Hope Bancorp (HOPE) Upgraded to “Buy” at ValuEngine
ValuEngine upgraded shares of Hope Bancorp (NASDAQ:HOPE) from a hold rating to a buy rating in a research note released on Friday morning.
Several other research firms have also recently commented on HOPE. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $18.50 target price on shares of Hope Bancorp in a research report on Thursday, October 26th. Raymond James Financial reaffirmed a market perform rating on shares of Hope Bancorp in a research report on Thursday, November 2nd. Zacks Investment Research raised shares of Hope Bancorp from a sell rating to a hold rating in a research report on Monday, October 30th. FIG Partners cut shares of Hope Bancorp from an outperform rating to a market perform rating and dropped their target price for the stock from $20.00 to $17.00 in a research report on Friday, September 15th. Finally, DA Davidson reissued a buy rating and set a $21.00 price target on shares of Hope Bancorp in a research report on Monday, September 18th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $19.58.
Shares of Hope Bancorp (NASDAQ HOPE) opened at $19.02 on Friday. The stock has a market cap of $2,541.95, a price-to-earnings ratio of 15.38, a price-to-earnings-growth ratio of 1.56 and a beta of 1.39. Hope Bancorp has a twelve month low of $17.14 and a twelve month high of $19.53. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.03 and a quick ratio of 1.03.
Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. Hope Bancorp had a net margin of 26.16% and a return on equity of 8.74%. The business had revenue of $139.51 million for the quarter, compared to analyst estimates of $137.93 million. During the same quarter last year, the firm earned $0.22 EPS. equities analysts expect that Hope Bancorp will post 1.2 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Tuesday, October 31st were paid a $0.13 dividend. The ex-dividend date of this dividend was Monday, October 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.73%. Hope Bancorp’s dividend payout ratio is presently 43.33%.
In other news, CFO Alex Ko sold 40,000 shares of Hope Bancorp stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $18.92, for a total value of $756,800.00. Following the completion of the sale, the chief financial officer now directly owns 10,088 shares in the company, valued at $190,864.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Lee Song sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $19.25, for a total transaction of $57,750.00. The disclosure for this sale can be found here. Insiders sold 121,981 shares of company stock valued at $2,303,614 over the last quarter. Company insiders own 5.20% of the company’s stock.
A number of large investors have recently modified their holdings of the business. California Public Employees Retirement System lifted its holdings in Hope Bancorp by 4.4% during the third quarter. California Public Employees Retirement System now owns 400,906 shares of the financial services provider’s stock valued at $7,100,000 after purchasing an additional 16,776 shares in the last quarter. Zions Bancorporation purchased a new position in Hope Bancorp during the third quarter valued at approximately $102,000. Maltese Capital Management LLC lifted its holdings in Hope Bancorp by 12.6% during the third quarter. Maltese Capital Management LLC now owns 152,000 shares of the financial services provider’s stock valued at $2,692,000 after purchasing an additional 17,000 shares in the last quarter. NWQ Investment Management Company LLC lifted its holdings in Hope Bancorp by 11.0% during the third quarter. NWQ Investment Management Company LLC now owns 1,677,664 shares of the financial services provider’s stock valued at $29,711,000 after purchasing an additional 165,755 shares in the last quarter. Finally, Pinnacle Associates Ltd. purchased a new position in Hope Bancorp during the third quarter valued at approximately $192,000. 80.58% of the stock is currently owned by institutional investors and hedge funds.
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About Hope Bancorp
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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