Keefe, Bruyette & Woods Trims Hope Bancorp (NASDAQ:HOPE) Target Price to $12.00

Hope Bancorp (NASDAQ:HOPE) had its target price reduced 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.

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

Hope Bancorp Stock Up 2.2 %

Shares of Hope Bancorp stock opened at $10.84 on Wednesday. Hope Bancorp has a 1 year low of $7.42 and a 1 year high of $12.51. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.00 and a quick ratio of 1.05. The company has a market capitalization of $1.31 billion, a P/E ratio of 10.69 and a beta of 1.15. The business has a 50-day moving average of $10.87 and a two-hundred day moving average of $10.75.

Hope Bancorp (NASDAQ:HOPE) last posted its earnings results on Monday, April 29th. The financial services provider reported $0.21 earnings per share (EPS) 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 business had revenue of $123.30 million for the quarter, compared to the consensus estimate of $130.42 million. During the same period in the previous year, the company posted $0.33 earnings per share. Hope Bancorp’s revenue for the quarter was down 14.9% compared to the same quarter last year. As a group, equities analysts predict that Hope Bancorp will post 1.05 EPS for the current year.

Hope Bancorp Dividend Announcement

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

Institutional Investors Weigh In On Hope Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP bought a new stake in Hope Bancorp during the first quarter worth about $915,000. BNP Paribas Financial Markets raised its stake in shares of Hope Bancorp by 18.9% during the 1st quarter. BNP Paribas Financial Markets now owns 202,012 shares of the financial services provider’s stock worth $2,325,000 after purchasing an additional 32,056 shares in the last quarter. Drive Wealth Management LLC bought a new position in shares of Hope Bancorp in the first quarter valued at $116,000. Denali Advisors LLC increased its holdings in Hope Bancorp by 5.0% during the first quarter. Denali Advisors LLC now owns 297,700 shares of the financial services provider’s stock worth $3,427,000 after buying an additional 14,200 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in Hope Bancorp by 14.6% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 40,595 shares of the financial services provider’s stock worth $467,000 after buying an additional 5,184 shares during the last quarter. 84.00% of the stock is currently 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.