Hope Bancorp (NASDAQ:HOPE) Sets New 1-Year High – Here’s Why

Hope Bancorp, Inc. (NASDAQ:HOPE)’s share price reached a new 52-week high on Tuesday . The company traded as high as $13.67 and last traded at $13.6150, with a volume of 356342 shares changing hands. The stock had previously closed at $13.57.

Analyst Upgrades and Downgrades

HOPE has been the topic of several recent research reports. Keefe, Bruyette & Woods increased their target price on Hope Bancorp from $13.00 to $14.00 and gave the stock a “market perform” rating in a research report on Monday, April 6th. Weiss Ratings upgraded Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. DA Davidson lifted their target price on Hope Bancorp from $14.50 to $15.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Brean Capital upgraded Hope Bancorp from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 1st. Finally, Zacks Research raised shares of Hope Bancorp from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 31st. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Hope Bancorp currently has an average rating of “Hold” and a consensus price target of $14.50.

Hope Bancorp Trading Up 0.5%

The company has a debt-to-equity ratio of 0.17, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market cap of $1.74 billion, a P/E ratio of 26.22 and a beta of 0.84. The firm’s fifty day moving average price is $12.62 and its two-hundred day moving average price is $11.95.

Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.01. The company had revenue of $133.82 million during the quarter, compared to analyst estimates of $145.30 million. Hope Bancorp had a return on equity of 5.32% and a net margin of 6.56%.The firm’s quarterly revenue was up 21.0% on a year-over-year basis. During the same quarter last year, the company earned $0.17 earnings per share. As a group, equities research analysts forecast that Hope Bancorp, Inc. will post 1.13 EPS for the current year.

Hope Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 8th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, May 8th. Hope Bancorp’s dividend payout ratio (DPR) is 107.69%.

Insider Activity at Hope Bancorp

In related news, Director Daisy Y. Ha sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $12.53, for a total value of $150,360.00. Following the transaction, the director directly owned 373,115 shares in the company, valued at approximately $4,675,130.95. This represents a 3.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.27% of the company’s stock.

Hedge Funds Weigh In On Hope Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of HOPE. Global Retirement Partners LLC purchased a new stake in shares of Hope Bancorp during the 4th quarter valued at $28,000. International Assets Investment Management LLC purchased a new position in Hope Bancorp in the fourth quarter worth $29,000. Geneos Wealth Management Inc. increased its stake in Hope Bancorp by 294.0% in the first quarter. Geneos Wealth Management Inc. now owns 3,428 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 2,558 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in Hope Bancorp by 375.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 3,625 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 2,862 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Hope Bancorp by 157.1% during the second quarter. EverSource Wealth Advisors LLC now owns 5,026 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 3,071 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 Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company’s principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.

In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.