Hope Bancorp, Inc. (HOPE) Stock Rating Lowered by FIG Partners
Hope Bancorp, Inc. (NASDAQ:HOPE) was downgraded by stock analysts at FIG Partners from an “outperform” rating to a “market perform” rating in a research note issued on Friday.
Several other equities analysts have also recently issued reports on HOPE. ValuEngine cut Hope Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Piper Jaffray Companies dropped their price target on Hope Bancorp from $21.00 to $20.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 30th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $19.00 price target on shares of Hope Bancorp in a research report on Thursday, September 7th. Zacks Investment Research upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, May 30th. Finally, BidaskClub upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Seven analysts have rated the stock with a hold rating, The company currently has an average rating of “Hold” and a consensus target price of $20.00.
Hope Bancorp (HOPE) traded down 1.23% on Friday, reaching $16.02. 1,647,305 shares of the company’s stock traded hands. The firm’s 50-day moving average is $16.56 and its 200 day moving average is $18.35. The firm has a market cap of $2.17 billion, a PE ratio of 14.63 and a beta of 1.39. Hope Bancorp has a 12 month low of $15.10 and a 12 month high of $22.99.
Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by ($0.02). The company had revenue of $132.94 million during the quarter, compared to analyst estimates of $136.80 million. Hope Bancorp had a net margin of 24.38% and a return on equity of 8.45%. Equities analysts predict that Hope Bancorp will post $1.20 EPS for the current year.
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In other Hope Bancorp news, Director Donald Byun sold 101,026 shares of Hope Bancorp stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $16.45, for a total value of $1,661,877.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Jason K. Kim sold 2,750 shares of Hope Bancorp stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $17.70, for a total value of $48,675.00. Following the completion of the sale, the executive vice president now directly owns 70,729 shares in the company, valued at approximately $1,251,903.30. The disclosure for this sale can be found here. 5.20% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in HOPE. First Interstate Bank boosted its stake in shares of Hope Bancorp by 254.3% during the 2nd quarter. First Interstate Bank now owns 6,395 shares of the financial services provider’s stock worth $119,000 after acquiring an additional 4,590 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Hope Bancorp by 1.2% during the 2nd quarter. Bank of Montreal Can now owns 10,232 shares of the financial services provider’s stock worth $191,000 after acquiring an additional 122 shares in the last quarter. Riverhead Capital Management LLC boosted its stake in shares of Hope Bancorp by 100.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,221 shares of the financial services provider’s stock worth $191,000 after acquiring an additional 5,121 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Hope Bancorp by 0.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 10,308 shares of the financial services provider’s stock worth $192,000 after acquiring an additional 55 shares in the last quarter. Finally, Connable Office Inc. purchased a new stake in shares of Hope Bancorp during the 2nd quarter worth approximately $196,000. 79.47% of the stock is currently owned by institutional investors.
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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