DA Davidson Issues Pessimistic Forecast for Hope Bancorp (NASDAQ:HOPE) Stock Price

Hope Bancorp (NASDAQ:HOPE) had its target price cut by equities research analysts at DA Davidson from $15.50 to $14.50 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. DA Davidson’s target price would indicate a potential upside of 24.14% from the stock’s current price.

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

Hope Bancorp Price Performance

HOPE opened at $11.68 on Tuesday. The company’s 50-day simple moving average is $12.64 and its two-hundred day simple moving average is $12.64. Hope Bancorp has a 52-week low of $9.80 and a 52-week high of $14.53. The stock has a market capitalization of $1.41 billion, a P/E ratio of 13.90 and a beta of 1.16. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.96.

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

Insiders Place Their Bets

In related news, EVP Angelee Harris sold 3,000 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $14.16, for a total transaction of $42,480.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Daisy Y. Ha sold 27,104 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.83, for a total value of $374,848.32. Following the completion of the transaction, the director now directly owns 446,806 shares in the company, valued at approximately $6,179,326.98. This represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,224 shares of company stock worth $1,737,873. Company insiders own 5.29% of the company’s stock.

Institutional Investors Weigh In On Hope Bancorp

Several large investors have recently made changes to their positions in the company. Empowered Funds LLC grew its holdings in Hope Bancorp by 5.1% during the 4th quarter. Empowered Funds LLC now owns 431,536 shares of the financial services provider’s stock valued at $5,304,000 after buying an additional 21,082 shares in the last quarter. EMC Capital Management boosted its position in shares of Hope Bancorp by 1,082.6% during the 4th quarter. EMC Capital Management now owns 29,566 shares of the financial services provider’s stock valued at $363,000 after acquiring an additional 27,066 shares during the last quarter. KBC Group NV grew its holdings in shares of Hope Bancorp by 36.6% in the fourth quarter. KBC Group NV now owns 7,093 shares of the financial services provider’s stock valued at $87,000 after purchasing an additional 1,901 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in Hope Bancorp by 31.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 3,563 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 848 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in Hope Bancorp by 47.0% during 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 purchasing an additional 337,599 shares in the last quarter. 84.00% of the stock is 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.