Hope Bancorp, Inc. (NASDAQ:HOPE) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Hope Bancorp, Inc. (NASDAQ:HOPE) from a sell rating to a buy rating in a research report report published on Wednesday. They currently have $21.00 price target on the financial services provider’s stock.

According to Zacks, “Hope Bancorp Inc. operates as the bank holding company which provides commercial banking services primarily to small- to medium-sized businesses and individuals primarily in the United States. Its product and services consists of deposits, loans, equipment lease financing and postdated check discount as well as factoring. The company operates primarily in California, New York, New Jersey, Washington and Illinois. Hope Bancorp, Inc., formerly known as BBCN Bancorp, Inc., is headquartered in Los Angeles, California. “

Other equities research analysts have also issued reports about the company. FIG Partners upgraded Hope Bancorp from a market perform rating to an outperform rating in a research note on Tuesday, May 2nd. Keefe, Bruyette & Woods set a $22.00 price target on Hope Bancorp and gave the stock a hold rating in a research note on Tuesday, April 4th. Piper Jaffray Companies dropped their price target on Hope Bancorp from $21.00 to $20.00 and set a neutral rating for the company in a research note on Tuesday, May 30th. Wedbush restated a neutral rating and set a $20.00 price target on shares of Hope Bancorp in a research note on Tuesday, June 27th. Finally, BidaskClub upgraded Hope Bancorp from a sell rating to a hold rating in a research note on Friday, June 9th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Hope Bancorp has a consensus rating of Hold and a consensus price target of $20.00.

Hope Bancorp (NASDAQ HOPE) traded down 0.38% during trading on Wednesday, reaching $18.14. The company’s stock had a trading volume of 636,293 shares. The company has a market capitalization of $2.45 billion, a P/E ratio of 16.84 and a beta of 1.41. The company’s 50-day moving average is $18.46 and its 200-day moving average is $20.00. Hope Bancorp has a 1-year low of $15.00 and a 1-year high of $22.99.

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Several large investors have recently bought and sold shares of the stock. Bank of Montreal Can raised its stake in Hope Bancorp by 1.2% in the second quarter. Bank of Montreal Can now owns 10,232 shares of the financial services provider’s stock worth $191,000 after buying an additional 122 shares during the period. 1st Global Advisors Inc. raised its stake in Hope Bancorp by 1.2% in the first quarter. 1st Global Advisors Inc. now owns 10,429 shares of the financial services provider’s stock worth $200,000 after buying an additional 122 shares during the period. GW&K Investment Management LLC raised its stake in Hope Bancorp by 15.2% in the first quarter. GW&K Investment Management LLC now owns 10,684 shares of the financial services provider’s stock worth $205,000 after buying an additional 1,410 shares during the period. TFS Capital LLC bought a new stake in Hope Bancorp during the first quarter worth about $208,000. Finally, Shelton Capital Management raised its stake in Hope Bancorp by 15.0% in the first quarter. Shelton Capital Management now owns 11,668 shares of the financial services provider’s stock worth $224,000 after buying an additional 1,519 shares during the period. Institutional investors and hedge funds own 79.21% of the company’s stock.

About Hope Bancorp

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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