Bank of America Corp DE Buys 27,384 Shares of Opus Bank (OPB)
Bank of America Corp DE increased its position in Opus Bank (NASDAQ:OPB) by 67.4% during the first quarter, Holdings Channel reports. The fund owned 68,034 shares of the financial services provider’s stock after buying an additional 27,384 shares during the period. Bank of America Corp DE’s holdings in Opus Bank were worth $1,372,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Macquarie Group Ltd. acquired a new position in shares of Opus Bank during the fourth quarter worth about $466,000. State of Tennessee Treasury Department increased its position in shares of Opus Bank by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 17,703 shares of the financial services provider’s stock worth $357,000 after buying an additional 2,672 shares in the last quarter. RMB Capital Management LLC increased its position in shares of Opus Bank by 98.9% in the first quarter. RMB Capital Management LLC now owns 543,671 shares of the financial services provider’s stock worth $10,955,000 after buying an additional 270,270 shares in the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Opus Bank during the first quarter worth about $334,000. Finally, Eagle Boston Investment Management Inc. increased its position in shares of Opus Bank by 5.5% in the first quarter. Eagle Boston Investment Management Inc. now owns 339,621 shares of the financial services provider’s stock worth $6,843,000 after buying an additional 17,717 shares in the last quarter. Hedge funds and other institutional investors own 91.73% of the company’s stock.
Opus Bank (NASDAQ:OPB) traded down 0.87% during midday trading on Thursday, hitting $22.80. The company had a trading volume of 19,918 shares. Opus Bank has a 52-week low of $18.20 and a 52-week high of $35.90. The stock’s 50-day moving average price is $23.76 and its 200-day moving average price is $21.99. The stock has a market cap of $852.47 million, a PE ratio of 213.08 and a beta of 1.07.
Opus Bank (NASDAQ:OPB) last issued its quarterly earnings results on Monday, July 24th. The financial services provider reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.22. The company had revenue of $79.83 million during the quarter, compared to the consensus estimate of $71.47 million. Opus Bank had a return on equity of 2.76% and a net margin of 1.15%. Opus Bank’s revenue for the quarter was down 49.3% compared to the same quarter last year. On average, equities research analysts expect that Opus Bank will post $1.41 EPS for the current fiscal year.
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A number of equities analysts have issued reports on OPB shares. Zacks Investment Research upgraded Opus Bank from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 28th. BidaskClub downgraded Opus Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. ValuEngine upgraded Opus Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, July 25th. TheStreet upgraded Opus Bank from a “c” rating to a “b-” rating in a research report on Thursday, July 13th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $27.00 target price on shares of Opus Bank in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $27.67.
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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