Zacks Investment Research upgraded shares of Hope Bancorp (NASDAQ:HOPE) from a sell rating to a buy rating in a research report released on Wednesday, September 19th. The brokerage currently has $19.00 target price on the financial services provider’s stock.
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. “
Several other analysts have also weighed in on the company. ValuEngine lowered Hope Bancorp from a hold rating to a sell rating in a report on Wednesday, September 12th. Wedbush reaffirmed a neutral rating and set a $18.00 price objective (down previously from $19.00) on shares of Hope Bancorp in a research note on Monday, July 16th. Finally, DA Davidson lowered Hope Bancorp from a buy rating to a neutral rating and set a $20.00 price objective on the stock. in a research note on Wednesday, May 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $19.50.
HOPE stock traded down $0.34 on Wednesday, reaching $15.41. 1,586,142 shares of the company’s stock were exchanged, compared to its average volume of 730,081. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $2.10 billion, a PE ratio of 12.63, a P/E/G ratio of 1.10 and a beta of 1.37. Hope Bancorp has a twelve month low of $14.98 and a twelve month high of $19.86.
Hope Bancorp (NASDAQ:HOPE) last posted its earnings results on Tuesday, July 17th. The financial services provider reported $0.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.01). The firm had revenue of $138.09 million during the quarter, compared to analyst estimates of $139.60 million. Hope Bancorp had a net margin of 23.76% and a return on equity of 9.68%. During the same period last year, the company posted $0.30 EPS. Equities research analysts expect that Hope Bancorp will post 1.47 earnings per share for the current fiscal year.
In related news, EVP David Lee Song sold 5,000 shares of the stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $17.75, for a total transaction of $88,750.00. Following the transaction, the executive vice president now directly owns 4,023 shares in the company, valued at $71,408.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Donald Byun sold 40,456 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $17.84, for a total value of $721,735.04. Following the transaction, the director now owns 35,170 shares in the company, valued at $627,432.80. The disclosure for this sale can be found here. 5.06% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pinebridge Investments L.P. lifted its position in Hope Bancorp by 1.6% during the second quarter. Pinebridge Investments L.P. now owns 209,274 shares of the financial services provider’s stock worth $3,732,000 after buying an additional 3,216 shares during the period. Flinton Capital Management LLC raised its holdings in shares of Hope Bancorp by 14.2% in the 2nd quarter. Flinton Capital Management LLC now owns 27,098 shares of the financial services provider’s stock worth $483,000 after purchasing an additional 3,366 shares during the period. Foundry Partners LLC raised its holdings in shares of Hope Bancorp by 15.8% in the 2nd quarter. Foundry Partners LLC now owns 25,710 shares of the financial services provider’s stock worth $458,000 after purchasing an additional 3,500 shares during the period. First Midwest Bank Trust Division raised its holdings in shares of Hope Bancorp by 13.2% in the 2nd quarter. First Midwest Bank Trust Division now owns 31,034 shares of the financial services provider’s stock worth $553,000 after purchasing an additional 3,617 shares during the period. Finally, Wells Fargo & Company MN raised its holdings in shares of Hope Bancorp by 0.4% in the 2nd quarter. Wells Fargo & Company MN now owns 950,370 shares of the financial services provider’s stock worth $16,944,000 after purchasing an additional 3,905 shares during the period. Hedge funds and other institutional investors own 90.09% of the company’s stock.
Hope Bancorp Company Profile
Hope Bancorp, Inc is a holding company. Its products and services include certificate of deposit, online banking, bill payment, mobile banking, credits card and mortgage loans. The company was founded in February 2002 and is headquartered in Los Angeles, CA.
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