Hope Bancorp (NASDAQ:HOPE) Price Target Raised to $15.00

Hope Bancorp (NASDAQ:HOPE) had its price target increased by DA Davidson from $14.50 to $15.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other equities analysts have also commented on the company. Keefe, Bruyette & Woods increased their price target on Hope Bancorp from $13.00 to $14.00 and gave the company a “market perform” rating in a research note on Monday, April 6th. Zacks Research upgraded Hope Bancorp from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 31st. Weiss Ratings upgraded Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, April 24th. Finally, Brean Capital upgraded Hope Bancorp from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 1st. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $14.50.

Hope Bancorp Price Performance

Hope Bancorp stock traded up $0.14 during midday trading on Wednesday, reaching $12.59. 926,877 shares of the stock traded hands, compared to its average volume of 961,657. The stock’s fifty day moving average is $11.65 and its 200-day moving average is $11.35. Hope Bancorp has a 12 month low of $9.44 and a 12 month high of $13.02. The stock has a market cap of $1.61 billion, a P/E ratio of 24.21 and a beta of 0.84. The company has a quick ratio of 0.97, a current ratio of 0.96 and a debt-to-equity ratio of 0.17.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. Hope Bancorp had a return on equity of 5.32% and a net margin of 6.56%.The company had revenue of $141.02 million during the quarter, compared to analyst estimates of $145.30 million. During the same period in the prior year, the company earned $0.17 earnings per share. The firm’s revenue was up 21.0% on a year-over-year basis. As a group, equities research analysts anticipate that Hope Bancorp will post 1.16 EPS for the current year.

Hope Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Friday, May 8th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Friday, May 8th. Hope Bancorp’s dividend payout ratio is presently 107.69%.

Insider Buying and Selling at Hope Bancorp

In other news, Director Daisy Y. Ha sold 31,020 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $12.48, for a total value of $387,129.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 2.27% of the company’s stock.

Institutional Investors Weigh In On Hope Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of HOPE. Royal Bank of Canada raised its holdings in shares of Hope Bancorp by 91.5% in the first quarter. Royal Bank of Canada now owns 32,828 shares of the financial services provider’s stock worth $344,000 after buying an additional 15,687 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Hope Bancorp by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,936 shares of the financial services provider’s stock worth $722,000 after buying an additional 3,005 shares during the period. Millennium Management LLC raised its holdings in shares of Hope Bancorp by 147.1% in the first quarter. Millennium Management LLC now owns 492,153 shares of the financial services provider’s stock worth $5,153,000 after buying an additional 292,994 shares during the period. Caxton Associates LLP purchased a new stake in shares of Hope Bancorp in the first quarter worth approximately $297,000. Finally, Jane Street Group LLC raised its holdings in shares of Hope Bancorp by 676.8% in the first quarter. Jane Street Group LLC now owns 227,116 shares of the financial services provider’s stock worth $2,378,000 after buying an additional 197,877 shares during the period. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

Hope Bancorp Company Profile

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.