Hope Bancorp (NASDAQ:HOPE) Given New $13.00 Price Target at Piper Sandler

Key Points

• Piper Sandler lowered Hope Bancorp’s price target to $13 from $15 and maintained a neutral rating, implying 3.31% downside from the prior close.
• Analyst sentiment remains cautious: Hope Bancorp has an average “Hold” rating and a consensus price target of $14, based on two Buy ratings and five Holds.
• The company met quarterly EPS expectations at $0.29 and exceeded revenue estimates with $157.48 million in revenue; institutional investors own approximately 84% of the stock.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) had its price objective dropped by Piper Sandler from $15.00 to $13.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a "neutral" rating on the financial services provider's stock. Piper Sandler's price target suggests a potential downside of 3.31% from the stock's previous close.

Other equities analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods lifted their price target on Hope Bancorp from $14.00 to $15.00 and gave the stock a "hold" rating in a report on Monday, August 3rd. DA Davidson downgraded Hope Bancorp from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $16.00 to $14.00 in a research report on Friday. Weiss Ratings upgraded Hope Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, October 27th. Finally, Benchmark raised Hope Bancorp to a "hold" rating in a research report on Wednesday, September 23rd. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Hope Bancorp has an average rating of "Hold" and a consensus price target of $14.00.

Hope Bancorp Stock Performance

HOPE stock traded up $0.23 during trading hours on Monday, reaching $13.45. The stock had a trading volume of 454,698 shares, compared to its average volume of 980,969. The stock has a market capitalization of $1.72 billion, a PE ratio of 12.93 and a beta of 0.90. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.96 and a quick ratio of 0.97. The stock has a 50-day simple moving average of $13.73 and a 200 day simple moving average of $12.82. Hope Bancorp has a fifty-two week low of $9.80 and a fifty-two week high of $14.59.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $0.29 EPS for the quarter, meeting analysts' consensus estimates of $0.29. The company had revenue of $157.48 million during the quarter, compared to the consensus estimate of $151.34 million. Hope Bancorp had a net margin of 12.90% and a return on equity of 5.97%. During the same quarter last year, the firm posted $0.25 EPS. Analysts predict that Hope Bancorp will post 1.13 EPS for the current fiscal year.

Institutional Trading of Hope Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of HOPE. BlackRock Inc. bought a new position in Hope Bancorp in the 2nd quarter valued at about $252,703,000. Wellington Management Group LLP increased its stake in shares of 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 worth $156,485,000 after purchasing an additional 1,448,931 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Hope Bancorp by 4.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,367,855 shares of the financial services provider's stock worth $82,298,000 after purchasing an additional 315,028 shares during the last quarter. Rhino Investment Partners Inc lifted its holdings in Hope Bancorp by 9.9% during the 1st quarter. Rhino Investment Partners Inc now owns 2,595,281 shares of the financial services provider's stock worth $28,989,000 after purchasing an additional 232,783 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Hope Bancorp by 16.9% during the 1st quarter. Bank of America Corp DE now owns 989,030 shares of the financial services provider's stock worth $11,047,000 after purchasing an additional 142,807 shares during the last quarter. Institutional investors own 84.00% of the company's stock.

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.

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