Zacks Investment Research upgraded shares of Hope Bancorp (NASDAQ:HOPE) from a hold rating to a buy rating in a report issued on Tuesday, Zacks.com reports. They currently have $15.00 price objective on the financial services provider’s stock.
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. “
NASDAQ:HOPE opened at $13.99 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The stock has a market cap of $1.72 billion, a P/E ratio of 11.10 and a beta of 1.66. The firm’s fifty day simple moving average is $13.56 and its 200 day simple moving average is $14.51. Hope Bancorp has a twelve month low of $7.15 and a twelve month high of $16.61.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 13th. Shareholders of record on Friday, July 30th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend was Thursday, July 29th. Hope Bancorp’s dividend payout ratio is currently 62.22%.
In other news, EVP Thomas Stenger sold 3,694 shares of Hope Bancorp stock in a transaction dated Tuesday, August 24th. The stock was sold at an average price of $13.93, for a total value of $51,457.42. Following the completion of the transaction, the executive vice president now owns 2,755 shares of the company’s stock, valued at approximately $38,377.15. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.29% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Hope Bancorp by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 13,204,667 shares of the financial services provider’s stock worth $187,241,000 after buying an additional 419,121 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Hope Bancorp by 0.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,309,281 shares of the financial services provider’s stock valued at $132,005,000 after purchasing an additional 37,151 shares during the period. State Street Corp grew its stake in shares of Hope Bancorp by 19.5% during the 2nd quarter. State Street Corp now owns 7,400,080 shares of the financial services provider’s stock valued at $104,933,000 after purchasing an additional 1,205,057 shares during the period. FMR LLC grew its stake in shares of Hope Bancorp by 12.8% during the 2nd quarter. FMR LLC now owns 4,212,444 shares of the financial services provider’s stock valued at $59,732,000 after purchasing an additional 479,580 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Hope Bancorp by 6.4% during the 2nd quarter. Geode Capital Management LLC now owns 2,251,808 shares of the financial services provider’s stock valued at $31,930,000 after purchasing an additional 135,690 shares during the period. 83.93% of the stock is owned by hedge funds and other institutional investors.
Hope Bancorp Company Profile
Hope Bancorp, Inc is a bank holding company, which engages in the provision of financial services through its subsidiary, Bank of Hope. The firm offers core business banking products for small and medium-sized businesses and individuals. Its products and services include certificate of deposit, online banking, bill payment, mobile banking, credits card, and mortgage loans.
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