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

Hope Bancorp (NASDAQ:HOPE) had its price objective decreased by equities research analysts at Wedbush from $12.00 to $11.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Wedbush’s price target suggests a potential upside of 10.83% from the company’s previous close.

Several other equities analysts also recently issued reports on HOPE. DA Davidson upgraded shares of Hope Bancorp from a “neutral” rating to a “buy” rating and set a $12.50 price objective on the stock in a report on Tuesday. StockNews.com upgraded shares of 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 issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $11.50.

Hope Bancorp Stock Performance

HOPE opened at $9.93 on Tuesday. Hope Bancorp has a 52-week low of $7.42 and a 52-week high of $12.51. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.90. The company has a market cap of $1.20 billion, a P/E ratio of 8.86 and a beta of 1.13. The firm’s 50-day moving average price is $10.92 and its 200-day moving average price is $10.75.

Hope Bancorp (NASDAQ:HOPE) last posted 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). Hope Bancorp had a net margin of 12.19% and a return on equity of 7.03%. The company had revenue of $123.30 million for the quarter, compared to analyst estimates of $130.42 million. During the same quarter last year, the company earned $0.33 EPS. The business’s revenue was down 14.9% compared to the same quarter last year. As a group, equities analysts anticipate that Hope Bancorp will post 1.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Hope Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of HOPE. Norges Bank acquired a new position in Hope Bancorp in the 4th quarter worth approximately $9,960,000. AQR Capital Management LLC increased its holdings in Hope Bancorp by 70.5% in the 3rd quarter. AQR Capital Management LLC now owns 764,007 shares of the financial services provider’s stock worth $6,761,000 after buying an additional 315,935 shares during the period. Boston Partners increased its holdings in Hope Bancorp by 32.5% in the 3rd quarter. Boston Partners now owns 1,216,170 shares of the financial services provider’s stock worth $10,742,000 after buying an additional 298,349 shares during the period. Wellington Management Group LLP acquired a new position in Hope Bancorp in the 4th quarter worth approximately $2,977,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of Hope Bancorp by 58.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 602,634 shares of the financial services provider’s stock worth $5,333,000 after purchasing an additional 222,506 shares during the period. Institutional investors and hedge funds 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.