Zacks Investment Research cut shares by Hope Bancorp (NASDAQ:HOPE – Get a Rating) from a buy rating to a hold rating in a research note released Monday morning, Zacks.com reports.
According to Zacks, “Hope Bancorp Inc. operates as a bank holding company that provides commercial banking services primarily to small and medium-sized businesses and individuals primarily in the United States. Its products and services consist of deposits, loans, equipment rental financing and post-dated check discounts and factoring. The company primarily operates in California, New York, New Jersey, Washington and Illinois. Hope Bancorp, Inc., formerly known as BBCN Bancorp, Inc., is headquartered in Los Angeles, California. “
Separately, StockNews.com cut shares of Hope Bancorp from a buy rating to a hold rating in a Tuesday, April 26 report.
HOPE stock opened at $14.46 on Monday. The company has a 50-day moving average of $15.98 and a 200-day moving average of $15.67. The company has a market capitalization of $1.74 billion, a PE ratio of 7.99 and a beta of 1.32. Hope Bancorp has a 12-month low of $12.48 and a 12-month high of $17.68. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt ratio of 0.54.
Hope Bancorp Inc (NASDAQ: HOPE – Get Rating) last released its quarterly results on Monday, April 18. The financial services provider reported earnings per share of $0.50 for the quarter, beating the consensus estimate of $0.39 by $0.11. The company posted revenue of $146.36 million in the quarter, versus a consensus estimate of $144.13 million. Hope Bancorp had a return on equity of 10.68% and a net margin of 35.68%. The company’s revenue increased 11.4% year over year. During the same period last year, the company earned earnings per share of $0.35. On average, research analysts expect Hope Bancorp to post earnings per share of 1.79 for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, May 12. Shareholders of record on Thursday, April 28 will receive a dividend of $0.14 per share. This represents a dividend of $0.56 on an annualized basis and a dividend yield of 3.87%. The ex-dividend date is Wednesday, April 27. Hope Bancorp’s payout ratio is currently 30.94%.
Hedge funds and other institutional investors have recently increased or reduced their stakes in the stock. CWM LLC increased its position in Hope Bancorp by 152.6% in the 1st quarter. CWM LLC now owns 2,950 shares of the financial services provider worth $47,000 after purchasing an additional 1,782 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Hope Bancorp in the third quarter for a value of around $49,000. Amundi Pioneer Asset Management Inc. bought a new position in shares of Hope Bancorp during the first quarter worth approximately $140,000. MQS Management LLC bought a new position in Hope Bancorp during the fourth quarter, valued at approximately $151,000. Finally, Toroso Investments LLC acquired a new stake in Hope Bancorp in the fourth quarter worth approximately $151,000. Institutional investors hold 85.15% of the company’s shares.
Hope Bancorp Company Profile (Get an assessment)
Hope Bancorp, Inc operates as a bank holding company for Bank of Hope which provides banking services to small and medium businesses and individuals in the United States. The company accepts personal and business checks, money market, savings, term deposits and individual retirement accounts.
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