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

Hope Bancorp (NASDAQ:HOPE) had its target price cut by Wedbush from $12.00 to $11.00 in a research report report published on Tuesday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock. 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, FY2024 earnings at $1.10 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.

HOPE has been the topic of a number of other reports. DA Davidson upgraded 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 report on Tuesday. StockNews.com upgraded shares of Hope Bancorp from a sell rating to a hold rating in a research note on Saturday, January 6th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $11.83.

Hope Bancorp Stock Up 2.2 %

Shares of Hope Bancorp stock traded up $0.23 during trading hours on Tuesday, hitting $10.84. The company had a trading volume of 796,864 shares, compared to its average volume of 684,164. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.00 and a quick ratio of 1.05. The company’s 50-day moving average is $10.87 and its two-hundred day moving average is $10.75. The company has a market cap of $1.31 billion, a P/E ratio of 10.69 and a beta of 1.15. Hope Bancorp has a twelve month low of $7.42 and a twelve month high of $12.51.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings data 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 company had revenue of $123.30 million during the quarter, compared to analyst estimates of $130.42 million. Hope Bancorp had a net margin of 10.80% and a return on equity of 6.43%. The business’s revenue was down 14.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.33 EPS. Analysts anticipate that Hope Bancorp will post 1.05 earnings per share for the current fiscal year.

Hope Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, May 8th. This represents a $0.56 dividend on an annualized basis and a yield of 5.17%. Hope Bancorp’s dividend payout ratio (DPR) is 56.00%.

Hedge Funds Weigh In On Hope Bancorp

Hedge funds have recently made changes to their positions in the business. CWM LLC raised its position 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 period. Drive Wealth Management LLC purchased a new stake in shares of Hope Bancorp during the 1st quarter valued at about $116,000. QRG Capital Management Inc. acquired a new position in Hope Bancorp during the 3rd quarter worth approximately $132,000. Vanguard Personalized Indexing Management LLC boosted its holdings in Hope Bancorp by 8.8% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 12,814 shares of the financial services provider’s stock worth $155,000 after acquiring an additional 1,033 shares during the period. Finally, PNC Financial Services Group Inc. grew its position 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 acquiring an additional 5,034 shares in the last quarter. Hedge funds and other institutional investors 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.