Hope Bancorp (NASDAQ:HOPE) Upgraded to Buy by Zacks Investment Research

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Zacks Investment Research upgraded shares of Hope Bancorp (NASDAQ:HOPE) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $16.00 price target 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. “

Other research analysts also recently issued reports about the company. ValuEngine downgraded Hope Bancorp from a hold rating to a sell rating in a research note on Saturday, December 7th. TheStreet upgraded Hope Bancorp from a c+ rating to a b- rating in a research note on Friday, December 13th.

Shares of HOPE stock traded down $0.06 during midday trading on Wednesday, hitting $14.52. The company had a trading volume of 610,420 shares, compared to its average volume of 616,336. The company’s 50 day simple moving average is $14.78 and its 200 day simple moving average is $14.25. Hope Bancorp has a 52-week low of $12.29 and a 52-week high of $15.51. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of 10.08 and a beta of 1.56. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.03 and a quick ratio of 1.03.

Hope Bancorp (NASDAQ:HOPE) last announced its earnings results on Monday, October 21st. The financial services provider reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.02. Hope Bancorp had a return on equity of 8.78% and a net margin of 23.33%. The company had revenue of $129.25 million for the quarter, compared to the consensus estimate of $129.13 million. During the same period last year, the business posted $0.36 EPS. Analysts anticipate that Hope Bancorp will post 1.32 EPS for the current year.

Several hedge funds have recently made changes to their positions in HOPE. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Hope Bancorp in the 1st quarter valued at approximately $140,000. Royal Bank of Canada boosted its stake in shares of Hope Bancorp by 107.6% in the second quarter. Royal Bank of Canada now owns 13,088 shares of the financial services provider’s stock valued at $180,000 after buying an additional 6,785 shares in the last quarter. Zebra Capital Management LLC boosted its stake in shares of Hope Bancorp by 21.5% in the second quarter. Zebra Capital Management LLC now owns 21,199 shares of the financial services provider’s stock valued at $292,000 after buying an additional 3,755 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Hope Bancorp by 68.5% in the second quarter. Bank of Montreal Can now owns 24,624 shares of the financial services provider’s stock valued at $339,000 after buying an additional 10,010 shares in the last quarter. Finally, Paloma Partners Management Co boosted its stake in shares of Hope Bancorp by 22.8% in the second quarter. Paloma Partners Management Co now owns 26,629 shares of the financial services provider’s stock valued at $367,000 after buying an additional 4,940 shares in the last quarter. Institutional investors own 86.53% of the company’s stock.

About Hope Bancorp

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides banking services to small and medium-sized businesses and individuals in the United States. The company offers personal and business checking, money market, savings, time deposit, and individual retirement accounts.

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