Hope Bancorp, Inc. (NASDAQ:HOPE) Sees Large Increase in Short Interest

Hope Bancorp, Inc. (NASDAQ:HOPE) was the target of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 2,290,000 shares, an increase of 8.5% from the December 15th total of 2,110,000 shares. Currently, 2.0% of the shares of the stock are sold short. Based on an average trading volume of 724,900 shares, the days-to-cover ratio is currently 3.2 days.

Hope Bancorp Trading Up 0.8 %

NASDAQ:HOPE opened at $12.09 on Friday. The firm has a market capitalization of $1.46 billion, a P/E ratio of 14.39 and a beta of 1.16. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.10. The company has a fifty day moving average of $12.88 and a 200 day moving average of $12.57. Hope Bancorp has a 52 week low of $9.80 and a 52 week high of $14.53.

Hope Bancorp (NASDAQ:HOPE) last posted its earnings results on Monday, October 28th. The financial services provider reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01). Hope Bancorp had a return on equity of 5.52% and a net margin of 9.81%. The firm had revenue of $246.92 million for the quarter, compared to analysts’ expectations of $121.67 million. During the same quarter in the prior year, the company posted $0.25 earnings per share. On average, research analysts predict that Hope Bancorp will post 0.85 earnings per share for the current year.

Hope Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a dividend of $0.14 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.56 annualized dividend and a dividend yield of 4.63%. Hope Bancorp’s dividend payout ratio (DPR) is presently 66.67%.

Insider Activity at Hope Bancorp

In related news, Director Daisy Y. Ha sold 27,104 shares of Hope Bancorp stock in a transaction on 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 owns 446,806 shares in the company, valued at $6,179,326.98. This trade represents a 5.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Angelee Harris sold 3,000 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 19,795 shares of the company’s stock, valued at $280,297.20. This represents a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 129,224 shares of company stock valued at $1,737,873 over the last 90 days. 5.29% of the stock is owned by insiders.

Hedge Funds Weigh In On Hope Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. MassMutual Private Wealth & Trust FSB raised its stake 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 buying an additional 848 shares in the last quarter. Quantinno Capital Management LP grew its holdings in shares of Hope Bancorp by 8.5% during the 3rd quarter. Quantinno Capital Management LP now owns 11,729 shares of the financial services provider’s stock worth $147,000 after acquiring an additional 919 shares during the period. CWM LLC raised its position in shares of Hope Bancorp by 15.7% in the 3rd quarter. CWM LLC now owns 9,109 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 1,238 shares in the last quarter. Inspire Investing LLC lifted its stake in shares of Hope Bancorp by 4.5% in the 2nd quarter. Inspire Investing LLC now owns 32,603 shares of the financial services provider’s stock valued at $350,000 after purchasing an additional 1,413 shares during the period. Finally, The Manufacturers Life Insurance Company boosted 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 valued at $645,000 after purchasing an additional 1,597 shares in the last quarter. Institutional investors own 84.00% of the company’s stock.

Wall Street Analyst Weigh In

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

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.