Hope Bancorp (NASDAQ:HOPE) Hits New 12-Month High at $12.54

Hope Bancorp, Inc. (NASDAQ:HOPE) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $12.54 and last traded at $12.48, with a volume of 1184127 shares traded. The stock had previously closed at $11.77.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on HOPE. Keefe, Bruyette & Woods reduced their price objective on Hope Bancorp from $13.00 to $12.00 and set a “market perform” rating on the stock in a research note on Wednesday, May 1st. DA Davidson upgraded Hope Bancorp from a “neutral” rating to a “buy” rating and set a $12.50 price target on the stock in a report on Tuesday, April 30th. Finally, Wedbush lowered their price target on Hope Bancorp from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, April 30th. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $11.83.

Hope Bancorp Stock Up 6.0 %

The firm has a market cap of $1.51 billion, a PE ratio of 12.27 and a beta of 1.15. The company has a 50-day simple moving average of $10.50 and a 200-day simple moving average of $10.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.00 and a quick ratio of 1.00.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings results on Monday, April 29th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.05). The business had revenue of $123.30 million for the quarter, compared to the consensus estimate of $130.42 million. Hope Bancorp had a return on equity of 6.43% and a net margin of 10.80%. Hope Bancorp’s revenue was down 14.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.33 earnings per share. Analysts expect that Hope Bancorp, Inc. will post 0.95 earnings per share for the current fiscal year.

Hope Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date of this dividend was Wednesday, May 8th. Hope Bancorp’s payout ratio is presently 56.00%.

Insider Buying and Selling

In other news, Director Steven Koh sold 3,857 shares of Hope Bancorp stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $9.94, for a total transaction of $38,338.58. Following the completion of the sale, the director now owns 3,294,186 shares of the company’s stock, valued at $32,744,208.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Steven Koh sold 3,857 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $9.94, for a total value of $38,338.58. Following the completion of the sale, the director now owns 3,294,186 shares in the company, valued at approximately $32,744,208.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Angelee Harris sold 4,200 shares of Hope Bancorp stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $10.68, for a total value of $44,856.00. Following the completion of the transaction, the executive vice president now owns 18,527 shares in the company, valued at $197,868.36. The disclosure for this sale can be found here. 5.29% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of HOPE. Norges Bank purchased a new stake in Hope Bancorp during the fourth quarter valued at approximately $9,960,000. Wellington Management Group LLP purchased a new stake in shares of Hope Bancorp during the 4th quarter valued at $2,977,000. Hsbc Holdings PLC boosted its position in shares of Hope Bancorp by 455.8% in the 4th quarter. Hsbc Holdings PLC now owns 220,046 shares of the financial services provider’s stock worth $2,683,000 after purchasing an additional 180,458 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Hope Bancorp by 28.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 773,619 shares of the financial services provider’s stock worth $9,345,000 after buying an additional 170,985 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Hope Bancorp by 11.9% during the 3rd quarter. American Century Companies Inc. now owns 1,155,150 shares of the financial services provider’s stock valued at $10,223,000 after buying an additional 123,041 shares in the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

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.