Hope Bancorp, Inc. (NASDAQ:HOPE) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday.
Other research analysts have also issued reports about the stock. DA Davidson reiterated a “buy” rating and issued a $21.00 price target on shares of Hope Bancorp in a research note on Monday, September 18th. Zacks Investment Research upgraded shares of Hope Bancorp from a “sell” rating to a “buy” rating and set a $21.00 price target for the company in a research note on Wednesday, July 12th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $17.50 price target on shares of Hope Bancorp in a research note on Tuesday, October 3rd. Finally, FIG Partners lowered shares of 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. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Hope Bancorp currently has an average rating of “Hold” and a consensus price target of $19.58.
Shares of Hope Bancorp (NASDAQ:HOPE) opened at 18.92 on Thursday. Hope Bancorp has a 52-week low of $15.10 and a 52-week high of $22.99. The stock’s 50 day moving average is $17.16 and its 200 day moving average is $17.81. The company has a market capitalization of $2.56 billion, a P/E ratio of 17.28 and a beta of 1.41.
Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.02. The company had revenue of $139.51 million during the quarter, compared to analyst estimates of $137.93 million. Hope Bancorp had a net margin of 26.16% and a return on equity of 8.74%. During the same period last year, the business earned $0.22 EPS. Equities analysts expect that Hope Bancorp will post $1.21 EPS for the current year.
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In other Hope Bancorp news, EVP Jason K. Kim sold 6,000 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $18.97, for a total transaction of $113,820.00. Following the completion of the sale, the executive vice president now directly owns 70,729 shares in the company, valued at approximately $1,341,729.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Donald Byun sold 101,026 shares of the firm’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $16.45, for a total transaction of $1,661,877.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 109,776 shares of company stock valued at $1,824,373. 5.20% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the business. First Interstate Bank increased its stake in 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 purchasing an additional 4,590 shares in the last quarter. Riverhead Capital Management LLC increased its stake in 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 purchasing an additional 5,121 shares in the last quarter. Bank of Montreal Can increased its stake in 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 purchasing an additional 122 shares in the last quarter. Teacher Retirement System of Texas increased its stake in 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 purchasing an additional 55 shares in the last quarter. Finally, Connable Office Inc. bought a new stake in Hope Bancorp during the 2nd quarter valued at about $196,000. Institutional investors and hedge funds own 79.37% of the company’s stock.
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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