Hope Bancorp (NASDAQ:HOPE) Price Target Cut to $12.00 by Analysts at Piper Sandler

Hope Bancorp (NASDAQ:HOPEFree Report) had its target price cut by Piper Sandler from $13.00 to $12.00 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other research firms also recently weighed in on HOPE. StockNews.com raised Hope Bancorp from a “sell” rating to a “hold” rating in a report on Friday, December 6th. DA Davidson cut their target price on Hope Bancorp from $15.50 to $14.50 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.88.

Check Out Our Latest Research Report on HOPE

Hope Bancorp Stock Performance

HOPE opened at $11.66 on Thursday. Hope Bancorp has a 52-week low of $9.80 and a 52-week high of $14.53. The firm has a market capitalization of $1.41 billion, a PE ratio of 14.22 and a beta of 1.16. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 0.97. The business’s 50-day simple moving average is $12.56 and its 200 day simple moving average is $12.64.

Hope Bancorp (NASDAQ:HOPEGet Free Report) last released its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.03. Hope Bancorp had a return on equity of 4.84% and a net margin of 9.95%. As a group, sell-side analysts expect that Hope Bancorp will post 1.14 earnings per share for the current fiscal year.

Hope Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 20th. Shareholders of record on Thursday, February 6th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 4.80%. The ex-dividend date is Thursday, February 6th. Hope Bancorp’s dividend payout ratio is presently 68.29%.

Insider Transactions at Hope Bancorp

In related news, EVP Thomas Stenger sold 4,185 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $11.83, for a total transaction of $49,508.55. Following the sale, the executive vice president now owns 19,267 shares in the company, valued at $227,928.61. The trade was a 17.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Angelee Harris sold 3,000 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $14.16, for a total value of $42,480.00. Following the completion of the transaction, the executive vice president now directly owns 19,795 shares of the company’s stock, valued at approximately $280,297.20. The trade was a 13.16 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 133,409 shares of company stock valued at $1,787,381. 5.29% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB increased its position in Hope Bancorp by 31.2% in 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 acquiring an additional 848 shares during the period. Quantinno Capital Management LP increased its position in Hope Bancorp by 8.5% during the 3rd quarter. Quantinno Capital Management LP now owns 11,729 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 919 shares during the period. CWM LLC raised its holdings in Hope Bancorp by 15.7% during the 3rd quarter. CWM LLC now owns 9,109 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 1,238 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Hope Bancorp by 2.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 60,099 shares of the financial services provider’s stock worth $645,000 after purchasing an additional 1,597 shares during the period. Finally, Intech Investment Management LLC boosted its position in Hope Bancorp by 3.7% during the third quarter. Intech Investment Management LLC now owns 48,464 shares of the financial services provider’s stock valued at $609,000 after acquiring an additional 1,744 shares during the last quarter. Institutional investors own 84.00% of the company’s stock.

About Hope Bancorp

(Get Free Report)

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.

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