OBNK - Origin Bancorp stock stumbles after downgrade at Piper on Q4 miss

Origin Bancorp ( NASDAQ: OBNK ) stock slid as much as 7% in Friday morning trading after Piper Sandler analyst Brad Milsaps downgraded shares of the regional lender to Neutral from Overweight following weaker-than-expected Q4 results .

The bank's net interest income for the last quarter of 2022 rose to $84.75M from $78.52M in the prior quarter, though NII could have experienced stronger growth if it weren't for accelerating deposit betas, Milsaps wrote in a note.

Also, OBNK 2023 growth outlook was "rightfully more conservative" in Milsaps's view, though "it seems the EPS reset is more severe than others considering the consensus NIM in 2023 was 3.96% versus the 4Q22 core of 3.74%."

For 2023, the company guided for mid-to-high single digit loan growth with deposit growth outpacing loan growth, according to its Q4 earnings call . By comparison, the analyst sees 7% loan growth for the year.

The Neutral rating was in line with the Quant systems' Hold rating and diverged from the average Wall Street analysts' Strong Buy rating.

On the same day that OBNK released its Q4 results, it also declared a quarterly dividend of $0.15 a share .

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