Hope Bancorp (NASDAQ:HOPE) Given New $11.00 Price Target at Wedbush

Hope Bancorp (NASDAQ:HOPE) had its price objective cut by equities researchers at Wedbush from $12.00 to $11.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Wedbush’s price target suggests a potential upside of 7.32% from the company’s current price. Wedbush also issued estimates for Hope Bancorp’s Q2 2024 earnings at $0.22 EPS, Q3 2024 earnings at $0.28 EPS, Q4 2024 earnings at $0.37 EPS, Q1 2025 earnings at $0.35 EPS, Q2 2025 earnings at $0.37 EPS, Q3 2025 earnings at $0.37 EPS, Q4 2025 earnings at $0.37 EPS and FY2025 earnings at $1.45 EPS.

Several other equities research analysts have also recently issued reports on the stock. StockNews.com raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, January 6th. DA Davidson raised shares of Hope Bancorp from a “neutral” rating to a “buy” rating and set a $12.50 target price on the stock in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, Hope Bancorp has an average rating of “Hold” and an average target price of $11.83.

Hope Bancorp Stock Performance

Shares of NASDAQ HOPE opened at $10.25 on Tuesday. The company has a 50-day simple moving average of $10.90 and a 200-day simple moving average of $10.75. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.00 and a quick ratio of 1.05. Hope Bancorp has a 12 month low of $7.42 and a 12 month high of $12.51. The company has a market cap of $1.24 billion, a PE ratio of 10.25 and a beta of 1.13.

Hope Bancorp (NASDAQ:HOPE) last released its earnings results on Monday, April 29th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $130.42 million. During the same period in the prior year, the business posted $0.33 earnings per share. Hope Bancorp’s revenue was down 14.9% on a year-over-year basis. On average, equities analysts anticipate that Hope Bancorp will post 1.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HOPE. SG Americas Securities LLC acquired a new position in Hope Bancorp during the third quarter valued at approximately $743,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Hope Bancorp by 35.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,700 shares of the financial services provider’s stock valued at $236,000 after purchasing an additional 7,040 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Hope Bancorp by 58.5% in the third quarter. Assenagon Asset Management S.A. now owns 602,634 shares of the financial services provider’s stock valued at $5,333,000 after purchasing an additional 222,506 shares during the period. Illinois Municipal Retirement Fund purchased a new position in shares of Hope Bancorp in the third quarter valued at $627,000. Finally, Seizert Capital Partners LLC boosted its stake in shares of Hope Bancorp by 3.1% in the third quarter. Seizert Capital Partners LLC now owns 168,014 shares of the financial services provider’s stock valued at $1,487,000 after purchasing an additional 4,974 shares during the period. 84.00% of the stock is owned by institutional investors and hedge funds.

About Hope Bancorp

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.