Hope Bancorp (HOPE) Rating Lowered to Sell at ValuEngine

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ValuEngine cut shares of Hope Bancorp (NASDAQ:HOPE) from a hold rating to a sell rating in a research report report published on Wednesday morning.

Several other equities research analysts have also recently commented on the company. Zacks Investment Research upgraded Hope Bancorp from a sell rating to a hold rating in a research note on Tuesday, August 21st. DA Davidson cut Hope Bancorp from a buy rating to a neutral rating and set a $20.00 target price on the stock. in a research note on Wednesday, May 30th. Finally, Wedbush reiterated a neutral rating and set a $18.00 price objective (down previously from $19.00) on shares of Hope Bancorp in a research note on Monday, July 16th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company. The company presently has a consensus rating of Hold and an average price target of $19.90.

NASDAQ HOPE opened at $16.88 on Wednesday. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of 12.19, a PEG ratio of 1.15 and a beta of 1.35. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. Hope Bancorp has a 52 week low of $16.74 and a 52 week high of $19.86.

Hope Bancorp (NASDAQ:HOPE) last released its earnings results on Tuesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.01). The firm had revenue of $138.09 million during the quarter, compared to the consensus estimate of $139.60 million. Hope Bancorp had a net margin of 23.76% and a return on equity of 9.68%. During the same quarter in the previous year, the firm posted $0.30 EPS. equities analysts expect that Hope Bancorp will post 1.47 EPS for the current year.

In other news, EVP David Lee Song sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $17.75, for a total transaction of $88,750.00. Following the sale, the executive vice president now owns 4,023 shares in the company, valued at approximately $71,408.25. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Donald Byun sold 40,456 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $17.84, for a total value of $721,735.04. Following the sale, the director now owns 35,170 shares in the company, valued at approximately $627,432.80. The disclosure for this sale can be found here. Corporate insiders own 5.06% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Hope Bancorp by 9.0% during the 2nd quarter. BlackRock Inc. now owns 18,423,426 shares of the financial services provider’s stock worth $328,490,000 after purchasing an additional 1,527,125 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Hope Bancorp by 6.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,213,335 shares of the financial services provider’s stock worth $164,275,000 after purchasing an additional 593,266 shares in the last quarter. LSV Asset Management raised its stake in shares of Hope Bancorp by 43.7% during the 2nd quarter. LSV Asset Management now owns 4,071,026 shares of the financial services provider’s stock worth $72,586,000 after purchasing an additional 1,237,072 shares in the last quarter. Pzena Investment Management LLC raised its stake in shares of Hope Bancorp by 4.5% during the 2nd quarter. Pzena Investment Management LLC now owns 3,018,616 shares of the financial services provider’s stock worth $53,822,000 after purchasing an additional 131,235 shares in the last quarter. Finally, Macquarie Group Ltd. raised its stake in shares of Hope Bancorp by 11.7% during the 2nd quarter. Macquarie Group Ltd. now owns 2,450,766 shares of the financial services provider’s stock worth $43,697,000 after purchasing an additional 256,255 shares in the last quarter. Institutional investors own 90.11% of the company’s stock.

About Hope Bancorp

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides banking services primarily to small and medium-sized businesses and individuals in the United States. The company offers personal and business checking, money market, savings, time deposit, and individual retirement accounts.

Further Reading: Moving Average – How it Helps Investors in Stock Selection

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

Analyst Recommendations for Hope Bancorp (NASDAQ:HOPE)

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