Hope Bancorp (NASDAQ:HOPE) Downgraded by Wall Street Zen to Sell

Key Points

• Wall Street Zen downgraded Hope Bancorp from “hold” to “sell.” Across analysts, the stock has an average “hold” rating and a consensus price target of $14.
• Hope Bancorp reported quarterly EPS of $0.29, matching estimates, while revenue of $157.48 million exceeded the $151.34 million consensus.
• Executive Vice President Angelee Harris sold 3,200 shares at an average price of $13.10, reducing her holdings by 10.41%.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other research analysts have also recently commented on the stock. Keefe, Bruyette & Woods increased their target price on shares of Hope Bancorp from $14.00 to $15.00 and gave the stock a "hold" rating in a report on Monday, August 3rd. Piper Sandler lowered their price target on shares of Hope Bancorp from $15.00 to $13.00 and set a "neutral" rating on the stock in a research note on Monday, November 2nd. DA Davidson cut shares of Hope Bancorp from a "buy" rating to a "neutral" rating and cut their price target for the stock from $16.00 to $14.00 in a research report on Friday, October 30th. Zacks Research downgraded shares of Hope Bancorp from a "hold" rating to a "strong sell" rating in a research note on Tuesday, November 3rd. Finally, Benchmark upgraded Hope Bancorp to a "hold" rating in a report on Wednesday, September 23rd. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $14.00.

Hope Bancorp Trading Down 0.3%

NASDAQ:HOPE opened at $13.02 on Friday. The company has a market cap of $1.66 billion, a P/E ratio of 12.52 and a beta of 0.90. Hope Bancorp has a twelve month low of $9.80 and a twelve month high of $14.59. The business has a 50 day moving average price of $13.59 and a two-hundred day moving average price of $12.89. The company has a quick ratio of 0.97, a current ratio of 0.96 and a debt-to-equity ratio of 0.22.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.29. The company had revenue of $157.48 million for the quarter, compared to the consensus estimate of $151.34 million. Hope Bancorp had a net margin of 12.90% and a return on equity of 5.97%. During the same period last year, the company earned $0.25 earnings per share. As a group, analysts expect that Hope Bancorp will post 1.07 EPS for the current fiscal year.

Insider Activity

In other news, EVP Angelee Harris sold 3,200 shares of the stock in a transaction that occurred on Thursday, November 12th. The stock was sold at an average price of $13.10, for a total value of $41,920.00. Following the completion of the sale, the executive vice president owned 27,552 shares of the company's stock, valued at approximately $360,931.20. This represents a 10.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.27% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hope Bancorp

Institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its stake in Hope Bancorp by 10.1% in the third quarter. Empowered Funds LLC now owns 546,688 shares of the financial services provider's stock valued at $7,265,000 after acquiring an additional 50,069 shares during the last quarter. First Trust Advisors LP grew its position in shares of Hope Bancorp by 58.9% in the 3rd quarter. First Trust Advisors LP now owns 321,436 shares of the financial services provider's stock valued at $4,272,000 after acquiring an additional 119,120 shares during the period. Hantz Financial Services Inc. grew its position in shares of Hope Bancorp by 18.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 49,688 shares of the financial services provider's stock valued at $660,000 after acquiring an additional 7,814 shares during the period. Maryland State Retirement & Pension System increased its stake in shares of Hope Bancorp by 50.0% during the 3rd quarter. Maryland State Retirement & Pension System now owns 28,144 shares of the financial services provider's stock worth $374,000 after purchasing an additional 9,384 shares during the last quarter. Finally, Fulcrum Asset Management LLP acquired a new position in shares of Hope Bancorp during the 3rd quarter worth about $211,000. 84.00% of the stock is currently owned by institutional investors and hedge funds.

Hope Bancorp Company Profile

Hope Bancorp, Inc. is the bank holding company for Bank of Hope, a commercial bank headquartered in Los Angeles. Bank of Hope was formed in 2016 through the merger of BBCN Bank and Wilshire Bank, bringing together institutions with roots in serving Korean-American communities. The bank provides deposit accounts, commercial and consumer lending, and other banking services to individuals and businesses. Its offerings include commercial real estate and business loans, small-business lending, treasury management, and online and mobile banking.

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