Hope Bancorp, Inc. (HOPE) Raised to Hold at Zacks Investment Research

Hope Bancorp, Inc. (NASDAQ:HOPE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research 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. “

HOPE has been the subject of several other reports. FIG Partners downgraded Hope Bancorp from an “outperform” rating to a “market-perform” rating in a report on Wednesday, July 26th. ValuEngine downgraded Hope Bancorp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $19.00 price target on shares of Hope Bancorp in a report on Thursday, September 7th. Finally, DA Davidson reiterated a “buy” rating and issued a $21.00 price target on shares of Hope Bancorp in a report on Monday, September 18th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Hope Bancorp currently has an average rating of “Hold” and an average price target of $19.58.

Hope Bancorp (HOPE) traded down 2.87% during midday trading on Monday, hitting $18.25. The company had a trading volume of 441,324 shares. The stock’s 50-day moving average price is $17.43 and its 200-day moving average price is $17.81. The stock has a market cap of $2.47 billion, a PE ratio of 16.67 and a beta of 1.41. Hope Bancorp has a 52-week low of $15.10 and a 52-week high of $22.99.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.02. The company had revenue of $139.51 million during the quarter, compared to the consensus estimate of $137.93 million. Hope Bancorp had a return on equity of 8.74% and a net margin of 26.16%. During the same period in the previous year, the firm posted $0.22 EPS. On average, equities research analysts expect that Hope Bancorp will post $1.21 EPS for the current fiscal year.

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In other news, Director Donald Byun sold 101,026 shares of the business’s stock in a transaction 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 this link. Also, EVP Jason K. Kim sold 2,750 shares of the business’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $17.70, for a total transaction of $48,675.00. Following the sale, the executive vice president now directly owns 70,729 shares of the company’s stock, valued at $1,251,903.30. The disclosure for this sale can be found here. Insiders have sold a total of 109,776 shares of company stock valued at $1,824,373 over the last three months. Corporate insiders own 5.20% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. First Interstate Bank grew its stake in shares of Hope Bancorp by 254.3% during the 2nd quarter. First Interstate Bank now owns 6,395 shares of the financial services provider’s stock valued at $119,000 after buying an additional 4,590 shares during the period. Bank of Montreal Can grew its stake in shares of Hope Bancorp by 1.2% during the 2nd quarter. Bank of Montreal Can now owns 10,232 shares of the financial services provider’s stock valued at $191,000 after buying an additional 122 shares during the period. Riverhead Capital Management LLC grew its stake in shares of Hope Bancorp by 100.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,221 shares of the financial services provider’s stock valued at $191,000 after buying an additional 5,121 shares during the period. Teacher Retirement System of Texas grew its stake in shares of Hope Bancorp by 0.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 10,308 shares of the financial services provider’s stock valued at $192,000 after buying an additional 55 shares during the period. Finally, Connable Office Inc. purchased a new stake in shares of Hope Bancorp during the 2nd quarter valued at $196,000. 78.54% of the stock is owned by institutional investors.

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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