Raymond James Financial, Inc. Reiterates “Market Perform” Rating for Hope Bancorp, Inc. (HOPE)

Hope Bancorp, Inc. (NASDAQ:HOPE)‘s stock had its “market perform” rating reaffirmed by Raymond James Financial, Inc. in a report released on Thursday.

Several other brokerages have also commented on HOPE. ValuEngine raised Hope Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, October 26th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $17.50 price target on shares of Hope Bancorp in a research note on Tuesday, October 3rd. Zacks Investment Research raised Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, October 30th. FIG Partners lowered Hope Bancorp from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $20.00 to $17.00 in a research note 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 note on Monday, September 18th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Hope Bancorp presently has a consensus rating of “Hold” and an average target price of $19.58.

Shares of Hope Bancorp (NASDAQ HOPE) traded down $0.14 during trading hours on Thursday, hitting $18.20. The stock had a trading volume of 282,909 shares, compared to its average volume of 472,208. The stock has a market cap of $2,465.50, a price-to-earnings ratio of 14.92, a price-to-earnings-growth ratio of 1.51 and a beta of 1.40. 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 has a fifty-two week low of $15.10 and a fifty-two week high of $22.99.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.02. The business had revenue of $139.51 million for the quarter, compared to analyst estimates of $137.93 million. Hope Bancorp had a return on equity of 8.74% and a net margin of 26.16%. During the same quarter in the previous year, the company earned $0.22 EPS. sell-side analysts expect that Hope Bancorp will post 1.2 EPS for the current year.

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In other Hope Bancorp news, CFO Alex Ko sold 40,000 shares of the business’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $18.92, for a total value of $756,800.00. Following the completion of the transaction, the chief financial officer now directly owns 10,088 shares in the company, valued at approximately $190,864.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jason K. Kim sold 3,669 shares of the business’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $18.25, for a total value of $66,959.25. Following the completion of the transaction, the executive vice president now owns 67,060 shares of the company’s stock, valued at $1,223,845. The disclosure for this sale can be found here. In the last ninety days, insiders sold 150,695 shares of company stock worth $2,599,457. 5.20% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. BNP Paribas Arbitrage SA raised its holdings in Hope Bancorp by 82.6% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 73,989 shares of the financial services provider’s stock valued at $1,310,000 after acquiring an additional 33,468 shares during the last quarter. Pzena Investment Management LLC raised its holdings in Hope Bancorp by 6.3% in the 3rd quarter. Pzena Investment Management LLC now owns 2,429,412 shares of the financial services provider’s stock valued at $43,025,000 after acquiring an additional 143,907 shares during the last quarter. Alpha Omega Wealth Management LLC raised its holdings in Hope Bancorp by 3.1% in the 3rd quarter. Alpha Omega Wealth Management LLC now owns 141,296 shares of the financial services provider’s stock valued at $2,502,000 after acquiring an additional 4,308 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Hope Bancorp by 14.8% in the 3rd quarter. Principal Financial Group Inc. now owns 4,457,274 shares of the financial services provider’s stock valued at $78,939,000 after acquiring an additional 576,268 shares during the last quarter. Finally, Stevens Capital Management LP raised its holdings in Hope Bancorp by 98.3% in the 3rd quarter. Stevens Capital Management LP now owns 33,106 shares of the financial services provider’s stock valued at $586,000 after acquiring an additional 16,411 shares during the last quarter. Institutional investors own 78.54% of the company’s stock.

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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