Hope Bancorp (NASDAQ:HOPE) Given New $11.00 Price Target at Wedbush

Hope Bancorp (NASDAQ:HOPE - Free Report) had its price objective trimmed by Wedbush from $12.00 to $11.00 in a research report released on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the financial services provider's stock.

Several other analysts have also weighed in on HOPE. DA Davidson upgraded Hope Bancorp from a neutral rating to a buy rating and set a $12.50 price target on the stock in a report on Tuesday. StockNews.com upgraded Hope Bancorp from a sell rating to a hold rating in a report on Saturday, January 6th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $11.50.

Hope Bancorp Price Performance

Shares of HOPE traded up $0.09 during mid-day trading on Tuesday, hitting $10.02. 1,532,218 shares of the stock were exchanged, compared to its average volume of 677,779. The company has a market cap of $1.21 billion, a PE ratio of 8.95 and a beta of 1.13. Hope Bancorp has a 52-week low of $7.42 and a 52-week high of $12.51. The firm has a 50-day moving average of $10.92 and a two-hundred day moving average of $10.75. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.05 and a current ratio of 1.05.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last issued its quarterly earnings data on Monday, April 29th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.05). The firm had revenue of $123.30 million for the quarter, compared to analysts' expectations of $130.42 million. Hope Bancorp had a return on equity of 7.03% and a net margin of 12.19%. The firm's revenue was down 14.9% on a year-over-year basis. During the same period last year, the company earned $0.33 earnings per share. On average, equities analysts predict that Hope Bancorp will post 1.09 earnings per share for the current year.

Hope Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be paid a $0.14 dividend. The ex-dividend date is Wednesday, May 8th. This represents a $0.56 dividend on an annualized basis and a yield of 5.59%. Hope Bancorp's payout ratio is 50.00%.

Institutional Trading of Hope Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. American Century Companies Inc. increased its stake in Hope Bancorp by 11.9% in the third quarter. American Century Companies Inc. now owns 1,155,150 shares of the financial services provider's stock worth $10,223,000 after purchasing an additional 123,041 shares during the period. AQR Capital Management LLC increased its stake in Hope Bancorp by 70.5% in the third quarter. AQR Capital Management LLC now owns 764,007 shares of the financial services provider's stock worth $6,761,000 after purchasing an additional 315,935 shares during the period. Boston Partners increased its stake in Hope Bancorp by 32.5% in the third quarter. Boston Partners now owns 1,216,170 shares of the financial services provider's stock worth $10,742,000 after purchasing an additional 298,349 shares during the period. Illinois Municipal Retirement Fund purchased a new stake in Hope Bancorp in the third quarter worth $627,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Hope Bancorp by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,728,776 shares of the financial services provider's stock worth $15,300,000 after purchasing an additional 145,721 shares during the period. Hedge funds and other institutional investors own 84.00% of the company's stock.

Hope Bancorp Company Profile

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.