Zacks Investment Research Upgrades Hope Bancorp, Inc. (HOPE) to Hold
Hope Bancorp, Inc. (NASDAQ:HOPE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “Hope Bancorp Inc. operates as the bank holding company which provides commercial banking services primarily to small- to medium-sized businesses and individuals primarily in the United States. Its product and services consists of deposits, loans, equipment lease financing and postdated check discount as well as factoring. The company operates primarily in California, New York, New Jersey, Washington and Illinois. Hope Bancorp, Inc., formerly known as BBCN Bancorp, Inc., is headquartered in Los Angeles, California. “
Other research analysts have also recently issued reports about the stock. FIG Partners cut shares of Hope Bancorp from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $20.00 to $17.00 in a report on Friday, September 15th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $19.00 target price on shares of Hope Bancorp in a report on Thursday, September 7th. ValuEngine raised shares of Hope Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, October 26th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $21.00 target price on shares of Hope Bancorp in a report on Monday, September 18th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Hope Bancorp has a consensus rating of “Hold” and a consensus target price of $19.58.
Shares of Hope Bancorp (NASDAQ:HOPE) opened at 18.45 on Monday. The company has a 50-day moving average price of $17.50 and a 200 day moving average price of $17.81. The firm has a market capitalization of $2.50 billion, a PE ratio of 16.85 and a beta of 1.41. Hope Bancorp has a 12-month low of $15.10 and a 12-month high of $22.99.
Hope Bancorp (NASDAQ:HOPE) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.02. Hope Bancorp had a net margin of 26.16% and a return on equity of 8.74%. The company had revenue of $139.51 million during the quarter, compared to analysts’ expectations of $137.93 million. During the same period last year, the company posted $0.22 earnings per share. On average, equities analysts expect that Hope Bancorp will post $1.21 earnings per share for the current year.
In other news, Director Donald Byun sold 101,026 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $16.45, for a total transaction of $1,661,877.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alex Ko sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $18.92, for a total transaction of $756,800.00. Following the transaction, the chief financial officer now directly owns 10,088 shares of the company’s stock, valued at $190,864.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 150,695 shares of company stock valued at $2,599,457. Corporate insiders own 5.20% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Hope Bancorp by 0.3% during the 2nd quarter. BlackRock Inc. now owns 15,820,716 shares of the financial services provider’s stock worth $295,054,000 after purchasing an additional 51,366 shares in the last quarter. Vanguard Group Inc. boosted its position in Hope Bancorp by 1.2% during the second quarter. Vanguard Group Inc. now owns 12,011,407 shares of the financial services provider’s stock worth $224,013,000 after acquiring an additional 145,101 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Hope Bancorp by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 7,497,731 shares of the financial services provider’s stock worth $139,835,000 after acquiring an additional 363,079 shares during the last quarter. State Street Corp boosted its position in Hope Bancorp by 0.9% during the second quarter. State Street Corp now owns 4,811,337 shares of the financial services provider’s stock worth $89,732,000 after acquiring an additional 43,135 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Hope Bancorp by 295.1% during the second quarter. Principal Financial Group Inc. now owns 3,881,006 shares of the financial services provider’s stock worth $72,381,000 after acquiring an additional 2,898,811 shares during the last quarter. 78.54% of the stock is owned by institutional investors and hedge funds.
Hope Bancorp Company Profile
Hope Bancorp, Inc, formerly BBCN Bancorp, Inc, is the holding company of Bank of Hope. Bank of Hope is the regional Korean-American bank in the United States. Bank of Hope operates approximately 85 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama.
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