StockNews.com Downgrades Hope Bancorp (NASDAQ:HOPE) to Sell

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

Separately, Keefe, Bruyette & Woods increased their price objective on Hope Bancorp from $12.00 to $14.00 and gave the company a “market perform” rating in a research report on Tuesday, July 30th.

Hope Bancorp Price Performance

NASDAQ HOPE traded up $0.21 during trading hours on Friday, reaching $12.55. 539,780 shares of the company’s stock were exchanged, compared to its average volume of 714,217. The firm has a fifty day moving average of $12.39 and a 200-day moving average of $11.39. Hope Bancorp has a one year low of $8.15 and a one year high of $13.59. The stock has a market cap of $1.51 billion, a PE ratio of 12.55 and a beta of 1.13. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data on Monday, July 29th. The financial services provider reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. Hope Bancorp had a net margin of 10.02% and a return on equity of 5.85%. The firm had revenue of $116.90 million for the quarter, compared to analyst estimates of $121.27 million. During the same quarter in the prior year, the firm earned $0.32 EPS. The company’s revenue was down 20.9% on a year-over-year basis. On average, equities research analysts predict that Hope Bancorp will post 0.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Hope Bancorp

In related news, Director David P. Malone sold 10,428 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $12.71, for a total value of $132,539.88. Following the completion of the sale, the director now owns 109,991 shares in the company, valued at $1,397,985.61. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Hope Bancorp news, Director Jinho Doo sold 10,703 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.40, for a total value of $132,717.20. Following the sale, the director now owns 21,538 shares in the company, valued at approximately $267,071.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David P. Malone sold 10,428 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $12.71, for a total transaction of $132,539.88. Following the transaction, the director now directly owns 109,991 shares of the company’s stock, valued at $1,397,985.61. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,831 shares of company stock valued at $323,657. 5.29% of the stock is currently owned by company insiders.

Institutional Trading of Hope Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System increased its position in shares of Hope Bancorp by 117.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 158,626 shares of the financial services provider’s stock worth $1,826,000 after purchasing an additional 85,709 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in Hope Bancorp in the 1st quarter valued at about $915,000. Assenagon Asset Management S.A. raised its stake in Hope Bancorp by 232.7% in the second quarter. Assenagon Asset Management S.A. now owns 2,333,798 shares of the financial services provider’s stock valued at $25,065,000 after buying an additional 1,632,384 shares during the period. American Century Companies Inc. increased its holdings in shares of Hope Bancorp by 17.4% during the 2nd 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 last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in Hope Bancorp by 18.9% during the 1st quarter. BNP Paribas Financial Markets now owns 202,012 shares of the financial services provider’s stock valued at $2,325,000 after purchasing an additional 32,056 shares during the last quarter. Institutional investors and hedge funds own 84.00% of the company’s stock.

Hope Bancorp Company Profile

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.