Hope Bancorp, Inc. (HOPE) Given Hold Rating at Keefe, Bruyette & Woods
Keefe, Bruyette & Woods restated their hold rating on shares of Hope Bancorp, Inc. (NASDAQ:HOPE) in a research report released on Tuesday morning. The brokerage currently has a $17.50 target price on the financial services provider’s stock.
A number of other research firms have also recently issued reports on HOPE. BidaskClub raised shares of Hope Bancorp from a sell rating to a hold rating in a research report on Friday, June 9th. FIG Partners lowered Hope Bancorp from an outperform rating to a market perform rating and dropped their target price for the company from $20.00 to $17.00 in a report on Friday, September 15th. DA Davidson reaffirmed a buy rating and set a $21.00 price objective on shares of Hope Bancorp in a report on Monday, September 18th. Zacks Investment Research cut shares of Hope Bancorp from a buy rating to a hold rating in a report on Friday, July 28th. Finally, Wedbush restated a neutral rating and issued a $20.00 target price on shares of Hope Bancorp in a research note on Tuesday, June 27th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $19.42.
Shares of Hope Bancorp (HOPE) traded down 1.77% during mid-day trading on Tuesday, reaching $17.79. 61,060 shares of the company’s stock traded hands. The stock has a market cap of $2.41 billion, a PE ratio of 16.25 and a beta of 1.41. The firm has a 50 day moving average price of $16.42 and a 200-day moving average price of $17.92. Hope Bancorp has a 12 month low of $15.10 and a 12 month high of $22.99.
Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data 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). Hope Bancorp had a return on equity of 8.45% and a net margin of 24.38%. The company had revenue of $132.94 million for the quarter, compared to the consensus estimate of $136.80 million. On average, 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 company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 70,729 shares in the company, valued at $1,251,903.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Donald Byun sold 101,026 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $16.45, for a total value of $1,661,877.70. The disclosure for this sale can be found here. 5.20% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in 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 purchasing an additional 15,737,358 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Hope Bancorp by 295.1% in the 2nd quarter. Principal Financial Group Inc. now owns 3,881,006 shares of the financial services provider’s stock worth $72,381,000 after purchasing an additional 2,898,811 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Hope Bancorp by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 11,866,306 shares of the financial services provider’s stock worth $227,477,000 after purchasing an additional 608,014 shares during the last quarter. Phocas Financial Corp. purchased a new position in shares of Hope Bancorp in the 2nd quarter worth about $10,205,000. Finally, Kennedy Capital Management Inc. raised its position in shares of Hope Bancorp by 38.2% in the 1st quarter. Kennedy Capital Management Inc. now owns 1,633,153 shares of the financial services provider’s stock worth $31,308,000 after purchasing an additional 451,183 shares during the last quarter. 79.39% of the stock is owned by institutional investors.
Hope Bancorp Company Profile
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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