Hope Bancorp (NASDAQ:HOPE) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Hope Bancorp's rating from "strong sell" to "hold," indicating a shift in market sentiment towards the company's stock.
• The company's recent earnings report showed a loss of ($0.22) per share, significantly missing analysts' expectations, with revenues also falling short at $94.58 million.
• Insider selling activity was noted, with an EVP selling 3,500 shares, representing a 12.62% decrease in their position, suggesting potential concerns about the company's future performance.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Wednesday,Zacks.com reports.

Hope Bancorp Stock Performance

Hope Bancorp stock opened at $10.84 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average of $10.69 and a 200-day moving average of $10.44. The firm has a market cap of $1.39 billion, a P/E ratio of 30.97 and a beta of 0.97. Hope Bancorp has a 1-year low of $8.82 and a 1-year high of $14.53.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The financial services provider reported ($0.22) earnings per share for the quarter, missing analysts' consensus estimates of $0.21 by ($0.43). Hope Bancorp had a return on equity of 4.45% and a net margin of 4.27%.The firm had revenue of $94.58 million for the quarter, compared to analysts' expectations of $133.90 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. Sell-side analysts expect that Hope Bancorp will post 1.09 EPS for the current year.

Insider Buying and Selling at Hope Bancorp

In other news, EVP Angelee Harris sold 3,500 shares of Hope Bancorp stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $11.02, for a total transaction of $38,570.00. Following the transaction, the executive vice president owned 24,241 shares in the company, valued at $267,135.82. This trade represents a 12.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 7,102 shares of company stock worth $76,068. Company insiders own 5.16% of the company's stock.

Institutional Trading of Hope Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC increased its holdings in shares of Hope Bancorp by 211.7% in the 4th quarter. Millennium Management LLC now owns 199,159 shares of the financial services provider's stock worth $2,448,000 after buying an additional 135,267 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Hope Bancorp by 1.7% in the 4th quarter. Nuveen Asset Management LLC now owns 329,588 shares of the financial services provider's stock worth $4,051,000 after buying an additional 5,501 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Hope Bancorp by 30.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 286,356 shares of the financial services provider's stock worth $3,519,000 after buying an additional 66,076 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Hope Bancorp during the 4th quarter worth about $2,945,000. Finally, GAMMA Investing LLC boosted its stake in shares of Hope Bancorp by 1,245.0% during the 1st quarter. GAMMA Investing LLC now owns 43,283 shares of the financial services provider's stock worth $4,134,000 after purchasing an additional 40,065 shares during the period. 84.00% of the stock is currently owned by institutional investors.

About Hope Bancorp

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides retail and commercial banking services for businesses and individuals in the United States. It accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts. The company also offers loans comprising commercial and industrial loans to businesses for various purposes, such as working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance, other business-related financing, and loans syndication services; commercial real estate loans; residential mortgage loans; small business administration loans; and consumer loans, such as single-family mortgage, home equity, automobile, credit card, and personal loans.

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