Hope Bancorp (NASDAQ:HOPE) Upgraded to Hold at StockNews.com

Hope Bancorp (NASDAQ:HOPE) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Monday.

Several other brokerages also recently issued reports on HOPE. Piper Sandler reduced their price objective on shares of Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. DA Davidson reduced their price target on Hope Bancorp from $15.50 to $14.50 and set a “buy” rating on the stock in a research note on Tuesday, January 28th.

Hope Bancorp Stock Up 0.7%

Shares of NASDAQ:HOPE opened at $10.64 on Monday. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.29 billion, a P/E ratio of 12.98 and a beta of 0.88. Hope Bancorp has a 52-week low of $8.83 and a 52-week high of $14.54. The stock’s fifty day simple moving average is $10.03 and its 200-day simple moving average is $11.54.

Hope Bancorp (NASDAQ:HOPE) last announced its earnings results on Tuesday, April 22nd. The financial services provider reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.01. Hope Bancorp had a net margin of 9.95% and a return on equity of 4.84%. The firm had revenue of $217.17 million during the quarter, compared to the consensus estimate of $114.97 million. During the same quarter in the previous year, the company posted $0.23 EPS. As a group, equities research analysts forecast that Hope Bancorp will post 1.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hope Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of HOPE. MassMutual Private Wealth & Trust FSB grew its stake in shares of Hope Bancorp by 31.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 3,563 shares of the financial services provider’s stock valued at $44,000 after buying an additional 848 shares during the period. Cresset Asset Management LLC boosted its holdings in Hope Bancorp by 0.8% in the fourth quarter. Cresset Asset Management LLC now owns 118,700 shares of the financial services provider’s stock valued at $1,459,000 after acquiring an additional 977 shares during the last quarter. KBC Group NV grew its position in Hope Bancorp by 16.6% during the first quarter. KBC Group NV now owns 8,269 shares of the financial services provider’s stock valued at $87,000 after acquiring an additional 1,176 shares during the period. SummerHaven Investment Management LLC increased its stake in Hope Bancorp by 1.7% during the first quarter. SummerHaven Investment Management LLC now owns 72,836 shares of the financial services provider’s stock worth $763,000 after acquiring an additional 1,233 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in Hope Bancorp by 181.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,407 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 1,553 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.