Hope Bancorp (NASDAQ:HOPE) Given New $14.50 Price Target at DA Davidson

Hope Bancorp (NASDAQ:HOPE) had its target price dropped by analysts at DA Davidson from $15.50 to $14.50 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. DA Davidson’s target price indicates a potential upside of 21.39% from the stock’s previous close.

Separately, StockNews.com raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, December 6th.

Hope Bancorp Price Performance

Hope Bancorp stock traded down $0.31 during mid-day trading on Tuesday, reaching $11.95. 353,940 shares of the company’s stock traded hands, compared to its average volume of 640,263. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.10. Hope Bancorp has a 12-month low of $9.80 and a 12-month high of $14.53. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 14.18 and a beta of 1.16. The stock has a 50 day moving average of $12.70 and a two-hundred day moving average of $12.65.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.03. Hope Bancorp had a net margin of 9.81% and a return on equity of 5.52%. Equities analysts forecast that Hope Bancorp will post 0.85 earnings per share for the current year.

Insider Transactions at Hope Bancorp

In related news, Director Steven Koh sold 96,620 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $13.33, for a total value of $1,287,944.60. Following the transaction, the director now owns 3,167,023 shares in the company, valued at approximately $42,216,416.59. This represents a 2.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Angelee Harris sold 3,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $14.16, for a total value of $42,480.00. Following the transaction, the executive vice president now owns 19,795 shares in the company, valued at approximately $280,297.20. This trade represents a 13.16 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,224 shares of company stock valued at $1,737,873. Corporate insiders own 5.29% of the company’s stock.

Hedge Funds Weigh In On Hope Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in shares of Hope Bancorp by 1.9% in the 3rd quarter. State Street Corp now owns 6,152,656 shares of the financial services provider’s stock valued at $77,277,000 after purchasing an additional 112,824 shares during the period. Wellington Management Group LLP grew its holdings in Hope Bancorp by 30.1% during the third quarter. Wellington Management Group LLP now owns 4,553,508 shares of the financial services provider’s stock worth $57,192,000 after purchasing an additional 1,054,124 shares during the period. Geode Capital Management LLC lifted its position in Hope Bancorp by 1.7% during the third quarter. Geode Capital Management LLC now owns 2,842,056 shares of the financial services provider’s stock worth $35,703,000 after acquiring an additional 48,237 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Hope Bancorp by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,346,215 shares of the financial services provider’s stock worth $29,468,000 after acquiring an additional 33,689 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of Hope Bancorp by 47.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,055,151 shares of the financial services provider’s stock valued at $12,968,000 after buying an additional 337,599 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors and hedge funds.

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.