Wedbush Lowers Hope Bancorp (NASDAQ:HOPE) Price Target to $11.00

Hope Bancorp (NASDAQ:HOPE) had its price target cut by equities research analysts at Wedbush from $12.00 to $11.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Wedbush’s price objective suggests a potential upside of 7.32% from the stock’s previous close. Wedbush also issued estimates for Hope Bancorp’s Q2 2024 earnings at $0.22 EPS, Q3 2024 earnings at $0.28 EPS, Q4 2024 earnings at $0.37 EPS, Q1 2025 earnings at $0.35 EPS, Q2 2025 earnings at $0.37 EPS, Q3 2025 earnings at $0.37 EPS, Q4 2025 earnings at $0.37 EPS and FY2025 earnings at $1.45 EPS.

Several other equities research analysts also recently weighed in on HOPE. StockNews.com raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, January 6th. DA Davidson raised shares of Hope Bancorp from a “neutral” rating to a “buy” rating and set a $12.50 target price on the stock in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Hope Bancorp has an average rating of “Hold” and an average price target of $11.83.

Hope Bancorp Stock Performance

Shares of HOPE stock opened at $10.25 on Tuesday. The firm’s 50 day moving average price is $10.90 and its 200-day moving average price is $10.75. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.05 and a current ratio of 1.00. Hope Bancorp has a one year low of $7.42 and a one year high of $12.51. The firm has a market cap of $1.24 billion, a P/E ratio of 10.25 and a beta of 1.13.

Hope Bancorp (NASDAQ:HOPE) last announced its earnings results on Monday, April 29th. The financial services provider reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.05). Hope Bancorp had a return on equity of 6.43% and a net margin of 10.80%. The business had revenue of $123.30 million for the quarter, compared to analysts’ expectations of $130.42 million. During the same period in the previous year, the company earned $0.33 earnings per share. Hope Bancorp’s quarterly revenue was down 14.9% on a year-over-year basis. As a group, equities research analysts predict that Hope Bancorp will post 1.09 EPS for the current year.

Institutional Investors Weigh In On Hope Bancorp

A number of large investors have recently modified their holdings of the company. BNP Paribas Financial Markets increased its position in shares of Hope Bancorp by 18.9% in the 1st quarter. BNP Paribas Financial Markets now owns 202,012 shares of the financial services provider’s stock valued at $2,325,000 after purchasing an additional 32,056 shares during the last quarter. Drive Wealth Management LLC purchased a new stake in shares of Hope Bancorp in the 1st quarter valued at approximately $116,000. Denali Advisors LLC grew its position in shares of Hope Bancorp by 5.0% in the 1st quarter. Denali Advisors LLC now owns 297,700 shares of the financial services provider’s stock valued at $3,427,000 after buying an additional 14,200 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its position in shares of Hope Bancorp by 14.6% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 40,595 shares of the financial services provider’s stock valued at $467,000 after buying an additional 5,184 shares during the last quarter. Finally, Bridge City Capital LLC grew its position in shares of Hope Bancorp by 0.8% in the 1st quarter. Bridge City Capital LLC now owns 167,405 shares of the financial services provider’s stock valued at $1,927,000 after buying an additional 1,263 shares during the last quarter. 84.00% of the stock is owned by hedge funds and other 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.