Hope Bancorp (HOPE) Upgraded by Zacks Investment Research to “Hold”
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. “
Separately, ValuEngine lowered Hope Bancorp from a sell rating to a strong sell rating in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Hope Bancorp has a consensus rating of Hold and an average price target of $16.50.
Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.34 earnings per share for the quarter, meeting the consensus estimate of $0.34. The firm had revenue of $131.03 million for the quarter, compared to analysts’ expectations of $132.40 million. Hope Bancorp had a return on equity of 9.92% and a net margin of 26.69%. During the same quarter last year, the firm posted $0.38 EPS. As a group, research analysts expect that Hope Bancorp will post 1.41 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 26th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $0.56 annualized dividend and a dividend yield of 4.06%. Hope Bancorp’s dividend payout ratio (DPR) is presently 38.89%.
In related news, EVP Peter Koh sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $14.92, for a total transaction of $89,520.00. Following the transaction, the executive vice president now directly owns 54,687 shares in the company, valued at approximately $815,930.04. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Jason K. Kim sold 4,750 shares of the firm’s stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $14.71, for a total value of $69,872.50. The disclosure for this sale can be found here. 5.06% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of HOPE. FMR LLC increased its position in Hope Bancorp by 0.8% in the 3rd quarter. FMR LLC now owns 1,619,159 shares of the financial services provider’s stock valued at $26,182,000 after acquiring an additional 12,439 shares in the last quarter. United Services Automobile Association grew its position in shares of Hope Bancorp by 293.0% during the 3rd quarter. United Services Automobile Association now owns 78,129 shares of the financial services provider’s stock worth $1,263,000 after buying an additional 58,250 shares during the period. Putnam Investments LLC acquired a new stake in shares of Hope Bancorp during the 3rd quarter worth approximately $965,000. MetLife Investment Advisors LLC grew its position in shares of Hope Bancorp by 44.0% during the 3rd quarter. MetLife Investment Advisors LLC now owns 86,416 shares of the financial services provider’s stock worth $1,397,000 after buying an additional 26,423 shares during the period. Finally, IndexIQ Advisors LLC grew its position in shares of Hope Bancorp by 3.9% during the 3rd quarter. IndexIQ Advisors LLC now owns 124,972 shares of the financial services provider’s stock worth $2,021,000 after buying an additional 4,721 shares during the period. Institutional investors and hedge funds own 89.65% of the company’s stock.
About Hope Bancorp
Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides banking services to small and medium-sized businesses and individuals in the United States. The company offers personal and business checking, money market, savings, time deposit, and individual retirement accounts.
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