Hope Bancorp (NASDAQ:HOPE) Upgraded by StockNews.com to “Hold” Rating

Hope Bancorp (NASDAQ:HOPE) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Friday.

Hope Bancorp Stock Down 0.7 %

HOPE stock opened at $13.48 on Friday. Hope Bancorp has a one year low of $9.80 and a one year high of $14.53. The firm has a market cap of $1.63 billion, a PE ratio of 16.05 and a beta of 1.15. The firm’s 50 day moving average price is $13.04 and its 200-day moving average price is $12.09. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.96.

Hope Bancorp (NASDAQ:HOPE) last posted its earnings results on Monday, October 28th. The financial services provider reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01). The business had revenue of $246.92 million during the quarter, compared to analysts’ expectations of $121.67 million. Hope Bancorp had a net margin of 9.81% and a return on equity of 5.52%. During the same quarter in the prior year, the firm earned $0.25 EPS. On average, equities research analysts anticipate that Hope Bancorp will post 0.85 EPS for the current year.

Insider Activity

In related news, Director Daisy Y. Ha sold 27,104 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.83, for a total transaction of $374,848.32. Following the transaction, the director now owns 446,806 shares of the company’s stock, valued at approximately $6,179,326.98. This represents a 5.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven Koh sold 96,620 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $13.33, for a total value of $1,287,944.60. Following the transaction, the director now owns 3,167,023 shares of the company’s stock, valued at $42,216,416.59. This trade represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 129,224 shares of company stock valued at $1,737,873. Company insiders own 5.29% of the company’s stock.

Institutional Trading of Hope Bancorp

Several hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. increased its stake in Hope Bancorp by 232.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 2,333,798 shares of the financial services provider’s stock worth $25,065,000 after buying an additional 1,632,384 shares during the period. Principal Financial Group Inc. grew its stake in shares of Hope Bancorp by 9.0% in the third quarter. Principal Financial Group Inc. now owns 648,095 shares of the financial services provider’s stock worth $8,140,000 after acquiring an additional 53,587 shares in the last quarter. American Century Companies Inc. increased its position in shares of Hope Bancorp by 17.4% during the second quarter. American Century Companies Inc. now owns 2,000,739 shares of the financial services provider’s stock worth $21,488,000 after acquiring an additional 296,469 shares during the period. Intech Investment Management LLC raised its stake in shares of Hope Bancorp by 3.7% in the third quarter. Intech Investment Management LLC now owns 48,464 shares of the financial services provider’s stock valued at $609,000 after acquiring an additional 1,744 shares in the last quarter. Finally, Denali Advisors LLC boosted its holdings in Hope Bancorp by 17.7% in the second quarter. Denali Advisors LLC now owns 350,400 shares of the financial services provider’s stock valued at $3,763,000 after purchasing an additional 52,700 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.