Hope Bancorp, Inc. (HOPE) Strategic Initiatives Are A Positive But Shares Are Fairly Valued - Raymond James
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Raymond James analyst, Donald Worthington, reiterated his Market Perform rating on shares of Hope Bancorp (NASDAQ: HOPE) after the company announced two strategic initiatives, including a branch rationalization plan as well as plans to temporarily discontinue its practice of selling the guaranteed portion of its SBA 7(a) loans into the secondary market.
The analyst stated "We view the announced initiatives positively as the branch rationalization plan will lower the run rate of noninterest expense and improve the company's efficiency ratio, while retaining SBA loans in the loan portfolio will improve the net interest margin and growth in net interest income. However, shares are fairly valued at the current price, in our opinion".
Shares of Hope Bancorp closed at $11.86 yesterday.
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