Hope Bancorp (NASDAQ:HOPE) Price Target Raised to $14.00 at Keefe, Bruyette & Woods
by Mitch Edgeman · The Markets DailyHope Bancorp (NASDAQ:HOPE – Get Free Report) had its target price lifted by Keefe, Bruyette & Woods from $13.00 to $14.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 19.81% from the stock’s previous close.
Several other research analysts also recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hope Bancorp in a report on Monday, December 29th. Brean Capital upgraded Hope Bancorp from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 1st. DA Davidson reaffirmed a “buy” rating and issued a $14.50 price objective on shares of Hope Bancorp in a research note on Wednesday, January 28th. Finally, Zacks Research raised Hope Bancorp from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 31st. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Hope Bancorp has an average rating of “Hold” and an average target price of $14.25.
Get Our Latest Analysis on HOPE
Hope Bancorp Stock Performance
Shares of NASDAQ:HOPE traded up $0.06 during mid-day trading on Monday, reaching $11.69. 105,951 shares of the company traded hands, compared to its average volume of 946,344. The company’s 50 day moving average price is $11.58 and its 200-day moving average price is $11.15. The firm has a market cap of $1.49 billion, a PE ratio of 25.41 and a beta of 0.80. Hope Bancorp has a 52 week low of $8.82 and a 52 week high of $12.79. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.97 and a quick ratio of 0.97.
Hope Bancorp (NASDAQ:HOPE – Get Free Report) last issued its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.01. The business had revenue of $145.76 million for the quarter, compared to the consensus estimate of $142.90 million. Hope Bancorp had a net margin of 5.81% and a return on equity of 5.09%. The company’s revenue for the quarter was up 23.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.20 earnings per share. On average, equities analysts expect that Hope Bancorp will post 1.09 EPS for the current fiscal year.
Insider Buying and Selling at Hope Bancorp
In other news, Director Daisy Y. Ha sold 31,020 shares of the business’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $12.48, for a total transaction of $387,129.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.16% of the company’s stock.
Institutional Investors Weigh In On Hope Bancorp
A number of institutional investors and hedge funds have recently added to or reduced their stakes in HOPE. HoldCo Asset Management LP purchased a new position in shares of Hope Bancorp during the fourth quarter worth approximately $32,838,000. Millennium Management LLC boosted its holdings in shares of Hope Bancorp by 366.8% in the third quarter. Millennium Management LLC now owns 1,340,635 shares of the financial services provider’s stock valued at $14,439,000 after purchasing an additional 1,053,434 shares during the period. UBS Group AG grew its stake in Hope Bancorp by 73.5% in the fourth quarter. UBS Group AG now owns 1,972,716 shares of the financial services provider’s stock worth $21,621,000 after purchasing an additional 835,814 shares in the last quarter. Rhino Investment Partners Inc increased its holdings in Hope Bancorp by 29.8% during the 3rd quarter. Rhino Investment Partners Inc now owns 1,896,501 shares of the financial services provider’s stock worth $20,425,000 after purchasing an additional 435,165 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in Hope Bancorp by 44.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,310,967 shares of the financial services provider’s stock worth $14,368,000 after purchasing an additional 404,505 shares during the period. Institutional investors own 84.00% of the company’s stock.
About Hope Bancorp
Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company’s principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.
In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.