Hope Bancorp (NASDAQ:HOPE) Price Target Cut to $12.00 by Analysts at Keefe, Bruyette & Woods

Hope Bancorp (NASDAQ:HOPE) had its target price cut by Keefe, Bruyette & Woods from $13.00 to $12.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Several other equities research analysts have also issued reports on HOPE. StockNews.com upgraded shares of Hope Bancorp from a sell rating to a hold rating in a research note on Saturday, January 6th. Wedbush decreased their target price on Hope Bancorp from $12.00 to $11.00 and set a neutral rating for the company in a research report on Tuesday, April 30th. Finally, DA Davidson raised Hope Bancorp from a neutral rating to a buy rating and set a $12.50 price target on the stock in a research report on Tuesday, April 30th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $11.83.

Hope Bancorp Stock Performance

Shares of Hope Bancorp stock opened at $10.84 on Wednesday. The firm has a market capitalization of $1.31 billion, a P/E ratio of 10.84 and a beta of 1.15. The company has a current ratio of 1.00, a quick ratio of 1.05 and a debt-to-equity ratio of 0.43. The business’s fifty day simple moving average is $10.87 and its 200 day simple moving average is $10.77. Hope Bancorp has a 12 month low of $7.42 and a 12 month high of $12.51.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings results 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). Hope Bancorp had a return on equity of 6.43% and a net margin of 10.80%. The company had revenue of $123.30 million during the quarter, compared to analysts’ expectations of $130.42 million. During the same period last year, the firm posted $0.33 earnings per share. Hope Bancorp’s quarterly revenue was down 14.9% compared to the same quarter last year. As a group, analysts anticipate that Hope Bancorp will post 0.98 EPS for the current year.

Hope Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $0.56 dividend on an annualized basis and a yield of 5.17%. Hope Bancorp’s payout ratio is 56.00%.

Hedge Funds Weigh In On Hope Bancorp

A number of large investors have recently made changes to their positions in the stock. CWM LLC lifted its holdings in Hope Bancorp by 39.1% during the 1st quarter. CWM LLC now owns 8,939 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 2,513 shares in the last quarter. Drive Wealth Management LLC purchased a new position in Hope Bancorp during the first quarter valued at approximately $116,000. Vanguard Personalized Indexing Management LLC increased its holdings in Hope Bancorp by 8.8% during the 4th 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 during the period. QRG Capital Management Inc. purchased a new stake in Hope Bancorp in the 3rd quarter worth approximately $132,000. Finally, PNC Financial Services Group Inc. lifted its stake in Hope Bancorp by 46.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,929 shares of the financial services provider’s stock worth $192,000 after purchasing an additional 5,034 shares in the last quarter. 84.00% of the stock is owned by 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.