Hope Bancorp (NASDAQ:HOPE) Lifted to Hold at StockNews.com

by · The Markets Daily

StockNews.com upgraded shares of Hope Bancorp (NASDAQ:HOPE – Free Report) from a sell rating to a hold rating in a research note published on Monday.

Separately, Keefe, Bruyette & Woods lifted their target price on Hope Bancorp from $12.00 to $14.00 and gave the company a “market perform” rating in a research note on Tuesday, July 30th.

View Our Latest Research Report on Hope Bancorp

Hope Bancorp Stock Performance

HOPE stock opened at $13.45 on Monday. Hope Bancorp has a 1-year low of $8.15 and a 1-year high of $13.59. The business has a 50-day moving average price of $12.46 and a 200 day moving average price of $11.49. The company has a market capitalization of $1.62 billion, a P/E ratio of 13.45 and a beta of 1.13. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95.

Hope Bancorp (NASDAQ:HOPE – Get Free Report) last posted its earnings results on Monday, July 29th. The financial services provider reported $0.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.22. Hope Bancorp had a return on equity of 5.85% and a net margin of 10.02%. The company had revenue of $116.90 million during the quarter, compared to analyst estimates of $121.27 million. During the same quarter in the prior year, the business earned $0.32 earnings per share. Hope Bancorp’s revenue was down 20.9% on a year-over-year basis. As a group, equities research analysts forecast that Hope Bancorp will post 0.87 EPS for the current fiscal year.

Hope Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend was Thursday, August 8th. Hope Bancorp’s dividend payout ratio is currently 56.00%.

Insider Buying and Selling

In other news, Director Jinho Doo sold 10,703 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.40, for a total transaction of $132,717.20. Following the transaction, the director now owns 21,538 shares in the company, valued at $267,071.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Jinho Doo sold 10,703 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.40, for a total transaction of $132,717.20. Following the sale, the director now directly owns 21,538 shares of the company’s stock, valued at $267,071.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David P. Malone sold 10,428 shares of Hope Bancorp stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $12.71, for a total value of $132,539.88. Following the sale, the director now directly owns 109,991 shares of the company’s stock, valued at approximately $1,397,985.61. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,831 shares of company stock worth $323,657 in the last ninety days. 5.29% of the stock is owned by insiders.

Institutional Investors Weigh In On Hope Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. nVerses Capital LLC purchased a new position in Hope Bancorp during the 3rd quarter worth approximately $48,000. SageView Advisory Group LLC purchased a new position in shares of Hope Bancorp during the first quarter worth $49,000. Fifth Third Bancorp lifted its position in Hope Bancorp by 149.5% during the second quarter. Fifth Third Bancorp now owns 5,279 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 3,163 shares during the period. CWM LLC lifted its position in Hope Bancorp by 39.1% during 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. Finally, Choreo LLC purchased a new stake in Hope Bancorp in the second quarter valued at $108,000. Institutional investors and hedge funds own 84.00% of the company’s stock.

Hope Bancorp Company Profile

(Get Free Report)

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.

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