ValuEngine lowered shares of Hope Bancorp (NASDAQ:HOPE) from a buy rating to a hold rating in a report published on Friday, February 2nd.
A number of other brokerages also recently commented on HOPE. Piper Jaffray Companies reaffirmed a hold rating and issued a $22.00 price target on shares of Hope Bancorp in a report on Tuesday, January 9th. Zacks Investment Research raised shares of Hope Bancorp from a sell rating to a hold rating in a report on Monday, October 30th. Keefe, Bruyette & Woods reissued a hold rating and issued a $18.50 price objective on shares of Hope Bancorp in a research report on Thursday, October 26th. Finally, Raymond James Financial reissued a market perform rating on shares of Hope Bancorp in a research report on Thursday, November 2nd. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Hope Bancorp presently has a consensus rating of Hold and an average target price of $19.92.
Shares of Hope Bancorp (NASDAQ HOPE) traded down $0.03 during trading hours on Friday, hitting $17.87. 872,000 shares of the company were exchanged, compared to its average volume of 525,004. The company has a current ratio of 1.07, a quick ratio of 1.06 and a debt-to-equity ratio of 0.69. Hope Bancorp has a 1 year low of $17.14 and a 1 year high of $19.86. The company has a market cap of $2,425.66, a P/E ratio of 14.55, a price-to-earnings-growth ratio of 1.14 and a beta of 1.38.
Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.01. Hope Bancorp had a net margin of 21.96% and a return on equity of 8.71%. The firm had revenue of $142.84 million during the quarter, compared to the consensus estimate of $139.26 million. During the same quarter last year, the firm earned $0.31 EPS. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. equities research analysts predict that Hope Bancorp will post 1.57 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 19th. Investors of record on Monday, February 5th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date is Friday, February 2nd. Hope Bancorp’s dividend payout ratio (DPR) is currently 50.49%.
In related news, Director Steven Koh sold 47,833 shares of the stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $19.22, for a total value of $919,350.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP David Lee Song sold 3,000 shares of the stock in a transaction dated 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 sold a total of 60,833 shares of company stock worth $1,156,600 over the last three months. 5.20% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the company. Zions Bancorporation purchased a new position in shares of Hope Bancorp during the third quarter worth approximately $102,000. Commonwealth Equity Services Inc purchased a new position in shares of Hope Bancorp during the third quarter worth approximately $183,000. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Hope Bancorp during the third quarter worth approximately $187,000. Pinnacle Associates Ltd. purchased a new position in shares of Hope Bancorp during the third quarter worth approximately $192,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in shares of Hope Bancorp during the fourth quarter worth approximately $214,000. 80.97% of the stock is currently owned by institutional investors and hedge funds.
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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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