Hope Bancorp (NASDAQ:HOPE) Receives "Hold (C-)" Rating from Weiss Ratings

Key Points

• Hope Bancorp's stock received a "Hold (C-)" rating from Weiss Ratings, while Zacks Research upgraded it from "strong sell" to "hold," leading to a consensus rating of "Hold" with an average price target of $13.25.
• The company reported a loss of ($0.22) EPS in its latest quarterly earnings, significantly missing the estimated $0.21 EPS and generating revenue of $94.58 million, lower than the expected $133.90 million.
• Insider trading saw EVP Angelee Harris selling 3,500 shares for a total of $38,570, decreasing their position by 12.62%, while institutional investors currently own 84.00% of the company's stock.

Hope Bancorp (NASDAQ:HOPE - Get Free Report)'s stock had its "hold (c-)" rating restated by stock analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

Separately, Zacks Research raised Hope Bancorp from a "strong sell" rating to a "hold" rating in a research report on Wednesday, September 24th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $13.25.

Hope Bancorp Stock Up 0.6%

Hope Bancorp stock opened at $11.03 on Wednesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 31.51 and a beta of 0.92. Hope Bancorp has a 1-year low of $8.82 and a 1-year high of $14.53. The business has a fifty day moving average price of $10.72 and a 200-day moving average price of $10.47.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported ($0.22) EPS 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 analyst estimates of $133.90 million. During the same period in the prior year, the firm posted $0.22 EPS. Equities research analysts forecast that Hope Bancorp will post 1.09 EPS for the current fiscal year.

Insider Activity

In other news, EVP Angelee Harris sold 3,500 shares of the business's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $11.02, for a total value of $38,570.00. Following the completion of the transaction, the executive vice president owned 24,241 shares of the company's stock, valued at $267,135.82. The trade was a 12.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 7,102 shares of company stock valued at $76,068. Insiders own 5.16% of the company's stock.

Hedge Funds Weigh In On Hope Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Corient Private Wealth LLC lifted its holdings in shares of Hope Bancorp by 6.9% in the 2nd quarter. Corient Private Wealth LLC now owns 20,809 shares of the financial services provider's stock valued at $223,000 after buying an additional 1,340 shares during the period. Texas Permanent School Fund Corp raised its holdings in Hope Bancorp by 11.3% in the 2nd quarter. Texas Permanent School Fund Corp now owns 132,029 shares of the financial services provider's stock worth $1,417,000 after purchasing an additional 13,360 shares during the period. Cim Investment Management Inc. raised its holdings in Hope Bancorp by 100.7% in the 2nd quarter. Cim Investment Management Inc. now owns 22,740 shares of the financial services provider's stock worth $262,000 after purchasing an additional 11,412 shares during the period. Public Sector Pension Investment Board raised its holdings in Hope Bancorp by 12.9% in the 2nd quarter. Public Sector Pension Investment Board now owns 432,225 shares of the financial services provider's stock worth $4,638,000 after purchasing an additional 49,254 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in Hope Bancorp by 131.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,319 shares of the financial services provider's stock worth $111,000 after purchasing an additional 5,852 shares during the period. Institutional investors and hedge funds own 84.00% of the company's stock.

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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