Hope Bancorp (NASDAQ:HOPE) Stock Gets Downgrade from Zacks Research

Hope Bancorp (NASDAQ:HOPE) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other equities analysts have also commented on the company. DA Davidson lowered Hope Bancorp from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $16.00 to $14.00 in a research note on Friday, October 30th. Piper Sandler decreased their target price on shares of Hope Bancorp from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday. Keefe, Bruyette & Woods increased their target price on shares of Hope Bancorp from $14.00 to $15.00 and gave the company a “hold” rating in a research report on Monday, August 3rd. Weiss Ratings upgraded shares of Hope Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, October 27th. Finally, Benchmark upgraded shares of Hope Bancorp to a “hold” rating in a research report on Wednesday, September 23rd. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $14.00.

Hope Bancorp Stock Up 2.5%

Shares of HOPE opened at $13.44 on Tuesday. The company has a market capitalization of $1.72 billion, a PE ratio of 12.92 and a beta of 0.90. Hope Bancorp has a 12 month low of $9.80 and a 12 month high of $14.59. The stock’s 50-day moving average price is $13.69 and its two-hundred day moving average price is $12.84. The company has a current ratio of 0.96, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Wednesday, October 28th. The financial services provider reported $0.29 EPS for the quarter, meeting analysts’ consensus estimates of $0.29. The firm had revenue of $157.48 million for the quarter, compared to analyst estimates of $151.34 million. Hope Bancorp had a return on equity of 5.97% and a net margin of 12.90%. During the same quarter in the previous year, the company posted $0.25 EPS. On average, analysts anticipate that Hope Bancorp will post 1.07 EPS for the current year.

Institutional Trading of Hope Bancorp

A number of large investors have recently bought and sold shares of HOPE. BlackRock Inc. acquired a new position in shares of Hope Bancorp in the 2nd quarter valued at about $252,703,000. Wellington Management Group LLP boosted its position in shares of Hope Bancorp by 14.5% during the 2nd quarter. Wellington Management Group LLP now owns 11,438,933 shares of the financial services provider’s stock valued at $156,485,000 after purchasing an additional 1,448,931 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Hope Bancorp by 4.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,367,855 shares of the financial services provider’s stock valued at $82,298,000 after purchasing an additional 315,028 shares in the last quarter. Rhino Investment Partners Inc boosted its position in shares of Hope Bancorp by 9.9% during the 1st quarter. Rhino Investment Partners Inc now owns 2,595,281 shares of the financial services provider’s stock valued at $28,989,000 after purchasing an additional 232,783 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in Hope Bancorp during the second quarter worth approximately $12,098,000. 84.00% of the stock is currently owned by institutional investors and hedge funds.

Hope Bancorp Company Profile

Hope Bancorp, Inc is the holding company for Bank of Hope, a full-service commercial bank headquartered in Los Angeles, California. The bank serves businesses, individuals and communities throughout the United States, with a particular focus on Korean American and other multicultural markets.

Bank of Hope offers a range of banking products and services, including business and consumer deposit accounts, commercial and industrial lending, commercial real estate financing, small business loans, residential mortgage lending and wealth management services.