Hope Bancorp (HOPE) Downgraded by TheStreet to C+

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TheStreet lowered shares of Hope Bancorp (NASDAQ:HOPE) from a b- rating to a c+ rating in a report issued on Friday morning.

Other analysts have also issued reports about the company. Zacks Investment Research lowered Hope Bancorp from a strong-buy rating to a hold rating in a research note on Thursday, October 18th. DA Davidson decreased their price objective on Hope Bancorp to $16.00 and set a neutral rating on the stock in a research note on Thursday, October 18th. Sandler O’Neill set a $16.00 price objective on Hope Bancorp and gave the company a hold rating in a research note on Wednesday, October 17th. ValuEngine lowered Hope Bancorp from a sell rating to a strong sell rating in a research note on Wednesday, October 17th. Finally, Wedbush reiterated a neutral rating and set a $18.00 price objective (down from $19.00) on shares of Hope Bancorp in a research note on Monday, July 16th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Hope Bancorp has a consensus rating of Hold and an average price target of $18.20.

Shares of NASDAQ HOPE opened at $14.05 on Friday. Hope Bancorp has a one year low of $13.45 and a one year high of $19.86. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $1.78 billion, a PE ratio of 11.52, a PEG ratio of 1.18 and a beta of 1.37.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.36 EPS for the quarter, meeting analysts’ consensus estimates of $0.36. Hope Bancorp had a return on equity of 9.81% and a net margin of 23.43%. The firm had revenue of $136.60 million for the quarter, compared to analysts’ expectations of $141.01 million. During the same quarter in the prior year, the firm earned $0.33 EPS. The business’s revenue for the quarter was down 2.1% compared to the same quarter last year. As a group, research analysts expect that Hope Bancorp will post 1.45 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Friday, October 26th will be paid a dividend of $0.14 per share. The ex-dividend date is Thursday, October 25th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.99%. Hope Bancorp’s payout ratio is 45.90%.

In other Hope Bancorp news, COO David P. Malone bought 3,450 shares of the firm’s stock in a transaction on Friday, October 19th. The shares were acquired at an average cost of $14.58 per share, for a total transaction of $50,301.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Donald Byun sold 40,456 shares of the company’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $17.84, for a total value of $721,735.04. Following the completion of the transaction, the director now owns 35,170 shares in the company, valued at $627,432.80. The disclosure for this sale can be found here. Insiders own 5.06% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Systematic Financial Management LP increased its stake in Hope Bancorp by 11.4% in the 2nd quarter. Systematic Financial Management LP now owns 730,813 shares of the financial services provider’s stock worth $13,030,000 after acquiring an additional 74,574 shares during the last quarter. First Trust Advisors LP increased its stake in Hope Bancorp by 4.1% in the 2nd quarter. First Trust Advisors LP now owns 248,870 shares of the financial services provider’s stock worth $4,437,000 after acquiring an additional 9,795 shares during the last quarter. Hartford Investment Management Co. bought a new position in Hope Bancorp in the 2nd quarter worth about $257,000. BlackRock Inc. increased its stake in Hope Bancorp by 9.0% in the 2nd quarter. BlackRock Inc. now owns 18,423,426 shares of the financial services provider’s stock worth $328,490,000 after acquiring an additional 1,527,125 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in Hope Bancorp by 239.0% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 100,722 shares of the financial services provider’s stock worth $1,796,000 after acquiring an additional 71,007 shares during the last quarter. Institutional investors and hedge funds own 89.93% of the company’s stock.

Hope Bancorp Company Profile

Hope Bancorp, Inc is a holding company. Its products and services include certificate of deposit, online banking, bill payment, mobile banking, credits card and mortgage loans. The company was founded in February 2002 and is headquartered in Los Angeles, CA.

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Analyst Recommendations for Hope Bancorp (NASDAQ:HOPE)

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