Hope Bancorp, Inc. (NASDAQ:HOPE) Stock Has Average Target Price of $14.00

Shares of Hope Bancorp, Inc. (NASDAQ:HOPE) have received an average recommendation of “Hold” from the seven brokerages that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $14.00.

HOPE has been the topic of several recent analyst reports. DA Davidson downgraded Hope Bancorp from a “buy” rating to a “neutral” rating and cut their target price for the company from $16.00 to $14.00 in a research note on Friday, October 30th. Weiss Ratings raised Hope Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, October 27th. Piper Sandler decreased their price target on Hope Bancorp from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Monday, November 2nd. Benchmark raised Hope Bancorp to a “hold” rating in a report on Wednesday, September 23rd. Finally, Zacks Research lowered Hope Bancorp from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 3rd.

Hope Bancorp Stock Performance

Shares of NASDAQ HOPE opened at $13.14 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The stock has a 50 day simple moving average of $13.63 and a 200-day simple moving average of $12.88. The company has a market cap of $1.68 billion, a PE ratio of 12.63 and a beta of 0.90. Hope Bancorp has a 12-month low of $9.80 and a 12-month high of $14.59.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.29. Hope Bancorp had a return on equity of 5.97% and a net margin of 12.90%. The business had revenue of $157.48 million during the quarter, compared to analyst estimates of $151.34 million. During the same period in the prior year, the company posted $0.25 EPS. On average, equities research analysts forecast that Hope Bancorp will post 1.07 EPS for the current year.

Hope Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Saturday, November 7th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Friday, November 6th. This represents a $0.56 annualized dividend and a yield of 4.3%. Hope Bancorp’s dividend payout ratio is presently 53.85%.

Hedge Funds Weigh In On Hope Bancorp

Several large investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in Hope Bancorp during the 2nd quarter valued at about $252,703,000. Wellington Management Group LLP lifted its stake in shares of Hope Bancorp by 14.5% in the 2nd quarter. Wellington Management Group LLP now owns 11,438,933 shares of the financial services provider’s stock worth $156,485,000 after acquiring an additional 1,448,931 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Hope Bancorp by 4.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,367,855 shares of the financial services provider’s stock worth $82,298,000 after acquiring an additional 315,028 shares during the period. Rhino Investment Partners Inc boosted its holdings in shares of Hope Bancorp by 9.9% in the first quarter. Rhino Investment Partners Inc now owns 2,595,281 shares of the financial services provider’s stock valued at $28,989,000 after acquiring an additional 232,783 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Hope Bancorp in the second quarter valued at approximately $12,098,000. Institutional investors and hedge funds own 84.00% of the company’s stock.

Hope Bancorp Company Profile

Hope Bancorp, Inc. is the bank holding company for Bank of Hope, a commercial bank headquartered in Los Angeles. Bank of Hope was formed in 2016 through the merger of BBCN Bank and Wilshire Bank, bringing together institutions with roots in serving Korean-American communities. The bank provides deposit accounts, commercial and consumer lending, and other banking services to individuals and businesses. Its offerings include commercial real estate and business loans, small-business lending, treasury management, and online and mobile banking.