Hope Bancorp (NASDAQ:HOPE) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday.
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. “
Several other equities analysts have also commented on the stock. DA Davidson dropped their price target on shares of Hope Bancorp to $16.00 and set a “neutral” rating on the stock in a research note on Thursday. Sandler O’Neill set a $16.00 price target on shares of Hope Bancorp and gave the company a “hold” rating in a research note on Wednesday. ValuEngine lowered shares of Hope Bancorp from a “sell” rating to a “strong sell” rating in a research note on Wednesday. Finally, Wedbush reiterated a “neutral” rating and issued a $18.00 price target (down from $19.00) on shares of Hope Bancorp in a research note on Monday, July 16th. One investment analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Hope Bancorp presently has an average rating of “Hold” and a consensus price target of $18.25.
NASDAQ:HOPE traded down $0.22 during mid-day trading on Thursday, hitting $14.66. The stock had a trading volume of 1,399,800 shares, compared to its average volume of 741,308. The stock has a market cap of $2.10 billion, a price-to-earnings ratio of 12.02, a price-to-earnings-growth ratio of 1.10 and a beta of 1.37. Hope Bancorp has a twelve month low of $14.48 and a twelve month high of $19.86. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59.
Hope Bancorp (NASDAQ:HOPE) last issued its earnings results on Tuesday, October 16th. The financial services provider reported $0.36 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.36. The firm had revenue of $136.60 million for the quarter, compared to analysts’ expectations of $141.01 million. Hope Bancorp had a net margin of 23.76% and a return on equity of 9.68%. The firm’s revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.33 earnings per share. On average, equities analysts anticipate that Hope Bancorp will post 1.47 EPS for the current year.
In other Hope Bancorp news, Director Donald Byun sold 40,456 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $17.84, for a total value of $721,735.04. Following the transaction, the director now directly owns 35,170 shares in the company, valued at $627,432.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David Lee Song sold 5,000 shares of the stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $17.75, for a total transaction of $88,750.00. Following the completion of the transaction, the executive vice president now owns 4,023 shares in the company, valued at $71,408.25. The disclosure for this sale can be found here. Corporate insiders own 5.06% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Hartford Investment Management Co. purchased a new position in Hope Bancorp in the second quarter valued at approximately $257,000. Summit Trail Advisors LLC grew its position in shares of Hope Bancorp by 1,515.0% during the first quarter. Summit Trail Advisors LLC now owns 260,122 shares of the financial services provider’s stock worth $260,000 after acquiring an additional 244,015 shares during the last quarter. Gator Capital Management LLC purchased a new position in shares of Hope Bancorp during the second quarter worth approximately $267,000. Xact Kapitalforvaltning AB grew its position in shares of Hope Bancorp by 62.8% during the first quarter. Xact Kapitalforvaltning AB now owns 21,769 shares of the financial services provider’s stock worth $396,000 after acquiring an additional 8,400 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Hope Bancorp by 47.2% during the third quarter. Nisa Investment Advisors LLC now owns 26,654 shares of the financial services provider’s stock worth $431,000 after acquiring an additional 8,550 shares during the last quarter. Institutional investors own 90.09% of the company’s stock.
About Hope Bancorp
Hope Bancorp, Inc is a holding company. Its products and services include certificate of deposit, online banking, bill payment, mobile banking, credits card and mortgage loans. The company was founded in February 2002 and is headquartered in Los Angeles, CA.
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