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

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

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

Hope Bancorp Trading Down 0.3 %

HOPE opened at $11.68 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.96. The stock’s 50 day moving average price is $12.64 and its 200-day moving average price is $12.64. Hope Bancorp has a one year low of $9.80 and a one year high of $14.53. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 13.90 and a beta of 1.16.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.03. Hope Bancorp had a net margin of 9.81% and a return on equity of 5.52%. On average, equities analysts forecast that Hope Bancorp will post 0.85 EPS for the current year.

Insider Buying and Selling at Hope Bancorp

In other news, Director Steven Koh sold 96,620 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $13.33, for a total value of $1,287,944.60. Following the completion of the sale, the director now owns 3,167,023 shares of the company’s stock, valued at $42,216,416.59. This trade represents a 2.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daisy Y. Ha sold 27,104 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.83, for a total value of $374,848.32. Following the transaction, the director now directly owns 446,806 shares in the company, valued at $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 valued at $1,737,873. 5.29% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hope Bancorp

Several hedge funds have recently modified their holdings of HOPE. Sei Investments Co. boosted its stake in Hope Bancorp by 10.9% in the 2nd quarter. Sei Investments Co. now owns 210,562 shares of the financial services provider’s stock worth $2,262,000 after purchasing an additional 20,641 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Hope Bancorp by 2.7% in the second quarter. The Manufacturers Life Insurance Company now owns 60,099 shares of the financial services provider’s stock worth $645,000 after buying an additional 1,597 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Hope Bancorp during the third quarter worth $508,000. CWM LLC grew its holdings in shares of Hope Bancorp by 15.7% during the third quarter. CWM LLC now owns 9,109 shares of the financial services provider’s stock valued at $114,000 after buying an additional 1,238 shares during the last quarter. Finally, nVerses Capital LLC acquired a new position in shares of Hope Bancorp in the 3rd quarter valued at $48,000. Institutional investors and hedge funds 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.