Piper Jaffray Companies Downgrades Opus Bank (OPB) to Neutral

Piper Jaffray Companies lowered shares of Opus Bank (NASDAQ:OPB) from an overweight rating to a neutral rating in a research note published on Tuesday, January 23rd, Marketbeat.com reports.

A number of other research analysts have also recently issued reports on OPB. TheStreet raised Opus Bank from a c+ rating to a b- rating in a report on Wednesday, October 25th. ValuEngine raised Opus Bank from a sell rating to a hold rating in a report on Wednesday, September 27th. BidaskClub cut Opus Bank from a hold rating to a sell rating in a report on Friday, December 29th. Zacks Investment Research upgraded Opus Bank from a hold rating to a buy rating and set a $31.00 price objective for the company in a research report on Wednesday, January 10th. Finally, FIG Partners started coverage on Opus Bank in a research report on Thursday, November 9th. They issued an outperform rating and a $32.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Opus Bank currently has a consensus rating of Buy and an average target price of $29.25.

Shares of Opus Bank (NASDAQ:OPB) traded up $0.80 during mid-day trading on Tuesday, reaching $28.40. The company’s stock had a trading volume of 212,666 shares, compared to its average volume of 216,705. Opus Bank has a one year low of $18.45 and a one year high of $29.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.94. The firm has a market capitalization of $905.40, a P/E ratio of 22.54 and a beta of 1.07.

Opus Bank (NASDAQ:OPB) last announced its quarterly earnings data on Monday, January 22nd. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.14). Opus Bank had a return on equity of 5.98% and a net margin of 15.45%. The company had revenue of $64.60 million during the quarter, compared to analyst estimates of $67.30 million. During the same quarter in the previous year, the business posted ($0.55) EPS. The company’s revenue was down 25.8% on a year-over-year basis. sell-side analysts expect that Opus Bank will post 1.92 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.41%. The ex-dividend date is Wednesday, January 31st. Opus Bank’s payout ratio is 31.75%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OPB. BlackRock Inc. raised its stake in shares of Opus Bank by 0.3% during the 4th quarter. BlackRock Inc. now owns 2,427,743 shares of the financial services provider’s stock worth $66,278,000 after purchasing an additional 8,369 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Opus Bank by 19.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,327,792 shares of the financial services provider’s stock valued at $31,867,000 after acquiring an additional 216,891 shares during the period. Emerald Advisers Inc. PA grew its holdings in Opus Bank by 26.4% in the 4th quarter. Emerald Advisers Inc. PA now owns 812,574 shares of the financial services provider’s stock valued at $22,183,000 after buying an additional 169,903 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Opus Bank by 0.5% during the 2nd quarter. Royal Bank of Canada now owns 738,732 shares of the financial services provider’s stock worth $17,877,000 after purchasing an additional 3,554 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust grew its holdings in shares of Opus Bank by 14.6% during the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 534,380 shares of the financial services provider’s stock worth $12,825,000 after purchasing an additional 67,947 shares in the last quarter. Hedge funds and other institutional investors own 99.88% of the company’s stock.

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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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