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Stephens, D.A. Davidson initiate coverage of 3 community banks

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Stephens, D.A. Davidson initiate coverage of 3 community banks

Initiations

Stephens analyst Tyler Stafford initiated coverage of Irvine, Calif.-based Opus Bank.

Following disappointing credit performance over recent years, the company's balance sheet is now de-risked, and it has multiple opportunities to improve operating performance, the analyst wrote.

Stafford initiated coverage with an "overweight" rating and a price target of $30. His EPS estimates are $1.45 for 2019 and $1.46 for 2020.

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D.A. Davidson analyst Kevin Fitzsimmons initiated coverage of Ruston, La.-based Origin Bancorp Inc.

The bank has seen a steady enhancement to the growth profile of the franchise, with Texas accounting for a greater proportion of loan growth. While the company has not participated in traditional bank M&A in nearly 10 years, Fitzsimmons believes Origin Bancorp is now "incrementally" more open to accretive M&A opportunities.

The analyst initiated coverage with a "buy" rating and a price target of $41.50. His EPS estimates are $2.30 for 2019 and $2.41 for 2020.

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Fitzsimmons also initiated coverage of Lafayette, La.-based Home Bancorp Inc.

The bank has an attractive, low-cost deposit base; strong capital ratios; a proven track record as an acquirer; and above-peer profitability, the analyst wrote. However, net interest margin pressure, credit "lumpiness" and an underleveraged expense base will be headwinds, according to Fitzsimmons.

The analyst initiated coverage with a "neutral" rating and a price target of $41.50. His EPS estimates are $3.04 for 2019 and $2.98 for 2020.