Hope Bancorp (HOPE) Raised to “Buy” at ValuEngine

ValuEngine upgraded shares of Hope Bancorp (NASDAQ:HOPE) from a hold rating to a buy rating in a research note published on Friday.

Several other brokerages have also commented on HOPE. Keefe, Bruyette & Woods restated a hold rating and issued a $18.50 price objective on shares of Hope Bancorp in a report on Thursday, October 26th. Raymond James Financial reiterated a market perform rating on shares of Hope Bancorp in a report on Thursday, November 2nd. Zacks Investment Research upgraded shares of Hope Bancorp from a sell rating to a hold rating in a report on Monday, October 30th. FIG Partners lowered shares of Hope Bancorp from an outperform rating to a market perform rating and lowered their target price for the company from $20.00 to $17.00 in a report on Friday, September 15th. Finally, DA Davidson reiterated a buy rating and set a $21.00 target price on shares of Hope Bancorp in a report on Monday, September 18th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $19.58.

Shares of Hope Bancorp (NASDAQ:HOPE) traded up $0.04 on Friday, reaching $18.76. 522,400 shares of the company’s stock traded hands, compared to its average volume of 484,100. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.58. Hope Bancorp has a twelve month low of $17.14 and a twelve month high of $19.42. The stock has a market capitalization of $2,541.95, a price-to-earnings ratio of 15.38, a PEG ratio of 1.56 and a beta of 1.39.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data 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. Hope Bancorp had a net margin of 26.16% and a return on equity of 8.74%. The business had revenue of $139.51 million during the quarter, compared to analyst estimates of $137.93 million. During the same period last year, the business posted $0.22 earnings per share. analysts anticipate that Hope Bancorp will post 1.2 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Tuesday, October 31st were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, October 30th. This represents a $0.52 annualized dividend and a dividend yield of 2.77%. Hope Bancorp’s payout ratio is 43.33%.

In related news, CFO Alex Ko sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The shares were 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 document filed with the SEC, which is available through this hyperlink. Also, EVP David Lee Song sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $19.25, for a total transaction of $57,750.00. The disclosure for this sale can be found here. Insiders have sold 121,981 shares of company stock valued at $2,303,614 over the last quarter. Company insiders own 5.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in Hope Bancorp by 0.3% in the 2nd quarter. BlackRock Inc. now owns 15,820,716 shares of the financial services provider’s stock worth $295,054,000 after acquiring an additional 51,366 shares during the last quarter. Vanguard Group Inc. raised its holdings in Hope Bancorp by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 12,011,407 shares of the financial services provider’s stock worth $224,013,000 after acquiring an additional 145,101 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its holdings in Hope Bancorp by 12.6% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 8,578,817 shares of the financial services provider’s stock worth $151,931,000 after acquiring an additional 960,796 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Hope Bancorp by 4.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 7,801,510 shares of the financial services provider’s stock worth $138,164,000 after acquiring an additional 303,779 shares during the last quarter. Finally, State Street Corp raised its holdings in Hope Bancorp by 0.9% in the 2nd quarter. State Street Corp now owns 4,811,337 shares of the financial services provider’s stock worth $89,732,000 after acquiring an additional 43,135 shares during the last quarter. Institutional investors own 80.58% of the company’s stock.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Hope Bancorp (NASDAQ:HOPE)

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