Origin Bancorp (OBK) PT Raised to $42 at Piper Sandler as 'Large Scale Strategic Plan Takes Estimates Meaningfully Higher'

Piper Sandler analyst Stephen Scouten raised the price target on Origin Bancorp (NYSE: OBK) to $42.00 (from $35.00) while maintaining a Neutral rating.

The analyst commented: "Large Scale Strategic Plan Takes Estimates Meaningfully Higher; We are increasing our '25/6E's to $3.00/3.50 (from $2.40/$3.00) on the details around the "Optimize Origin" plan - most notably the expense savings, the higher NIM trajectory, and the return of above peer growth. We came away from the 4Q24 call and presentation extremely impressed with the deep dive that the Origin team has taken into its business, and appears to have identified several tangible paths to in-line, and eventually above-peer, profitability. The shares have outperformed the KRE YTD and today's 5%+ outperformance shows how quickly these shares can move. It feels like we may have missed the low-hanging fruit in the shares once again. We are maintaining our Neutral rating, as we look for these initiatives to hit the bottom-line - our new $42 PT is ~12x our 2026E (vs. 1.1x TBVPS previously) on what should be a 1%+ ROA bank in the medium-term."

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