Hope Bancorp (NASDAQ:HOPE) Stock Gets Price Target Reduction from Piper Sandler

Hope Bancorp (NASDAQ:HOPE) had its price objective reduced by Piper Sandler from $15.00 to $13.00 in a report published on Monday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other analysts also recently issued reports on HOPE. Benchmark raised Hope Bancorp to a “hold” rating in a report on Wednesday, September 23rd. Weiss Ratings upgraded Hope Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, October 27th. Keefe, Bruyette & Woods increased their target price on Hope Bancorp from $14.00 to $15.00 and gave the stock a “hold” rating in a research report on Monday, August 3rd. Finally, DA Davidson cut Hope Bancorp from a “buy” rating to a “neutral” rating and cut their target price for the company from $16.00 to $14.00 in a research note on Friday, October 30th. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $14.00.

Hope Bancorp Price Performance

Shares of NASDAQ:HOPE opened at $13.44 on Monday. The company has a market cap of $1.72 billion, a PE ratio of 12.92 and a beta of 0.90. Hope Bancorp has a fifty-two week low of $9.80 and a fifty-two week high of $14.59. The firm has a 50-day simple moving average of $13.69 and a 200 day simple moving average of $12.84. The company has a quick ratio of 0.97, a current ratio of 0.96 and a debt-to-equity ratio of 0.22.

Hope Bancorp (NASDAQ:HOPE) last issued its earnings results on Wednesday, October 28th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.29. Hope Bancorp had a net margin of 12.90% and a return on equity of 5.97%. The firm had revenue of $157.48 million for the quarter, compared to analysts’ expectations of $151.34 million. During the same quarter last year, the company posted $0.25 earnings per share. On average, sell-side analysts anticipate that Hope Bancorp will post 1.07 EPS for the current year.

Hope Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Saturday, November 7th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Friday, November 6th. Hope Bancorp’s dividend payout ratio is 53.85%.

Hedge Funds Weigh In On Hope Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Hope Bancorp in the 2nd quarter worth approximately $252,703,000. Wellington Management Group LLP lifted its stake in Hope Bancorp by 14.5% during the second quarter. Wellington Management Group LLP now owns 11,438,933 shares of the financial services provider’s stock valued at $156,485,000 after purchasing an additional 1,448,931 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Hope Bancorp by 4.5% during the first quarter. Dimensional Fund Advisors LP now owns 7,367,855 shares of the financial services provider’s stock valued at $82,298,000 after purchasing an additional 315,028 shares during the last quarter. Rhino Investment Partners Inc lifted its stake in Hope Bancorp by 9.9% during the first quarter. Rhino Investment Partners Inc now owns 2,595,281 shares of the financial services provider’s stock valued at $28,989,000 after purchasing an additional 232,783 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in Hope Bancorp during the second quarter worth approximately $12,098,000. 84.00% of the stock is owned by institutional investors.

Hope Bancorp Company Profile

Hope Bancorp, Inc is the holding company for Bank of Hope, a full-service commercial bank headquartered in Los Angeles, California. The bank serves businesses, individuals and communities throughout the United States, with a particular focus on Korean American and other multicultural markets.

Bank of Hope offers a range of banking products and services, including business and consumer deposit accounts, commercial and industrial lending, commercial real estate financing, small business loans, residential mortgage lending and wealth management services.