Hope Bancorp, Inc. (HOPE) Receives “Hold” Rating from Keefe, Bruyette & Woods
Hope Bancorp, Inc. (NASDAQ:HOPE)‘s stock had its “hold” rating reissued by analysts at Keefe, Bruyette & Woods in a note issued to investors on Tuesday. They presently have a $17.50 price target on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential downside of 3.37% from the stock’s current price.
A number of other research analysts also recently issued reports on HOPE. FIG Partners downgraded Hope Bancorp from an “outperform” rating to a “market-perform” rating in a research note on Wednesday, July 26th. Wedbush reiterated a “neutral” rating and set a $20.00 target price on shares of Hope Bancorp in a research note on Tuesday, June 27th. Zacks Investment Research upgraded Hope Bancorp from a “sell” rating to a “buy” rating and set a $21.00 target price on the stock in a research note on Wednesday, July 12th. BidaskClub raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Finally, DA Davidson reissued a “buy” rating and issued a $21.00 price target on shares of Hope Bancorp in a report on Monday, September 18th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Hope Bancorp currently has a consensus rating of “Hold” and a consensus price target of $19.42.
Shares of Hope Bancorp (HOPE) traded up 0.44% during mid-day trading on Tuesday, hitting $18.11. 564,017 shares of the company traded hands. Hope Bancorp has a one year low of $15.10 and a one year high of $22.99. The firm has a 50-day moving average of $16.42 and a 200-day moving average of $17.92. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of 16.54 and a beta of 1.41.
Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.02). Hope Bancorp had a return on equity of 8.45% and a net margin of 24.38%. The business had revenue of $132.94 million for the quarter, compared to the consensus estimate of $136.80 million. On average, equities analysts predict that Hope Bancorp will post $1.20 earnings per share for the current year.
In other Hope Bancorp news, Director Donald Byun sold 101,026 shares of the business’s stock in a transaction 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 can be accessed through this hyperlink. Also, EVP Jason K. Kim sold 2,750 shares of the business’s stock in a transaction 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 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 corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of HOPE. Teacher Retirement System of Texas grew 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 during the period. Hanson & Doremus Investment Management boosted its position in Hope Bancorp by 0.7% during the second quarter. Hanson & Doremus Investment Management now owns 11,870 shares of the financial services provider’s stock worth $221,000 after purchasing an additional 85 shares during the period. 1st Global Advisors Inc. boosted its position in Hope Bancorp by 1.2% during the first quarter. 1st Global Advisors Inc. now owns 10,429 shares of the financial services provider’s stock worth $200,000 after purchasing an additional 122 shares during the period. Bank of Montreal Can boosted its position in Hope Bancorp by 1.2% during the second quarter. Bank of Montreal Can now owns 10,232 shares of the financial services provider’s stock worth $191,000 after purchasing an additional 122 shares during the period. Finally, Amalgamated Bank boosted its position in Hope Bancorp by 1.8% during the second quarter. Amalgamated Bank now owns 17,669 shares of the financial services provider’s stock worth $330,000 after purchasing an additional 305 shares during the period. 79.39% of the stock is currently owned by hedge funds and other institutional investors.
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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