Hope Bancorp, Inc. (HOPE) Stock Rating Lowered by FIG Partners
Hope Bancorp, Inc. (NASDAQ:HOPE) was downgraded by investment analysts at FIG Partners from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Friday.
A number of other research analysts have also recently issued reports on HOPE. ValuEngine cut shares of Hope Bancorp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Piper Jaffray Companies decreased their price target on shares of Hope Bancorp from $21.00 to $20.00 and set a “neutral” rating for the company in a report on Tuesday, May 30th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $19.00 price target on shares of Hope Bancorp in a report on Thursday, September 7th. Zacks Investment Research raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, May 30th. Finally, BidaskClub raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Seven equities research analysts have rated the stock with a hold rating, Hope Bancorp has a consensus rating of “Hold” and a consensus price target of $20.00.
Shares of Hope Bancorp (NASDAQ HOPE) opened at 16.02 on Friday. The firm’s 50-day moving average is $16.51 and its 200-day moving average is $18.31. Hope Bancorp has a 52 week low of $15.10 and a 52 week high of $22.99. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of 14.63 and a beta of 1.39.
Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.02). The company had revenue of $132.94 million during the quarter, compared to analysts’ expectations of $136.80 million. Hope Bancorp had a return on equity of 8.45% and a net margin of 24.38%. Analysts forecast that Hope Bancorp will post $1.20 earnings per share for the current fiscal year.
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In related news, Director Donald Byun sold 101,026 shares of the firm’s 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jason K. Kim sold 2,750 shares of the firm’s 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 transaction, the executive vice president now directly owns 70,729 shares of the company’s stock, valued at approximately $1,251,903.30. The disclosure for this sale can be found here. Company insiders own 5.20% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. First Interstate Bank raised 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. Bank of Montreal Can raised its holdings in shares of 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 last quarter. Riverhead Capital Management LLC raised 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. Teacher Retirement System of Texas raised its holdings in shares of Hope Bancorp by 0.5% during the second quarter. Teacher Retirement System of Texas now owns 10,308 shares of the financial services provider’s stock worth $192,000 after purchasing an additional 55 shares during the last quarter. Finally, Connable Office Inc. purchased a new position in shares of Hope Bancorp during the second quarter worth $196,000. 79.47% of the stock is owned by hedge funds and other 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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