DA Davidson Upgrades Hope Bancorp (NASDAQ:HOPE) to Buy

Hope Bancorp (NASDAQ:HOPE) was upgraded by investment analysts at DA Davidson from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, Briefing.com reports. The brokerage presently has a $12.50 target price on the financial services provider’s stock. DA Davidson’s price target would indicate a potential upside of 25.94% from the company’s current price.

Several other research firms also recently weighed in on HOPE. StockNews.com upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, January 6th. Wedbush cut their price target on Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 31st. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $11.83.

Hope Bancorp Stock Down 9.4 %

NASDAQ:HOPE opened at $9.93 on Tuesday. Hope Bancorp has a twelve month low of $7.42 and a twelve month high of $12.51. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 8.86 and a beta of 1.13. The stock has a fifty day simple moving average of $10.92 and a 200-day simple moving average of $10.75. 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 Tuesday, January 30th. The financial services provider reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.03). Hope Bancorp had a return on equity of 7.03% and a net margin of 12.19%. The business had revenue of $135.20 million for the quarter, compared to the consensus estimate of $138.47 million. During the same quarter last year, the business posted $0.43 earnings per share. Analysts anticipate that Hope Bancorp will post 1.09 EPS for the current year.

Hedge Funds Weigh In On Hope Bancorp

Several institutional investors have recently made changes to their positions in HOPE. CWM LLC grew its stake in Hope Bancorp by 39.1% in the first quarter. CWM LLC now owns 8,939 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 2,513 shares during the last quarter. Drive Wealth Management LLC purchased a new position in Hope Bancorp in the first quarter valued at about $116,000. Vanguard Personalized Indexing Management LLC grew its stake in Hope Bancorp by 8.8% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 12,814 shares of the financial services provider’s stock valued at $155,000 after purchasing an additional 1,033 shares during the last quarter. QRG Capital Management Inc. purchased a new position in Hope Bancorp in the third quarter valued at about $132,000. Finally, PNC Financial Services Group Inc. grew its stake in Hope Bancorp by 46.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,929 shares of the financial services provider’s stock valued at $192,000 after purchasing an additional 5,034 shares during the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

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.