Hope Bancorp (NASDAQ:HOPE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, December 26th. The brokerage currently has a $21.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.29% from the stock’s previous close.
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 analysts have also recently issued reports about the company. FIG Partners cut Hope Bancorp from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $20.00 to $17.00 in a research note on Friday, September 15th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $19.00 price objective on shares of Hope Bancorp in a research note on Thursday, September 7th. Raymond James Financial reiterated a “market perform” rating on shares of Hope Bancorp in a research note on Thursday, November 2nd. ValuEngine upgraded Hope Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, October 26th. Finally, DA Davidson restated a “buy” rating and issued a $21.00 price target on shares of Hope Bancorp in a research note on Monday, September 18th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Hope Bancorp currently has an average rating of “Hold” and a consensus target price of $19.92.
Hope Bancorp (NASDAQ:HOPE) opened at $18.87 on Tuesday. Hope Bancorp has a 52-week low of $17.14 and a 52-week high of $19.53. The company has a market capitalization of $2,560.00, a price-to-earnings ratio of 15.86, a PEG ratio of 1.30 and a beta of 1.39. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.03 and a current ratio of 1.03.
Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.33 EPS for the quarter, topping the consensus estimate of $0.31 by $0.02. The business had revenue of $139.51 million during 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 period last year, the business posted $0.22 earnings per share. equities research analysts predict that Hope Bancorp will post 1.2 EPS for the current year.
In other news, Director Steven Koh sold 47,833 shares of Hope Bancorp stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $19.22, for a total transaction of $919,350.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP David Lee Song sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $19.25, for a total value of $57,750.00. The disclosure for this sale can be found here. Insiders have sold 121,981 shares of company stock worth $2,303,614 in the last quarter. Insiders own 5.20% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zions Bancorporation purchased a new position in shares of Hope Bancorp during the third quarter worth about $102,000. Riverhead Capital Management LLC grew its holdings in shares of Hope Bancorp by 100.4% during the second quarter. Riverhead Capital Management LLC now owns 10,221 shares of the financial services provider’s stock worth $191,000 after buying an additional 5,121 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Hope Bancorp by 1.2% during the second quarter. Bank of Montreal Can now owns 10,232 shares of the financial services provider’s stock worth $191,000 after buying an additional 122 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in Hope Bancorp by 0.5% in 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, Commonwealth Equity Services Inc purchased a new stake in Hope Bancorp in the 3rd quarter valued at approximately $183,000. 80.56% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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