Piper Sandler Lowers Hope Bancorp (NASDAQ:HOPE) Price Target to $12.00

Hope Bancorp (NASDAQ:HOPE - Get Free Report) had its price target dropped by equities researchers at Piper Sandler from $13.00 to $12.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the financial services provider's stock. Piper Sandler's target price points to a potential upside of 4.67% from the stock's current price.

A number of other analysts also recently issued reports on the stock. DA Davidson cut their price target on shares of Hope Bancorp from $15.50 to $14.50 and set a "buy" rating for the company in a report on Tuesday, January 28th. StockNews.com raised shares of Hope Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, December 6th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, Hope Bancorp has a consensus rating of "Hold" and an average target price of $12.88.

Hope Bancorp Price Performance

Shares of HOPE stock traded down $0.20 during trading hours on Thursday, reaching $11.47. The company had a trading volume of 606,568 shares, compared to its average volume of 757,102. Hope Bancorp has a 12-month low of $9.80 and a 12-month high of $14.53. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 0.97. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of 13.99 and a beta of 1.15. The stock has a fifty day moving average of $12.56 and a 200-day moving average of $12.63.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last issued its earnings results 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 return on equity of 4.84% and a net margin of 9.95%. On average, equities analysts anticipate that Hope Bancorp will post 1.09 earnings per share for the current year.

Insiders Place Their Bets

In other Hope Bancorp news, Director Steven Koh sold 96,620 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $13.33, for a total value of $1,287,944.60. Following the transaction, the director now directly owns 3,167,023 shares in the company, valued at $42,216,416.59. This represents a 2.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Angelee Harris sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $14.16, for a total transaction of $42,480.00. Following the sale, the executive vice president now directly owns 19,795 shares in the company, valued at approximately $280,297.20. The trade was a 13.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 133,409 shares of company stock worth $1,787,381 in the last quarter. 5.29% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hope Bancorp

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