Hope Bancorp, Inc. (NASDAQ:HOPE)‘s stock had its “buy” rating reaffirmed by research analysts at DA Davidson in a research note issued on Monday. They currently have a $21.00 price target on the financial services provider’s stock. DA Davidson’s target price points to a potential upside of 28.68% from the stock’s current price. DA Davidson also issued estimates for Hope Bancorp’s Q4 2017 earnings at $0.30 EPS, FY2017 earnings at $1.17 EPS and FY2018 earnings at $1.35 EPS.
A number of other equities analysts also recently issued reports on HOPE. Zacks Investment Research raised Hope Bancorp from a “sell” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Wednesday, July 12th. BidaskClub raised Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $19.00 price target on shares of Hope Bancorp in a research report on Thursday, September 7th. ValuEngine downgraded Hope Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, FIG Partners downgraded Hope Bancorp from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $20.00 to $17.00 in a research report on Friday, September 15th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Hope Bancorp currently has an average rating of “Hold” and a consensus target price of $19.67.
Shares of Hope Bancorp (NASDAQ:HOPE) opened at 16.32 on Monday. The firm’s 50-day moving average price is $16.44 and its 200 day moving average price is $18.18. Hope Bancorp has a 52 week low of $15.10 and a 52 week high of $22.99. The stock has a market capitalization of $2.21 billion, a P/E ratio of 14.90 and a beta of 1.39.
Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.02). The business had revenue of $132.94 million during the quarter, compared to the consensus estimate of $136.80 million. Hope Bancorp had a return on equity of 8.45% and a net margin of 24.38%. Analysts expect that Hope Bancorp will post $1.20 earnings per share for the current year.
In other news, Director Donald Byun sold 101,026 shares of the company’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $16.45, for a total transaction of $1,661,877.70. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Jason K. Kim sold 2,750 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $17.70, for a total value of $48,675.00. Following the transaction, the executive vice president now directly owns 70,729 shares in the company, valued at $1,251,903.30. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company’s stock.
Several hedge funds have recently modified their holdings of HOPE. BlackRock Inc. increased its position in shares of Hope Bancorp by 49,191.5% during the first quarter. BlackRock Inc. now owns 15,769,350 shares of the financial services provider’s stock worth $302,299,000 after purchasing an additional 15,737,358 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Hope Bancorp by 295.1% in the 2nd quarter. Principal Financial Group Inc. now owns 3,881,006 shares of the financial services provider’s stock valued at $72,381,000 after acquiring an additional 2,898,811 shares during the period. Victory Capital Management Inc. increased its position in shares of Hope Bancorp by 45.7% in the 1st quarter. Victory Capital Management Inc. now owns 2,108,798 shares of the financial services provider’s stock valued at $40,426,000 after acquiring an additional 661,045 shares during the period. Vanguard Group Inc. increased its position in shares of Hope Bancorp by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 11,866,306 shares of the financial services provider’s stock valued at $227,477,000 after acquiring an additional 608,014 shares during the period. Finally, Phocas Financial Corp. acquired a new position in shares of Hope Bancorp in the 2nd quarter valued at $10,205,000. 79.39% of the stock is currently owned by institutional investors and hedge funds.
Hope Bancorp Company Profile
Hope Bancorp, Inc, formerly BBCN Bancorp, Inc, is the holding company of Bank of Hope. Bank of Hope is the regional Korean-American bank in the United States. Bank of Hope operates approximately 85 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama.
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