Hope Bancorp (NASDAQ:HOPE) Upgraded to Buy by DA Davidson

DA Davidson upgraded shares of Hope Bancorp (NASDAQ:HOPE) from a neutral rating to a buy rating in a research note published on Tuesday, Marketbeat reports. DA Davidson currently has $12.50 price target on the financial services provider’s stock.

HOPE has been the subject of a number of other research reports. StockNews.com raised shares of Hope Bancorp from a sell rating to a hold rating in a research report on Saturday, January 6th. Wedbush cut their price objective on shares of Hope Bancorp from $13.00 to $12.00 and set a neutral rating for the company in a research report on Wednesday, January 31st. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $11.50.

Hope Bancorp Stock Up 1.0 %

Shares of NASDAQ:HOPE opened at $10.02 on Tuesday. The stock’s 50-day moving average price is $10.92 and its 200-day moving average price is $10.75. Hope Bancorp has a 12-month low of $7.42 and a 12-month high of $12.51. The stock has a market capitalization of $1.21 billion, a P/E ratio of 8.95 and a beta of 1.13. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.90.

Hope Bancorp (NASDAQ:HOPE) last released its earnings results 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). The business had revenue of $123.30 million for the quarter, compared to analysts’ expectations of $130.42 million. Hope Bancorp had a net margin of 12.19% and a return on equity of 7.03%. Hope Bancorp’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.33 earnings per share. On average, equities analysts anticipate that Hope Bancorp will post 1.09 earnings per share for the current year.

Hope Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 9th will be issued a dividend of $0.14 per share. The ex-dividend date is Wednesday, May 8th. This represents a $0.56 annualized dividend and a yield of 5.59%. Hope Bancorp’s payout ratio is 50.00%.

Hedge Funds Weigh In On Hope Bancorp

Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in Hope Bancorp in the 3rd quarter worth about $743,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Hope Bancorp by 35.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,700 shares of the financial services provider’s stock valued at $236,000 after acquiring an additional 7,040 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Hope Bancorp by 58.5% in the third quarter. Assenagon Asset Management S.A. now owns 602,634 shares of the financial services provider’s stock valued at $5,333,000 after acquiring an additional 222,506 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new stake in Hope Bancorp in the third quarter valued at approximately $627,000. Finally, Seizert Capital Partners LLC lifted its stake in shares of Hope Bancorp by 3.1% during the third quarter. Seizert Capital Partners LLC now owns 168,014 shares of the financial services provider’s stock worth $1,487,000 after buying an additional 4,974 shares during the period. 84.00% of the stock is currently owned by institutional investors.

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.