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

Hope Bancorp (NASDAQ:HOPE) had its target price dropped by equities research analysts at Keefe, Bruyette & Woods from $13.00 to $12.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 10.70% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Wedbush reduced their price target 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. DA Davidson upgraded 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. Finally, StockNews.com upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, January 6th. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $11.83.

Hope Bancorp Price Performance

Shares of HOPE traded up $0.23 during midday trading on Wednesday, hitting $10.84. 796,864 shares of the company traded hands, compared to its average volume of 684,164. Hope Bancorp has a 52 week low of $7.42 and a 52 week high of $12.51. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.05 and a current ratio of 1.00. The firm has a 50 day moving average of $10.87 and a 200-day moving average of $10.75. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 10.69 and a beta of 1.15.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings results on Monday, April 29th. The financial services provider reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.05). Hope Bancorp had a net margin of 10.80% and a return on equity of 6.43%. The firm 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 quarterly revenue was down 14.9% on a year-over-year basis. On average, analysts forecast that Hope Bancorp will post 1.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Hope Bancorp

A number of large investors have recently bought and sold shares of the business. CWM LLC increased its holdings in shares of Hope Bancorp by 39.1% in the 1st quarter. CWM LLC now owns 8,939 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 2,513 shares during the period. Drive Wealth Management LLC purchased a new position in Hope Bancorp in the first quarter valued at about $116,000. QRG Capital Management Inc. purchased a new stake in shares of Hope Bancorp during the third quarter valued at about $132,000. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Hope Bancorp by 8.8% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 12,814 shares of the financial services provider’s stock valued at $155,000 after buying an additional 1,033 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of Hope Bancorp by 46.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,929 shares of the financial services provider’s stock worth $192,000 after buying an additional 5,034 shares during the last quarter. Institutional investors own 84.00% of the company’s stock.

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.