Hope Bancorp (NASDAQ:HOPE) PT Lowered to $12.00

Hope Bancorp (NASDAQ:HOPE - Free Report) had its price target lowered by Keefe, Bruyette & Woods from $13.00 to $12.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a market perform rating on the financial services provider's stock.

Several other equities research analysts have also commented on HOPE. StockNews.com upgraded Hope Bancorp from a sell rating to a hold rating in a research report on Saturday, January 6th. DA Davidson upgraded 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, Wedbush cut their target price on Hope Bancorp from $12.00 to $11.00 and set a neutral rating on the stock in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of $11.83.

Hope Bancorp Trading Up 2.3 %

Shares of HOPE stock traded up $0.23 on Wednesday, hitting $10.25. The company had a trading volume of 892,813 shares, compared to its average volume of 680,338. The firm has a market cap of $1.24 billion, a P/E ratio of 10.25 and a beta of 1.13. The stock's 50-day moving average is $10.90 and its two-hundred day moving average is $10.75. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.05 and a current ratio of 1.00. Hope Bancorp has a twelve month low of $7.42 and a twelve month high of $12.51.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last issued its quarterly earnings results on Monday, April 29th. The financial services provider reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.05). The company had revenue of $123.30 million during the quarter, compared to analyst estimates of $130.42 million. Hope Bancorp had a net margin of 10.80% and a return on equity of 6.43%. The company's quarterly revenue was down 14.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 EPS. On average, equities research analysts anticipate that Hope Bancorp will post 1.09 earnings per share for the current fiscal year.

Hope Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be issued a $0.14 dividend. The ex-dividend date is Wednesday, May 8th. This represents a $0.56 annualized dividend and a yield of 5.46%. Hope Bancorp's payout ratio is currently 56.00%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in shares of Hope Bancorp in the third quarter worth approximately $743,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Hope Bancorp by 35.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,700 shares of the financial services provider's stock valued at $236,000 after acquiring an additional 7,040 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Hope Bancorp by 58.5% during the third quarter. Assenagon Asset Management S.A. now owns 602,634 shares of the financial services provider's stock valued at $5,333,000 after acquiring an additional 222,506 shares during the last quarter. Illinois Municipal Retirement Fund purchased a new stake in shares of Hope Bancorp during the third quarter valued at approximately $627,000. Finally, Seizert Capital Partners LLC increased its position in shares of Hope Bancorp by 3.1% during the third quarter. Seizert Capital Partners LLC now owns 168,014 shares of the financial services provider's stock valued at $1,487,000 after acquiring an additional 4,974 shares during the last quarter. 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.