Hope Bancorp (NASDAQ:HOPE) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Hope Bancorp (NASDAQ:HOPE) from a strong sell rating to a hold rating in a report released on Tuesday morning,Zacks.com reports.

A number of other equities research analysts have also weighed in on the company. Brean Capital raised Hope Bancorp from a “neutral” rating to a “buy” rating in a research note on Wednesday. Keefe, Bruyette & Woods raised their price target on Hope Bancorp from $12.00 to $13.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 28th. DA Davidson reaffirmed a “buy” rating and issued a $14.50 price target on shares of Hope Bancorp in a research note on Wednesday, January 28th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Hope Bancorp in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $13.75.

Hope Bancorp Price Performance

HOPE stock opened at $11.70 on Tuesday. The firm has a market cap of $1.50 billion, a P/E ratio of 25.44 and a beta of 0.80. The firm’s fifty day moving average is $11.59 and its 200 day moving average is $11.14. Hope Bancorp has a 52 week low of $8.82 and a 52 week high of $12.79. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.97 and a current ratio of 0.97.

Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.01. Hope Bancorp had a net margin of 5.81% and a return on equity of 5.09%. The business had revenue of $145.76 million during the quarter, compared to the consensus estimate of $142.90 million. During the same period in the previous year, the firm posted $0.20 earnings per share. The firm’s revenue for the quarter was up 23.6% on a year-over-year basis. Research analysts predict that Hope Bancorp will post 1.09 earnings per share for the current year.

Hope Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, February 6th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend was Friday, February 6th. Hope Bancorp’s dividend payout ratio is 121.74%.

Insider Buying and Selling at Hope Bancorp

In other news, Director Daisy Y. Ha sold 31,020 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $12.48, for a total transaction of $387,129.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.16% of the company’s stock.

Institutional Investors Weigh In On Hope Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada increased its stake in shares of Hope Bancorp by 91.5% during the first quarter. Royal Bank of Canada now owns 32,828 shares of the financial services provider’s stock valued at $344,000 after buying an additional 15,687 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Hope Bancorp by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,936 shares of the financial services provider’s stock valued at $722,000 after purchasing an additional 3,005 shares in the last quarter. Millennium Management LLC increased its position in shares of Hope Bancorp by 147.1% during the first quarter. Millennium Management LLC now owns 492,153 shares of the financial services provider’s stock valued at $5,153,000 after buying an additional 292,994 shares during the period. Caxton Associates LLP purchased a new position in shares of Hope Bancorp during the first quarter valued at about $297,000. Finally, Jane Street Group LLC raised its stake in Hope Bancorp by 676.8% in the first quarter. Jane Street Group LLC now owns 227,116 shares of the financial services provider’s stock worth $2,378,000 after buying an additional 197,877 shares in the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

Hope Bancorp News Roundup

Here are the key news stories impacting Hope Bancorp this week:

• Positive Sentiment: Bank of Hope (Hope Bancorp) agreed to buy SMBC Manubank’s U.S. commercial banking unit in an all-cash, accretive deal that expands its commercial presence in Los Angeles and should add loans/deposits and client relationships. Bank of Hope to acquire SMBC Manubank’s commercial unit in L.A. L.A. bank to buy U.S. commercial banking unit from Japan’s SMBC Bank of Hope to buy SMBC commercial unit Bank of Hope to Acquire the Commercial Banking Unit of SMBC MANUBANK
• Positive Sentiment: Q4 results and coverage show improving fundamentals: HOPE reported $0.27 EPS vs. $0.26 consensus and revenue of $145.8M (+23.6% YoY), which supports the stock’s upward move by confirming growth and margin progress. Q4 Earnings Outperformers: Hope Bancorp
• Positive Sentiment: Analyst upgrades have turned more bullish: Brean Capital raised HOPE from Neutral to Buy, which can increase buying interest from institutional and retail investors. Brean Capital upgrade reported
• Neutral Sentiment: Zacks moved HOPE from “strong sell” to “hold” — an improvement in sentiment but still cautious compared with buy-rated firms; this reduces downside risk but isn’t a strong bullish signal. Zacks Research upgrade
• Neutral Sentiment: Market commentary highlights a shifting investment story and a cautious target upgrade — implies analysts are revising assumptions but remain measured about longer-term upside. How The Investment Story For Hope Bancorp Is Shifting

About Hope Bancorp

Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company’s principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.

In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.