ValuEngine Lowers Hope Bancorp (HOPE) to Strong Sell

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ValuEngine cut shares of Hope Bancorp (NASDAQ:HOPE) from a sell rating to a strong sell rating in a report released on Wednesday.

HOPE has been the topic of several other reports. Zacks Investment Research raised Hope Bancorp from a sell rating to a buy rating and set a $19.00 price objective on the stock in a research report on Wednesday, September 19th. Wedbush reaffirmed a neutral rating and issued a $18.00 price objective (down from $19.00) on shares of Hope Bancorp in a research report on Monday, July 16th. One equities research analyst has rated the stock with a sell rating and seven have given a hold rating to the company. The company presently has an average rating of Hold and an average price target of $18.25.

HOPE stock traded down $0.27 during midday trading on Wednesday, hitting $14.39. The company’s stock had a trading volume of 901,519 shares, compared to its average volume of 1,290,571. The stock has a market capitalization of $1.91 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 1.01 and a beta of 1.37. Hope Bancorp has a 12 month low of $14.35 and a 12 month high of $19.86. The company has a current ratio of 0.96, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.36. The business had revenue of $136.60 million for the quarter, compared to analysts’ expectations of $141.01 million. Hope Bancorp had a return on equity of 9.81% and a net margin of 23.43%. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 EPS. On average, research analysts predict that Hope Bancorp will post 1.46 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 9th. Shareholders 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 yield of 3.89%. Hope Bancorp’s dividend payout ratio is presently 45.90%.

In other Hope Bancorp news, Director Donald Byun sold 40,456 shares of the business’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $17.84, for a total transaction of $721,735.04. Following the completion of the sale, the director now directly owns 35,170 shares in the company, valued at approximately $627,432.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP David Lee Song sold 5,000 shares of the business’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $17.75, for a total transaction of $88,750.00. Following the sale, the executive vice president now owns 4,023 shares of the company’s stock, valued at $71,408.25. The disclosure for this sale can be found here. 5.06% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in HOPE. BlackRock Inc. raised its stake in Hope Bancorp by 9.0% during the 2nd quarter. BlackRock Inc. now owns 18,423,426 shares of the financial services provider’s stock valued at $328,490,000 after buying an additional 1,527,125 shares during the last quarter. LSV Asset Management increased its stake in shares of Hope Bancorp by 43.7% in the 2nd quarter. LSV Asset Management now owns 4,071,026 shares of the financial services provider’s stock worth $72,586,000 after purchasing an additional 1,237,072 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Hope Bancorp by 6.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,213,335 shares of the financial services provider’s stock worth $164,275,000 after purchasing an additional 593,266 shares in the last quarter. Macquarie Group Ltd. increased its stake in shares of Hope Bancorp by 11.7% in the 2nd quarter. Macquarie Group Ltd. now owns 2,450,766 shares of the financial services provider’s stock worth $43,697,000 after purchasing an additional 256,255 shares in the last quarter. Finally, Summit Trail Advisors LLC increased its stake in shares of Hope Bancorp by 1,515.0% in the 1st quarter. Summit Trail Advisors LLC now owns 260,122 shares of the financial services provider’s stock worth $260,000 after purchasing an additional 244,015 shares in the last quarter. Institutional investors and hedge funds own 89.99% 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Hope Bancorp (NASDAQ:HOPE)

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