout ratio (DPR) is 31.75%.
About Opus Bank
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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