Hope Bancorp (NASDAQ:HOPE) Cut to Hold at ValuEngine

ValuEngine cut shares of Hope Bancorp (NASDAQ:HOPE) from a buy rating to a hold rating in a research note issued to investors on Friday, February 2nd.

Several other analysts also recently weighed in on HOPE. Keefe, Bruyette & Woods restated a hold rating and set a $18.50 price objective on shares of Hope Bancorp in a research report on Thursday, October 26th. Zacks Investment Research upgraded Hope Bancorp from a sell rating to a hold rating in a research report on Monday, October 30th. Raymond James Financial restated a market perform rating on shares of Hope Bancorp in a research report on Thursday, November 2nd. Finally, Piper Jaffray Companies restated a hold rating and set a $22.00 price objective on shares of Hope Bancorp in a research report on Tuesday, January 9th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $19.92.

Hope Bancorp (NASDAQ:HOPE) traded up $0.41 on Friday, hitting $17.90. The stock had a trading volume of 583,055 shares, compared to its average volume of 543,642. The firm has a market cap of $2,425.66, a price-to-earnings ratio of 14.55, a P/E/G ratio of 1.13 and a beta of 1.38. Hope Bancorp has a 12 month low of $17.14 and a 12 month high of $19.86. The company has a current ratio of 1.07, a quick ratio of 1.06 and a debt-to-equity ratio of 0.69.

Hope Bancorp (NASDAQ:HOPE) last released its earnings results on Tuesday, January 30th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.01. The company had revenue of $142.84 million for the quarter, compared to analyst estimates of $139.26 million. Hope Bancorp had a return on equity of 8.71% and a net margin of 21.96%. Hope Bancorp’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.31 EPS. equities analysts anticipate that Hope Bancorp will post 1.57 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, February 19th. Shareholders of record on Monday, February 5th will be given a $0.13 dividend. The ex-dividend date of this dividend is Friday, February 2nd. This represents a $0.52 annualized dividend and a yield of 2.91%. Hope Bancorp’s dividend payout ratio is presently 50.49%.

In other news, Director Steven Koh sold 10,000 shares of the stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $17.95, for a total value of $179,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David Lee Song sold 3,000 shares of the stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $19.25, for a total value of $57,750.00. The disclosure for this sale can be found here. Insiders sold 60,833 shares of company stock valued at $1,156,600 over the last quarter. Corporate insiders own 5.20% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Hope Bancorp by 2.6% in the fourth quarter. BlackRock Inc. now owns 16,763,614 shares of the financial services provider’s stock valued at $305,938,000 after buying an additional 420,915 shares during the period. Vanguard Group Inc. increased its stake in shares of Hope Bancorp by 1.2% in the second quarter. Vanguard Group Inc. now owns 12,011,407 shares of the financial services provider’s stock valued at $224,013,000 after buying an additional 145,101 shares during the period. Fuller & Thaler Asset Management Inc. increased its stake in shares of Hope Bancorp by 12.6% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 8,578,817 shares of the financial services provider’s stock valued at $151,931,000 after buying an additional 960,796 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Hope Bancorp by 4.1% in the third quarter. Dimensional Fund Advisors LP now owns 7,801,510 shares of the financial services provider’s stock valued at $138,164,000 after buying an additional 303,779 shares during the period. Finally, State Street Corp increased its stake in shares of Hope Bancorp by 0.9% in the second quarter. State Street Corp now owns 4,811,337 shares of the financial services provider’s stock valued at $89,732,000 after buying an additional 43,135 shares during the period. 80.71% of the stock is owned by 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Hope Bancorp (NASDAQ:HOPE)

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