Hope Bancorp (NASDAQ:HOPE) Price Target Lowered to $12.00 at Wedbush

Hope Bancorp (NASDAQ:HOPEFree Report) had its target price decreased by Wedbush from $13.00 to $12.00 in a report issued on Wednesday morning, Benzinga reports. Wedbush currently has a neutral rating on the financial services provider’s stock.

Separately, StockNews.com raised Hope Bancorp from a sell rating to a hold rating in a report on Saturday, January 6th. Four research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $11.33.

Check Out Our Latest Stock Analysis on HOPE

Hope Bancorp Stock Performance

HOPE stock opened at $11.08 on Wednesday. The company has a market cap of $1.33 billion, a P/E ratio of 8.33 and a beta of 1.19. Hope Bancorp has a 1 year low of $7.42 and a 1 year high of $13.81. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.05 and a quick ratio of 1.05. The stock’s fifty day moving average price is $11.39 and its 200-day moving average price is $10.14.

Hope Bancorp (NASDAQ:HOPEGet Free Report) last released its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.03). Hope Bancorp had a net margin of 15.07% and a return on equity of 7.77%. The company had revenue of $135.20 million for the quarter, compared to the consensus estimate of $138.47 million. During the same period in the prior year, the firm posted $0.43 EPS. On average, equities analysts forecast that Hope Bancorp will post 1.17 earnings per share for the current year.

Hope Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Friday, February 9th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date is Thursday, February 8th. Hope Bancorp’s dividend payout ratio (DPR) is 42.11%.

Hedge Funds Weigh In On Hope Bancorp

A number of hedge funds have recently made changes to their positions in HOPE. Norges Bank bought a new position in shares of Hope Bancorp in the fourth quarter worth about $14,687,000. Goldman Sachs Group Inc. boosted its stake in shares of Hope Bancorp by 89.7% in the second quarter. Goldman Sachs Group Inc. now owns 2,308,837 shares of the financial services provider’s stock worth $31,954,000 after acquiring an additional 1,092,042 shares during the period. Comerica Bank purchased a new stake in shares of Hope Bancorp in the second quarter worth about $75,270,000. State Street Corp lifted its position in shares of Hope Bancorp by 7.2% in the first quarter. State Street Corp now owns 7,013,612 shares of the financial services provider’s stock worth $112,779,000 after buying an additional 469,232 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of Hope Bancorp by 19.9% in the third quarter. Morgan Stanley now owns 2,144,100 shares of the financial services provider’s stock worth $18,975,000 after buying an additional 355,991 shares in the last quarter. Institutional investors own 83.62% 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 banking services for small and medium-sized businesses, and individuals in the United States. It accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts. Its loan products include commercial loans to businesses for various purposes, such as working capital, purchasing inventory, debt refinancing, business acquisitions, and other business-related financing needs; real estate loans; small business administration loans; and consumer loans, such as single-family mortgage, home equity, auto, credit card, and personal loans.

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