Hope Bancorp, Inc. (NASDAQ:HOPE) Raised to “Buy” at Zacks Investment Research
Hope Bancorp, Inc. (NASDAQ:HOPE) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research note issued on Wednesday, July 12th. The brokerage currently has a $21.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 20.07% from the company’s current price.
According to Zacks, “Hope Bancorp Inc. operates as the bank holding company which provides commercial banking services primarily to small- to medium-sized businesses and individuals primarily in the United States. Its product and services consists of deposits, loans, equipment lease financing and postdated check discount as well as factoring. The company operates primarily in California, New York, New Jersey, Washington and Illinois. Hope Bancorp, Inc., formerly known as BBCN Bancorp, Inc., is headquartered in Los Angeles, California. “
HOPE has been the subject of a number of other reports. BidaskClub upgraded shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Piper Jaffray Companies dropped their price target on shares of Hope Bancorp from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Monday, April 17th. FIG Partners upgraded shares of Hope Bancorp from a “market perform” rating to an “outperform” rating in a research report on Friday, May 19th. Wedbush restated a “neutral” rating and set a $20.00 price objective on shares of Hope Bancorp in a research report on Tuesday, June 27th. Finally, Keefe, Bruyette & Woods set a $22.00 price objective on shares of Hope Bancorp and gave the company a “hold” rating in a research report on Tuesday, April 4th. Five research analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and a consensus target price of $20.75.
Shares of Hope Bancorp (HOPE) opened at 17.49 on Wednesday. Hope Bancorp has a one year low of $15.00 and a one year high of $22.99. The stock has a 50 day moving average price of $18.47 and a 200-day moving average price of $19.40. The company has a market capitalization of $2.37 billion, a P/E ratio of 15.97 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 EPS for the quarter, missing analysts’ consensus estimates 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. Equities research analysts predict that Hope Bancorp will post $1.20 earnings per share for the current fiscal year.
In related news, 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 sale, the executive vice president now owns 70,729 shares of the company’s stock, valued at $1,251,903.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 5.20% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its stake in shares of Hope Bancorp by 49,191.5% in the first quarter. BlackRock Inc. now owns 15,769,350 shares of the financial services provider’s stock worth $302,299,000 after buying an additional 15,737,358 shares during the period. Vanguard Group Inc. boosted its stake in shares of Hope Bancorp by 5.4% in the first quarter. Vanguard Group Inc. now owns 11,866,306 shares of the financial services provider’s stock worth $227,477,000 after buying an additional 608,014 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Hope Bancorp by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 7,134,652 shares of the financial services provider’s stock worth $136,772,000 after buying an additional 152,426 shares during the period. State Street Corp boosted its stake in shares of Hope Bancorp by 9.4% in the first quarter. State Street Corp now owns 4,768,202 shares of the financial services provider’s stock worth $91,409,000 after buying an additional 411,326 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in shares of Hope Bancorp by 45.7% in the first quarter. Victory Capital Management Inc. now owns 2,108,798 shares of the financial services provider’s stock worth $40,426,000 after buying an additional 661,045 shares during the period. 78.08% of the stock is currently owned by institutional investors and hedge funds.
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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