DA Davidson Upgrades Hope Bancorp (NASDAQ:HOPE) to Buy

Hope Bancorp (NASDAQ:HOPE) was upgraded by equities researchers at DA Davidson from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday, Marketbeat reports. The firm currently has a $12.50 price target on the financial services provider’s stock. DA Davidson’s price target points to a potential upside of 21.95% from the company’s current price.

Several other brokerages have also issued reports on HOPE. StockNews.com upgraded shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, January 6th. Wedbush lowered their price target on shares of Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Wednesday, January 31st. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $11.83.

Hope Bancorp Stock Up 2.3 %

Shares of NASDAQ:HOPE opened at $10.25 on Tuesday. Hope Bancorp has a 52-week low of $7.42 and a 52-week high of $12.51. The firm has a fifty day moving average of $10.90 and a 200 day moving average of $10.75. The firm has a market capitalization of $1.24 billion, a PE ratio of 10.25 and a beta of 1.13. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.05 and a current ratio of 1.00.

Hope Bancorp (NASDAQ:HOPE) last announced 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 analysts’ expectations of $130.42 million. During the same quarter last year, the firm posted $0.33 earnings per share. The firm’s revenue was down 14.9% on a year-over-year basis. As a group, research analysts anticipate that Hope Bancorp will post 1.09 EPS for the current fiscal year.

Institutional Trading of Hope Bancorp

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Hope Bancorp by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 13,730,473 shares of the financial services provider’s stock worth $165,864,000 after purchasing an additional 115,826 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Hope Bancorp by 6.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,844,319 shares of the financial services provider’s stock worth $22,279,000 after purchasing an additional 115,543 shares during the period. Boston Partners boosted its holdings in shares of Hope Bancorp by 32.5% during the third quarter. Boston Partners now owns 1,216,170 shares of the financial services provider’s stock worth $10,742,000 after purchasing an additional 298,349 shares during the period. American Century Companies Inc. boosted its holdings in shares of Hope Bancorp by 11.9% during the third quarter. American Century Companies Inc. now owns 1,155,150 shares of the financial services provider’s stock worth $10,223,000 after purchasing an additional 123,041 shares during the period. Finally, Norges Bank purchased a new stake in shares of Hope Bancorp during the fourth quarter worth about $9,960,000. 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.