Hope Bancorp, Inc. (HOPE) Given Consensus Rating of “Hold” by Brokerages
Shares of Hope Bancorp, Inc. (NASDAQ:HOPE) have earned a consensus recommendation of “Hold” from the seven brokerages that are currently covering the stock, Marketbeat reports. Seven research analysts have rated the stock with a hold rating. The average 1-year price target among brokers that have issued a report on the stock in the last year is $19.67.
A number of brokerages have recently weighed in on HOPE. BidaskClub upgraded shares of Hope Bancorp from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Zacks Investment Research upgraded shares of Hope Bancorp from a “sell” rating to a “buy” rating and set a $21.00 price objective on the stock in a report on Wednesday, July 12th. Wedbush restated a “neutral” rating and issued a $20.00 price objective on shares of Hope Bancorp in a report on Tuesday, June 27th. Piper Jaffray Companies reduced their price objective on shares of Hope Bancorp from $21.00 to $20.00 and set a “neutral” rating on the stock in a report on Tuesday, May 30th. Finally, FIG Partners lowered shares of Hope Bancorp from an “outperform” rating to a “market-perform” rating in a report on Wednesday, July 26th.
Shares of Hope Bancorp (HOPE) traded down 1.23% during trading on Friday, hitting $16.02. The stock had a trading volume of 1,647,965 shares. The stock has a market cap of $2.17 billion, a P/E ratio of 14.63 and a beta of 1.39. The stock’s 50 day moving average price is $16.51 and its 200-day moving average price is $18.31. Hope Bancorp has a one year low of $15.10 and a one year high of $22.99.
Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.02). Hope Bancorp had a net margin of 24.38% and a return on equity of 8.45%. The firm had revenue of $132.94 million during the quarter, compared to analyst estimates of $136.80 million. Analysts expect that Hope Bancorp will post $1.20 earnings per share for the current fiscal year.
In related news, Director Donald Byun sold 101,026 shares of Hope Bancorp stock in a transaction on Friday, August 25th. The shares were sold at an average price of $16.45, for a total transaction of $1,661,877.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Jason K. Kim sold 2,750 shares of Hope Bancorp stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $17.70, for a total transaction of $48,675.00. Following the sale, the executive vice president now owns 70,729 shares in the company, valued at $1,251,903.30. The disclosure for this sale can be found here. 5.20% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in the stock. Teacher Retirement System of Texas raised its stake in 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. Hanson & Doremus Investment Management raised its stake in Hope Bancorp by 0.7% during the 2nd quarter. Hanson & Doremus Investment Management now owns 11,870 shares of the financial services provider’s stock worth $221,000 after acquiring an additional 85 shares in the last quarter. 1st Global Advisors Inc. raised its stake in Hope Bancorp by 1.2% during the 1st quarter. 1st Global Advisors Inc. now owns 10,429 shares of the financial services provider’s stock worth $200,000 after acquiring an additional 122 shares in the last quarter. Bank of Montreal Can raised its stake in 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. Finally, Amalgamated Bank raised its stake in Hope Bancorp by 1.8% during the 2nd quarter. Amalgamated Bank now owns 17,669 shares of the financial services provider’s stock worth $330,000 after acquiring an additional 305 shares in the last quarter. Hedge funds and other institutional investors own 79.47% of the company’s stock.
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Hope Bancorp Company Profile
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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