Hope Bancorp, Inc. (HOPE) Receives Buy Rating from DA Davidson
DA Davidson reiterated their buy rating on shares of Hope Bancorp, Inc. (NASDAQ:HOPE) in a research report sent to investors on Monday morning. The brokerage currently has a $21.00 price target on the financial services provider’s stock. DA Davidson also issued estimates for Hope Bancorp’s Q4 2017 earnings at $0.30 EPS, FY2017 earnings at $1.17 EPS and FY2018 earnings at $1.35 EPS.
Several other research firms have also 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. Zacks Investment Research raised shares of Hope Bancorp from a sell rating to a buy rating and set a $21.00 price objective for the company in a report on Wednesday, July 12th. Wedbush reaffirmed a neutral rating and set a $20.00 price objective on shares of Hope Bancorp in a report on Tuesday, June 27th. Piper Jaffray Companies dropped their price objective on shares of Hope Bancorp from $21.00 to $20.00 and set a neutral rating for the company in a report on Tuesday, May 30th. Finally, FIG Partners lowered shares of Hope Bancorp from an outperform rating to a market-perform rating in a report on Wednesday, July 26th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $19.67.
Hope Bancorp (NASDAQ:HOPE) opened at 16.25 on Monday. Hope Bancorp has a 12 month low of $15.10 and a 12 month high of $22.99. The firm has a market capitalization of $2.20 billion, a P/E ratio of 14.84 and a beta of 1.39. The stock’s 50 day moving average price is $16.47 and its 200 day moving average price is $18.22.
Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $132.94 million during the quarter, compared to analyst estimates of $136.80 million. On average, analysts forecast that Hope Bancorp will post $1.20 earnings per share for the current year.
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In related news, Director Donald Byun sold 101,026 shares of the firm’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Jason K. Kim sold 2,750 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $17.70, for a total transaction of $48,675.00. Following the completion of the sale, the executive vice president now directly owns 70,729 shares of the company’s stock, valued at approximately $1,251,903.30. The disclosure for this sale can be found here. Company insiders own 5.20% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. First Interstate Bank increased its holdings in shares of Hope Bancorp by 254.3% in the second quarter. First Interstate Bank now owns 6,395 shares of the financial services provider’s stock valued at $119,000 after purchasing an additional 4,590 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of Hope Bancorp by 1.2% in the second quarter. Bank of Montreal Can now owns 10,232 shares of the financial services provider’s stock valued at $191,000 after purchasing an additional 122 shares in the last quarter. Riverhead Capital Management LLC increased its holdings in shares of Hope Bancorp by 100.4% in the second quarter. Riverhead Capital Management LLC now owns 10,221 shares of the financial services provider’s stock valued at $191,000 after purchasing an additional 5,121 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Hope Bancorp by 0.5% in the second quarter. Teacher Retirement System of Texas now owns 10,308 shares of the financial services provider’s stock valued at $192,000 after purchasing an additional 55 shares in the last quarter. Finally, Connable Office Inc. acquired a new stake in shares of Hope Bancorp in the second quarter valued at approximately $196,000. 79.39% of the stock is 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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