Hope Bancorp (NASDAQ:HOPE) Upgraded at Zacks Research

Zacks Research upgraded shares of Hope Bancorp (NASDAQ:HOPE) from a strong sell rating to a hold rating in a research report report published on Tuesday morning,Zacks.com reports.

A number of other equities research analysts have also issued reports on the company. Brean Capital upgraded Hope Bancorp from a “neutral” rating to a “buy” rating in a research note on Wednesday. Keefe, Bruyette & Woods boosted their price target on Hope Bancorp from $12.00 to $13.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 28th. DA Davidson restated a “buy” rating and issued a $14.50 price target on shares of Hope Bancorp in a report on Wednesday, January 28th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hope Bancorp in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Hope Bancorp has a consensus rating of “Hold” and a consensus target price of $13.75.

Hope Bancorp Stock Down 0.6%

Shares of Hope Bancorp stock opened at $11.63 on Tuesday. Hope Bancorp has a twelve month low of $8.82 and a twelve month high of $12.79. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 25.28 and a beta of 0.80. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.17. The company has a fifty day moving average price of $11.58 and a 200 day moving average price of $11.14.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $0.27 EPS for the quarter, beating the consensus estimate of $0.26 by $0.01. The company had revenue of $145.76 million for the quarter, compared to analyst estimates of $142.90 million. Hope Bancorp had a return on equity of 5.09% and a net margin of 5.81%.The firm’s revenue was up 23.6% compared to the same quarter last year. During the same period last year, the company posted $0.20 earnings per share. Equities research analysts forecast that Hope Bancorp will post 1.09 earnings per share for the current fiscal year.

Hope Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, February 6th were paid a dividend of $0.14 per share. The ex-dividend date was Friday, February 6th. This represents a $0.56 annualized dividend and a dividend yield of 4.8%. Hope Bancorp’s dividend payout ratio (DPR) is currently 121.74%.

Insider Activity

In related news, Director Daisy Y. Ha sold 31,020 shares of the business’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $12.48, for a total value of $387,129.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 5.16% of the company’s stock.

Institutional Investors Weigh In On Hope Bancorp

Hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP increased its holdings in Hope Bancorp by 2.7% during the 3rd quarter. Wellington Management Group LLP now owns 11,335,999 shares of the financial services provider’s stock worth $122,089,000 after purchasing an additional 303,019 shares during the last quarter. State Street Corp boosted its stake in shares of Hope Bancorp by 3.3% during the 2nd quarter. State Street Corp now owns 6,494,266 shares of the financial services provider’s stock valued at $69,683,000 after buying an additional 209,442 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Hope Bancorp by 6.3% during the 3rd quarter. American Century Companies Inc. now owns 3,195,059 shares of the financial services provider’s stock valued at $34,411,000 after buying an additional 188,182 shares during the last quarter. HoldCo Asset Management LP acquired a new stake in shares of Hope Bancorp during the fourth quarter worth approximately $32,838,000. Finally, UBS Group AG grew its position in shares of Hope Bancorp by 73.5% during the fourth quarter. UBS Group AG now owns 1,972,716 shares of the financial services provider’s stock worth $21,621,000 after buying an additional 835,814 shares in the last quarter. Institutional investors and hedge funds own 84.00% of the company’s stock.

More Hope Bancorp News

Here are the key news stories impacting Hope Bancorp this week:

• Positive Sentiment: Plan to acquire SMBC Manubank’s U.S. commercial banking unit in Los Angeles — expands Bank of Hope’s commercial footprint and client relationships in a key market, which could drive deposit and loan growth if the deal closes and integrates smoothly. BizJournals: Bank of Hope to acquire SMBC Manubank’s commercial unit
• Positive Sentiment: Q4 results highlighted as outperformers — HOPE reported $0.27 EPS (beat) and revenue of $145.8M (up ~23.6% YoY), demonstrating revenue momentum that supports the share of positive analyst commentary. MSN: Q4 Earnings Outperformers
• Positive Sentiment: Brean Capital upgraded HOPE from “neutral” to “buy,” signaling improving analyst sentiment that may attract momentum or long-only buyers. Finviz: Brean Capital upgrade
• Positive Sentiment: Zacks Research lifted its rating from “strong sell” to “hold,” reducing a prior negative analyst stance and narrowing the gap for further upside should fundamentals continue to improve. Zacks.com: Rating change

Hope Bancorp Company Profile

Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company’s principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.

In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.