Piper Jaffray Companies Reaffirms Hold Rating for Hope Bancorp (HOPE)
Piper Jaffray Companies reiterated their hold rating on shares of Hope Bancorp (NASDAQ:HOPE) in a research note issued to investors on Tuesday morning. They currently have a $22.00 price objective on the financial services provider’s stock.
A number of other equities research analysts have also weighed in on HOPE. Keefe, Bruyette & Woods reiterated a hold rating and set a $17.50 target price on shares of Hope Bancorp in a research note on Tuesday, October 3rd. ValuEngine upgraded shares of Hope Bancorp from a hold rating to a buy rating in a research note on Friday, December 1st. Raymond James Financial reissued a market perform rating on shares of Hope Bancorp in a research report on Thursday, November 2nd. Zacks Investment Research raised shares of Hope Bancorp from a hold rating to a buy rating and set a $21.00 price objective for the company in a research report on Tuesday, December 26th. Finally, DA Davidson reissued a buy rating and set a $21.00 price objective on shares of Hope Bancorp in a research report on Monday, September 18th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $19.92.
Shares of Hope Bancorp (HOPE) traded up $0.18 on Tuesday, reaching $19.05. 384,806 shares of the company’s stock were exchanged, compared to its average volume of 422,278. The stock has a market cap of $2,560.00, a price-to-earnings ratio of 16.01, a PEG ratio of 1.30 and a beta of 1.39. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.03 and a current ratio of 1.03. Hope Bancorp has a 1-year low of $17.14 and a 1-year high of $19.53.
Hope Bancorp (NASDAQ:HOPE) last announced its earnings results on Tuesday, October 24th. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. The business had revenue of $139.51 million during the quarter, compared to analyst estimates of $137.93 million. Hope Bancorp had a net margin of 26.16% and a return on equity of 8.74%. During the same period in the previous year, the business earned $0.22 EPS. research analysts expect that Hope Bancorp will post 1.2 earnings per share for the current fiscal year.
In other news, EVP David Lee Song sold 3,000 shares of the business’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $19.25, for a total transaction of $57,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven Koh sold 10,000 shares of the business’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $17.95, for a total transaction of $179,500.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 121,981 shares of company stock valued at $2,303,614. Insiders own 5.20% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Comerica Bank grew its position in shares of Hope Bancorp by 2.5% during the 3rd quarter. Comerica Bank now owns 310,404 shares of the financial services provider’s stock valued at $5,665,000 after acquiring an additional 7,519 shares during the period. Royal Bank of Canada boosted its holdings in Hope Bancorp by 23.8% in the 2nd quarter. Royal Bank of Canada now owns 38,632 shares of the financial services provider’s stock worth $720,000 after buying an additional 7,428 shares during the period. Pzena Investment Management LLC boosted its holdings in Hope Bancorp by 6.3% in the 3rd quarter. Pzena Investment Management LLC now owns 2,429,412 shares of the financial services provider’s stock worth $43,025,000 after buying an additional 143,907 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Hope Bancorp by 5.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 134,875 shares of the financial services provider’s stock worth $2,516,000 after buying an additional 7,179 shares during the period. Finally, New York State Common Retirement Fund boosted its holdings in Hope Bancorp by 15.5% in the 2nd quarter. New York State Common Retirement Fund now owns 182,688 shares of the financial services provider’s stock worth $3,407,000 after buying an additional 24,548 shares during the period. 80.56% of the stock is owned by hedge funds and other institutional investors.
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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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