Zacks Investment Research Downgrades Hope Bancorp (NASDAQ:HOPE) to Hold

Zacks Investment Research lowered shares of Hope Bancorp (NASDAQ:HOPE) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

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, DA Davidson upgraded Hope Bancorp from a neutral rating to a buy rating and raised their target price for the company from $17.00 to $18.00 in a report on Monday, November 15th.

Shares of NASDAQ:HOPE opened at $16.79 on Tuesday. The business has a 50-day moving average price of $15.03 and a 200 day moving average price of $14.31. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of 11.50 and a beta of 1.49. Hope Bancorp has a 12-month low of $11.05 and a 12-month high of $16.82.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data on Sunday, October 24th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. The firm had revenue of $140.91 million during the quarter, compared to the consensus estimate of $136.92 million. Hope Bancorp had a return on equity of 8.77% and a net margin of 29.96%. During the same period last year, the company earned $0.25 EPS. As a group, equities research analysts predict that Hope Bancorp will post 1.64 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, November 18th. Investors of record on Thursday, November 4th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend was Wednesday, November 3rd. Hope Bancorp’s dividend payout ratio (DPR) is 38.36%.

Several institutional investors and hedge funds have recently made changes to their positions in HOPE. State Street Corp boosted its stake in shares of Hope Bancorp by 19.5% in the 2nd quarter. State Street Corp now owns 7,400,080 shares of the financial services provider’s stock valued at $104,933,000 after buying an additional 1,205,057 shares during the period. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Hope Bancorp by 5.8% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 9,168,906 shares of the financial services provider’s stock valued at $132,399,000 after buying an additional 505,479 shares during the period. FMR LLC boosted its stake in shares of Hope Bancorp by 12.8% in the 2nd quarter. FMR LLC now owns 4,212,444 shares of the financial services provider’s stock valued at $59,732,000 after buying an additional 479,580 shares during the period. Vanguard Group Inc. boosted its stake in shares of Hope Bancorp by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 13,204,667 shares of the financial services provider’s stock valued at $187,241,000 after buying an additional 419,121 shares during the period. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Hope Bancorp by 31.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,539,769 shares of the financial services provider’s stock valued at $22,234,000 after buying an additional 364,663 shares during the period. Institutional investors and hedge funds own 83.52% of the company’s stock.

About Hope Bancorp

Hope Bancorp, Inc is a bank holding company, which engages in the provision of financial services through its subsidiary, Bank of Hope. The firm offers core business banking products for small and medium-sized businesses and individuals. Its products and services include certificate of deposit, online banking, bill payment, mobile banking, credits card, and mortgage loans.

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