Hope Bancorp (NASDAQ:HOPE) Stock Price Target Lowered at Piper Sandler

Hope Bancorp (NASDAQ:HOPE) had its price target lowered by equities research analysts at Piper Sandler from $15.00 to $13.00 in a report released on Monday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler‘s price target would suggest a potential downside of 3.31% from the company’s current price.

HOPE has been the subject of a number of other reports. Benchmark upgraded shares of Hope Bancorp to a “hold” rating in a research report on Wednesday, September 23rd. Weiss Ratings upgraded shares of Hope Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, October 27th. Keefe, Bruyette & Woods boosted their target price on shares of Hope Bancorp from $14.00 to $15.00 and gave the stock a “hold” rating in a research note on Monday, August 3rd. Finally, DA Davidson downgraded Hope Bancorp from a “buy” rating to a “neutral” rating and cut their price objective for the company from $16.00 to $14.00 in a report on Friday. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Hope Bancorp currently has an average rating of “Hold” and a consensus price target of $14.00.

Hope Bancorp Price Performance

NASDAQ HOPE traded up $0.23 on Monday, hitting $13.45. 454,698 shares of the company’s stock were exchanged, compared to its average volume of 980,969. The stock has a 50-day moving average of $13.73 and a 200-day moving average of $12.82. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 12.93 and a beta of 0.90. Hope Bancorp has a 52 week low of $9.80 and a 52 week high of $14.59. The company has a current ratio of 0.96, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22.

Hope Bancorp (NASDAQ:HOPE) last issued its earnings results on Wednesday, October 28th. The financial services provider reported $0.29 EPS for the quarter, hitting the consensus estimate of $0.29. Hope Bancorp had a return on equity of 5.97% and a net margin of 12.90%. The firm had revenue of $157.48 million during the quarter, compared to the consensus estimate of $151.34 million. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Analysts expect that Hope Bancorp will post 1.13 earnings per share for the current year.

Institutional Investors Weigh In On Hope Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Cim Investment Management Inc. grew its stake in shares of Hope Bancorp by 7.3% in the 2nd quarter. Cim Investment Management Inc. now owns 11,743 shares of the financial services provider’s stock valued at $161,000 after buying an additional 795 shares during the period. GAMMA Investing LLC boosted its holdings in Hope Bancorp by 21.0% in the third quarter. GAMMA Investing LLC now owns 8,480 shares of the financial services provider’s stock worth $113,000 after acquiring an additional 1,469 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Hope Bancorp by 210.0% in the third quarter. Farther Finance Advisors LLC now owns 2,514 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 1,703 shares in the last quarter. HighTower Advisors LLC grew its stake in Hope Bancorp by 18.0% in the second quarter. HighTower Advisors LLC now owns 12,091 shares of the financial services provider’s stock valued at $165,000 after acquiring an additional 1,847 shares during the period. Finally, Fortitude Family Office LLC acquired a new stake in Hope Bancorp in the third quarter valued at approximately $25,000. 84.00% of the stock is owned by institutional investors.

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.