Trade Report: The State Board of Administration of Florida Retirement System Reduces stake in Opus Bank (OPB)

The State Board of Administration of Florida Retirement System Reduces stake in Opus Bank (OPB)

State Board of Administration of Florida Retirement System lowered its stake in Opus Bank (NASDAQ:OPB) by 13.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 14,423 shares of the company’s stock after selling 2,152 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Opus Bank were worth $487,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Cutler Group LP acquired a new position in Opus Bank during the second quarter valued at about $169,000. Creative Planning acquired a new position in Opus Bank during the second quarter valued at about $199,000. BNP Paribas Arbitrage SA acquired a new position in Opus Bank during the second quarter valued at about $201,000. LaSalle Street Capital Management LLC acquired a new position in Opus Bank during the second quarter valued at about $263,000. Finally, Louisiana State Employees Retirement System acquired a new position in Opus Bank during the second quarter valued at about $281,000. 93.91% of the stock is currently owned by hedge funds and other institutional investors.

Opus Bank (NASDAQ:OPB) traded down 0.60% during trading on Friday, hitting $34.94. 19,460 shares of the stock traded hands. The company’s 50 day moving average is $34.64 and its 200 day moving average is $34.76. Opus Bank has a one year low of $28.84 and a one year high of $41.49. The company has a market capitalization of $1.20 billion, a P/E ratio of 18.42 and a beta of 0.51.

Opus Bank (NASDAQ:OPB) last announced its quarterly earnings data on Monday, July 25th. The company reported $0.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by $0.18. Opus Bank had a net margin of 22.45% and a return on equity of 7.45%. On average, equities analysts forecast that Opus Bank will post $2.29 EPS for the current fiscal year.

Several equities analysts have weighed in on OPB shares. Credit Suisse Group AG reiterated a “buy” rating on shares of Opus Bank in a research report on Tuesday, July 12th. TheStreet upgraded shares of Opus Bank from a “hold” rating to a “buy” rating in a research report on Friday, July 15th. JPMorgan Chase & Co. lowered their price objective on shares of Opus Bank from $39.00 to $38.00 and set an “overweight” rating on the stock in a research report on Thursday, July 7th. Piper Jaffray Cos. reiterated an “overweight” rating and set a $41.00 price objective (down from $45.00) on shares of Opus Bank in a research report on Tuesday, June 28th. Finally, JMP Securities started coverage on shares of Opus Bank in a research report on Friday, September 16th. They set a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. Opus Bank presently has an average rating of “Buy” and an average target price of $41.80.

About Opus Bank

Opus Bank is a California-chartered commercial bank. The Company provides relationship-based banking products, services and solutions to small and mid-sized companies, entrepreneurs, real estate investors, professionals and individuals. It is organized into four lines of business: commercial banking operations, which is referred to as Commercial Bank; retail banking operations, which is referred to as Retail Bank; merchant banking operations, which is referred to as Merchant Bank and correspondent banking operations, which is referred to as Correspondent Bank.

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