Keefe, Bruyette & Woods Increases Hope Bancorp (NASDAQ:HOPE) Price Target to $14.00

Hope Bancorp (NASDAQ:HOPE) had its target price hoisted by Keefe, Bruyette & Woods from $12.00 to $14.00 in a report issued on Tuesday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Other research analysts have also issued reports about the company. Wedbush decreased their price objective on Hope Bancorp from $12.00 to $11.00 and set a neutral rating on the stock in a research report on Tuesday, April 30th. DA Davidson upgraded Hope Bancorp from a neutral rating to a buy rating and set a $12.50 price target on the stock in a research report on Tuesday, April 30th. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $12.50.

Hope Bancorp Stock Down 3.2 %

Shares of HOPE opened at $12.22 on Tuesday. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 12.22 and a beta of 1.15. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.00 and a current ratio of 0.96. The business’s fifty day moving average price is $11.10 and its two-hundred day moving average price is $11.01. Hope Bancorp has a 52 week low of $8.15 and a 52 week high of $13.59.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings data on Monday, July 29th. The financial services provider reported $0.22 EPS for the quarter, meeting analysts’ consensus estimates of $0.22. The firm had revenue of $116.90 million for the quarter, compared to analyst estimates of $121.27 million. Hope Bancorp had a return on equity of 5.85% and a net margin of 10.02%. The business’s quarterly revenue was down 20.9% compared to the same quarter last year. During the same period last year, the company earned $0.32 EPS. On average, analysts predict that Hope Bancorp will post 0.89 earnings per share for the current year.

Hope Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be given a $0.14 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.56 annualized dividend and a dividend yield of 4.58%. Hope Bancorp’s dividend payout ratio is currently 56.00%.

Insiders Place Their Bets

In other Hope Bancorp news, EVP Angelee Harris sold 4,200 shares of Hope Bancorp stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $10.68, for a total transaction of $44,856.00. Following the transaction, the executive vice president now directly owns 18,527 shares in the company, valued at $197,868.36. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Hope Bancorp news, Director Steven Koh sold 3,857 shares of Hope Bancorp stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $9.94, for a total transaction of $38,338.58. Following the transaction, the director now directly owns 3,294,186 shares in the company, valued at $32,744,208.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Angelee Harris sold 4,200 shares of Hope Bancorp stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $10.68, for a total value of $44,856.00. Following the transaction, the executive vice president now owns 18,527 shares in the company, valued at $197,868.36. The disclosure for this sale can be found here. Corporate insiders own 5.29% of the company’s stock.

Institutional Trading of Hope Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Strategy Asset Managers LLC raised its stake in shares of Hope Bancorp by 60.9% in the 2nd quarter. Strategy Asset Managers LLC now owns 36,575 shares of the financial services provider’s stock valued at $393,000 after purchasing an additional 13,845 shares during the period. Everhart Financial Group Inc. raised its stake in shares of Hope Bancorp by 12.4% in the 2nd quarter. Everhart Financial Group Inc. now owns 34,750 shares of the financial services provider’s stock valued at $373,000 after purchasing an additional 3,837 shares during the period. Louisiana State Employees Retirement System raised its stake in shares of Hope Bancorp by 2.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 60,700 shares of the financial services provider’s stock valued at $652,000 after purchasing an additional 1,200 shares during the period. SummerHaven Investment Management LLC raised its stake in shares of Hope Bancorp by 1.8% in the 2nd quarter. SummerHaven Investment Management LLC now owns 84,949 shares of the financial services provider’s stock valued at $912,000 after purchasing an additional 1,484 shares during the period. Finally, Fifth Third Bancorp raised its stake in shares of Hope Bancorp by 149.5% in the 2nd quarter. Fifth Third Bancorp now owns 5,279 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 3,163 shares during the period. Institutional investors and hedge funds own 84.00% of the company’s stock.

About Hope Bancorp

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.