Hope Bancorp (HOPE) Shares Gap Down on Analyst Downgrade

Hope Bancorp Inc (NASDAQ:HOPE)’s share price gapped down before the market opened on Thursday after Zacks Investment Research downgraded the stock from a strong-buy rating to a hold rating. The stock had previously closed at $14.80, but opened at $14.88. Hope Bancorp shares last traded at $15.00, with a volume of 65683 shares traded.

Other equities analysts also recently issued reports about the stock. DA Davidson lowered their target price on shares of Hope Bancorp to $16.00 and set a “neutral” rating on the stock in a report on Thursday. Sandler O’Neill set a $16.00 target price on shares of Hope Bancorp and gave the stock a “hold” rating in a report on Wednesday. Wedbush restated a “neutral” rating and set a $18.00 target price (down from $19.00) on shares of Hope Bancorp in a report on Monday, July 16th. Finally, ValuEngine downgraded shares of Hope Bancorp from a “sell” rating to a “strong sell” rating in a report on Wednesday. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $18.25.

In other Hope Bancorp news, Director Donald Byun sold 40,456 shares of the company’s stock in a transaction 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP David Lee Song sold 5,000 shares of the company’s stock in a transaction 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. 5.06% of the stock is owned by insiders.

Several large investors have recently added to or reduced their stakes in HOPE. Hartford Investment Management Co. acquired a new position in shares of Hope Bancorp in the second quarter valued at $257,000. Summit Trail Advisors LLC grew its stake in shares of Hope Bancorp by 1,515.0% in the first quarter. Summit Trail Advisors LLC now owns 260,122 shares of the financial services provider’s stock valued at $260,000 after acquiring an additional 244,015 shares in the last quarter. Gator Capital Management LLC acquired a new position in shares of Hope Bancorp in the second quarter valued at about $267,000. Xact Kapitalforvaltning AB grew its stake in shares of Hope Bancorp by 62.8% in the first quarter. Xact Kapitalforvaltning AB now owns 21,769 shares of the financial services provider’s stock valued at $396,000 after acquiring an additional 8,400 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in shares of Hope Bancorp by 47.2% in the third quarter. Nisa Investment Advisors LLC now owns 26,654 shares of the financial services provider’s stock valued at $431,000 after acquiring an additional 8,550 shares in the last quarter. Hedge funds and other institutional investors own 89.99% of the company’s stock.

The company has a current ratio of 0.96, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15. The company has a market cap of $1.93 billion, a P/E ratio of 11.99, a PEG ratio of 1.01 and a beta of 1.37.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.36 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.36. Hope Bancorp had a net margin of 23.43% and a return on equity of 9.81%. The business had revenue of $136.60 million for the quarter, compared to the consensus estimate of $141.01 million. During the same period in the prior year, the company posted $0.33 earnings per share. Hope Bancorp’s revenue was down 2.1% compared to the same quarter last year. Equities research analysts forecast that Hope Bancorp Inc will post 1.47 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Friday, October 26th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Thursday, October 25th. This represents a $0.56 annualized dividend and a dividend yield of 3.89%. Hope Bancorp’s dividend payout ratio (DPR) is presently 45.90%.

Hope Bancorp Company Profile (NASDAQ:HOPE)

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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