Hope Bancorp (NASDAQ:HOPE) Stock Gets Downgrade from Zacks Research

Hope Bancorp (NASDAQ:HOPE) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday, Zacks reports.

HOPE has been the subject of several other reports. Weiss Ratings upgraded Hope Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, October 27th. Keefe, Bruyette & Woods upped their price target on Hope Bancorp from $14.00 to $15.00 and gave the stock a “hold” rating in a research note on Monday, August 3rd. Piper Sandler cut their price target on Hope Bancorp from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday. DA Davidson lowered Hope Bancorp from a “buy” rating to a “neutral” rating and cut their price target for the stock from $16.00 to $14.00 in a report on Friday, October 30th. Finally, Benchmark raised Hope Bancorp to a “hold” rating in a research note on Wednesday, September 23rd. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $14.00.

Hope Bancorp Trading Up 2.5%

NASDAQ:HOPE opened at $13.44 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 12.92 and a beta of 0.90. The firm has a fifty day simple moving average of $13.69 and a two-hundred day simple moving average of $12.84. Hope Bancorp has a 12 month low of $9.80 and a 12 month high of $14.59.

Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Wednesday, October 28th. The financial services provider reported $0.29 earnings per share for the quarter, meeting the consensus estimate of $0.29. Hope Bancorp had a net margin of 12.90% and a return on equity of 5.97%. The firm had revenue of $157.48 million during the quarter, compared to the consensus estimate of $151.34 million. During the same period in the previous year, the firm posted $0.25 earnings per share. Analysts expect that Hope Bancorp will post 1.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Hope Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Fortitude Family Office LLC bought a new position in shares of Hope Bancorp in the third quarter valued at approximately $25,000. Integrated Wealth Concepts LLC purchased a new position in shares of Hope Bancorp during the second quarter valued at approximately $34,000. Farther Finance Advisors LLC boosted its position in shares of Hope Bancorp by 210.0% during the third quarter. Farther Finance Advisors LLC now owns 2,514 shares of the financial services provider’s stock valued at $33,000 after buying an additional 1,703 shares during the last quarter. Global Retirement Partners LLC bought a new stake in Hope Bancorp during the second quarter worth $35,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Hope Bancorp during the second quarter worth $36,000. 84.00% of the stock is owned by institutional investors.

About Hope Bancorp

Hope Bancorp, Inc is the holding company for Bank of Hope, a full-service commercial bank headquartered in Los Angeles, California. The bank serves businesses, individuals and communities throughout the United States, with a particular focus on Korean American and other multicultural markets.

Bank of Hope offers a range of banking products and services, including business and consumer deposit accounts, commercial and industrial lending, commercial real estate financing, small business loans, residential mortgage lending and wealth management services.