Hope Bancorp (NASDAQ:HOPE) Raised to "Hold" at Benchmark

Key Points

• Benchmark upgraded Hope Bancorp to a “Hold” rating. Analysts overall maintain a “Moderate Buy” consensus, with three Buy ratings, three Hold ratings, and an average price target of $15.50.
• Hope Bancorp reported quarterly EPS of $0.27, beating estimates by $0.01, while revenue of $147.82 million also exceeded expectations.
• The stock opened at $13.72, with a 12-month trading range of $9.80 to $14.59; institutional investors own approximately 84% of outstanding shares.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) was upgraded by investment analysts at Benchmark to a "hold" rating in a note issued to investors on Wednesday, Zacks reports.

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

Hope Bancorp Price Performance

HOPE opened at $13.72 on Wednesday. The stock has a fifty day moving average of $13.96 and a 200-day moving average of $12.92. The firm has a market capitalization of $1.75 billion, a P/E ratio of 13.72 and a beta of 0.83. Hope Bancorp has a 12-month low of $9.80 and a 12-month high of $14.59. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.25.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last issued its earnings results on Monday, July 27th. The financial services provider reported $0.27 EPS for the quarter, topping the consensus estimate of $0.26 by $0.01. The business had revenue of $147.82 million during 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 last year, the firm posted ($0.22) earnings per share. Equities analysts forecast that Hope Bancorp will post 1.13 EPS for the current fiscal year.

Insider Buying and Selling at Hope Bancorp

In other Hope Bancorp news, Director Daisy Ha sold 26,995 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were 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 of the company's stock, valued at approximately $4,928,748.80. The trade was a 7.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.27% of the company's stock.

Institutional Trading of Hope Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of HOPE. Integrated Wealth Concepts LLC bought a new position in Hope Bancorp during the second quarter worth about $34,000. Global Retirement Partners LLC bought a new stake in Hope Bancorp in the second quarter valued at approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Hope Bancorp in the second quarter valued at approximately $36,000. Rockefeller Capital Management L.P. lifted its position in shares of Hope Bancorp by 375.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 3,625 shares of the financial services provider's stock valued at $40,000 after buying an additional 2,862 shares during the last quarter. Finally, Compass Financial Management LLC bought a new position in shares of Hope Bancorp during the 2nd quarter worth approximately $56,000. Institutional investors and hedge funds own 84.00% of the company's stock.

Hope Bancorp Company Profile

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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