Hope Bancorp (NASDAQ:HOPE) Stock Rating Upgraded by Benchmark

by · The Cerbat Gem

Hope Bancorp (NASDAQ:HOPE – Get Free Report) was upgraded by equities research analysts at Benchmark to a “hold” rating in a report issued on Wednesday, Zacks reports.

A number of other research firms have also commented on HOPE. Weiss Ratings raised Hope Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. DA Davidson boosted their target price on shares of Hope Bancorp from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Hope Bancorp from $14.00 to $15.00 and gave the company a “hold” rating in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $15.50.

Read Our Latest Research Report on Hope Bancorp

Hope Bancorp Trading Up 0.7%

Shares of Hope Bancorp stock opened at $13.72 on Wednesday. Hope Bancorp has a 1 year low of $9.80 and a 1 year high of $14.59. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.98 and a quick ratio of 0.97. The business has a 50 day moving average price of $13.96 and a 200 day moving average price of $12.92. The company has a market capitalization of $1.75 billion, a P/E ratio of 13.72 and a beta of 0.83.

Hope Bancorp (NASDAQ:HOPE – Get Free Report) last announced its earnings results on Monday, July 27th. The financial services provider reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.01. The firm had revenue of $147.82 million for the quarter, compared to analysts’ expectations of $146.50 million. Hope Bancorp had a return on equity of 5.71% and a net margin of 12.53%.During the same quarter in the prior year, the firm earned ($0.22) EPS. Sell-side analysts anticipate that Hope Bancorp will post 1.13 EPS for the current fiscal year.

Insider Activity at Hope Bancorp

In related news, Director Daisy Ha sold 26,995 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $14.24, for a total value of $384,408.80. Following the completion of the transaction, the director directly owned 346,120 shares in the company, valued at approximately $4,928,748.80. This represents a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.27% of the stock is currently owned by corporate insiders.

Institutional Trading of Hope Bancorp

A number of hedge funds have recently added to or reduced their stakes in HOPE. QRG Capital Management Inc. lifted its holdings in shares of Hope Bancorp by 14.8% during the 2nd quarter. QRG Capital Management Inc. now owns 22,521 shares of the financial services provider’s stock worth $308,000 after acquiring an additional 2,902 shares during the period. Engineers Gate Manager LP boosted its position in shares of Hope Bancorp by 387.0% in the second quarter. Engineers Gate Manager LP now owns 56,438 shares of the financial services provider’s stock worth $772,000 after acquiring an additional 44,848 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Hope Bancorp in the second quarter valued at approximately $34,000. Squarepoint Ops LLC grew its holdings in Hope Bancorp by 579.3% in the second quarter. Squarepoint Ops LLC now owns 155,861 shares of the financial services provider’s stock valued at $2,132,000 after purchasing an additional 132,917 shares during the period. Finally, Corient Private Wealth LP increased its position in Hope Bancorp by 13.8% during the second quarter. Corient Private Wealth LP now owns 31,521 shares of the financial services provider’s stock worth $431,000 after purchasing an additional 3,831 shares during the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

Hope Bancorp Company Profile

(Get Free Report)

Hope Bancorp, Inc is a bank holding company headquartered in Los Angeles, California. Its principal subsidiary, Bank of Hope, provides banking and financial services to businesses, individuals and organizations, with a particular focus on small and middle-market companies and Korean American communities in the United States.

Bank of Hope offers commercial and industrial loans, commercial real estate financing, Small Business Administration loans, residential mortgage loans, consumer lending, deposit accounts and cash-management services.

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