ValuEngine Upgrades Hope Bancorp (HOPE) to “Buy”

Hope Bancorp (NASDAQ:HOPE) was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

A number of other brokerages have also recently commented on HOPE. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $19.00 target price on shares of Hope Bancorp in a report on Thursday, September 7th. FIG Partners cut Hope Bancorp from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $20.00 to $17.00 in a report on Friday, September 15th. DA Davidson reiterated a “buy” rating and set a $21.00 target price on shares of Hope Bancorp in a report on Monday, September 18th. Zacks Investment Research upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a report on Monday, October 30th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Hope Bancorp in a report on Thursday, November 2nd. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $19.58.

Hope Bancorp (NASDAQ HOPE) traded up $0.04 during midday trading on Friday, reaching $18.76. The company had a trading volume of 519,183 shares, compared to its average volume of 483,036. Hope Bancorp has a 12-month low of $17.14 and a 12-month high of $19.42. The stock has a market cap of $2,541.94, a P/E ratio of 15.38, a P/E/G ratio of 1.56 and a beta of 1.39. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.58.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.02. Hope Bancorp had a return on equity of 8.74% and a net margin of 26.16%. The firm had revenue of $139.51 million during the quarter, compared to the consensus estimate of $137.93 million. During the same period last year, the business posted $0.22 EPS. equities research analysts anticipate that Hope Bancorp will post 1.2 earnings per share for the current year.

In other news, EVP Jason K. Kim sold 6,000 shares of the firm’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $18.97, for a total transaction of $113,820.00. Following the sale, the executive vice president now owns 70,729 shares in the company, valued at $1,341,729.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David Lee Song sold 3,000 shares of the firm’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $19.25, for a total value of $57,750.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 121,981 shares of company stock worth $2,303,614. 5.20% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the company. Zions Bancorporation acquired a new stake in shares of Hope Bancorp during the third quarter worth $102,000. First Interstate Bank boosted its holdings in shares of Hope Bancorp by 254.3% during the second quarter. First Interstate Bank now owns 6,395 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 4,590 shares during the last quarter. Commonwealth Equity Services Inc acquired a new stake in shares of Hope Bancorp during the third quarter worth $183,000. Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of Hope Bancorp during the third quarter worth $187,000. Finally, Riverhead Capital Management LLC boosted its holdings in shares of Hope Bancorp by 100.4% during the second quarter. Riverhead Capital Management LLC now owns 10,221 shares of the financial services provider’s stock worth $191,000 after purchasing an additional 5,121 shares during the last quarter. Institutional investors and hedge funds own 80.58% of the company’s stock.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Hope Bancorp (NASDAQ:HOPE)

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