Hope Bancorp (NASDAQ:HOPE) Price Target Cut to $11.00 by Analysts at Wedbush

Hope Bancorp (NASDAQ:HOPE) had its target price lowered by Wedbush from $12.00 to $11.00 in a research report released on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

HOPE has been the subject of a number of other reports. DA Davidson raised shares of Hope Bancorp from a neutral rating to a buy rating and set a $12.50 price objective for the company in a report on Tuesday. StockNews.com upgraded shares of Hope Bancorp from a sell rating to a hold rating in a report on Saturday, January 6th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Hope Bancorp has an average rating of Hold and an average price target of $11.50.

Hope Bancorp Trading Up 1.0 %

Shares of Hope Bancorp stock opened at $10.02 on Tuesday. Hope Bancorp has a fifty-two week low of $7.42 and a fifty-two week high of $12.51. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $1.21 billion, a P/E ratio of 8.95 and a beta of 1.13. The company has a fifty day moving average of $10.92 and a 200 day moving average of $10.75.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings data on Monday, April 29th. The financial services provider reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.05). The business had revenue of $123.30 million during the quarter, compared to the consensus estimate of $130.42 million. Hope Bancorp had a return on equity of 7.03% and a net margin of 12.19%. The business’s revenue was down 14.9% on a year-over-year basis. During the same period last year, the company earned $0.33 EPS. On average, sell-side analysts anticipate that Hope Bancorp will post 1.09 earnings per share for the current fiscal year.

Hope Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 5.59%. The ex-dividend date is Wednesday, May 8th. Hope Bancorp’s payout ratio is 50.00%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of HOPE. CWM LLC raised its stake in Hope Bancorp by 39.1% during the first quarter. CWM LLC now owns 8,939 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 2,513 shares in the last quarter. Drive Wealth Management LLC purchased a new stake in shares of Hope Bancorp during the 1st quarter valued at about $116,000. QRG Capital Management Inc. bought a new position in shares of Hope Bancorp in the 3rd quarter valued at about $132,000. Vanguard Personalized Indexing Management LLC grew its position in Hope Bancorp by 8.8% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 12,814 shares of the financial services provider’s stock worth $155,000 after acquiring an additional 1,033 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Hope Bancorp by 46.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,929 shares of the financial services provider’s stock worth $192,000 after acquiring an additional 5,034 shares during the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

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.