Zacks Investment Research upgraded shares of Hope Bancorp (NASDAQ:HOPE) from a hold rating to a buy rating in a research report report published on Tuesday morning, Zacks.com reports. They currently have $15.00 target price 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. “
Shares of Hope Bancorp stock traded up $0.05 on Tuesday, reaching $13.34. 883,707 shares of the stock were exchanged, compared to its average volume of 784,272. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. Hope Bancorp has a twelve month low of $7.03 and a twelve month high of $16.61. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 10.59 and a beta of 1.66. The business has a 50 day moving average price of $13.54 and a two-hundred day moving average price of $14.53.
The business also recently declared a quarterly dividend, which was paid on Friday, August 13th. Investors of record on Friday, July 30th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 4.20%. The ex-dividend date was Thursday, July 29th. Hope Bancorp’s dividend payout ratio is currently 62.22%.
In related news, EVP Thomas Stenger sold 3,694 shares of Hope Bancorp stock in a transaction that occurred on Tuesday, August 24th. The stock was sold at an average price of $13.93, for a total transaction of $51,457.42. Following the completion of the transaction, the executive vice president now directly owns 2,755 shares in the company, valued at $38,377.15. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.29% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of HOPE. Toronto Dominion Bank boosted its stake in shares of Hope Bancorp by 48.9% in the second quarter. Toronto Dominion Bank now owns 2,792 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 917 shares during the last quarter. Eaton Vance Management acquired a new stake in shares of Hope Bancorp in the first quarter worth approximately $59,000. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Hope Bancorp in the first quarter worth approximately $140,000. O Shaughnessy Asset Management LLC boosted its stake in shares of Hope Bancorp by 23.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 9,484 shares of the financial services provider’s stock worth $143,000 after acquiring an additional 1,781 shares during the last quarter. Finally, Captrust Financial Advisors boosted its stake in shares of Hope Bancorp by 1,957.6% in the first quarter. Captrust Financial Advisors now owns 10,082 shares of the financial services provider’s stock worth $152,000 after acquiring an additional 9,592 shares during the last quarter. Institutional investors and hedge funds own 83.93% of the company’s stock.
Hope Bancorp Company Profile
Hope Bancorp, Inc is a bank holding company, which engages in the provision of financial services through its subsidiary, Bank of Hope. The firm offers core business banking products for small and medium-sized businesses and individuals. Its products and services include certificate of deposit, online banking, bill payment, mobile banking, credits card, and mortgage loans.
Further Reading: What’s a Black Swan?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Hope Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hope Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.