Hope Bancorp (NASDAQ:HOPE) Shares Gap Up to $14.19

Shares of Hope Bancorp, Inc. (NASDAQ:HOPEGet Rating) gapped up before the market opened on Friday . The stock had previously closed at $14.19, but opened at $14.49. Hope Bancorp shares last traded at $13.95, with a volume of 6,157 shares changing hands.

Analyst Upgrades and Downgrades

HOPE has been the topic of several recent research reports. Piper Sandler lowered their price objective on Hope Bancorp to $16.00 in a research report on Monday, July 4th. StockNews.com upgraded shares of Hope Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, June 23rd. Finally, Wedbush increased their target price on shares of Hope Bancorp to $16.00 in a research note on Friday, July 22nd.

Hope Bancorp Stock Down 2.4 %

The firm has a market cap of $1.65 billion, a price-to-earnings ratio of 7.84 and a beta of 1.24. The business has a fifty day simple moving average of $14.70 and a 200 day simple moving average of $14.83. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.98 and a quick ratio of 0.97.

Hope Bancorp (NASDAQ:HOPEGet Rating) last issued its earnings results on Tuesday, July 19th. The financial services provider reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $154.28 million during the quarter, compared to analysts’ expectations of $150.08 million. Hope Bancorp had a net margin of 34.35% and a return on equity of 10.72%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.43 earnings per share. As a group, equities analysts forecast that Hope Bancorp, Inc. will post 1.85 EPS for the current fiscal year.

Hope Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Friday, July 29th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date was Thursday, July 28th. Hope Bancorp’s dividend payout ratio (DPR) is presently 30.94%.

Insider Transactions at Hope Bancorp

In other news, Director William J. Lewis sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 13th. The shares were sold at an average price of $14.23, for a total transaction of $106,725.00. Following the completion of the sale, the director now owns 17,601 shares in the company, valued at approximately $250,462.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.05% of the company’s stock.

Institutional Investors Weigh In On Hope Bancorp

Several institutional investors and hedge funds have recently modified their holdings of HOPE. Teacher Retirement System of Texas grew its stake in shares of Hope Bancorp by 19.2% in the fourth quarter. Teacher Retirement System of Texas now owns 23,670 shares of the financial services provider’s stock worth $348,000 after acquiring an additional 3,806 shares in the last quarter. Citigroup Inc. grew its stake in shares of Hope Bancorp by 27.1% during the fourth quarter. Citigroup Inc. now owns 113,541 shares of the financial services provider’s stock worth $1,671,000 after purchasing an additional 24,211 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in shares of Hope Bancorp by 1.3% in the 4th quarter. Allianz Asset Management GmbH now owns 242,849 shares of the financial services provider’s stock valued at $3,572,000 after acquiring an additional 3,172 shares during the last quarter. Invesco Ltd. lifted its stake in Hope Bancorp by 49.6% during the fourth quarter. Invesco Ltd. now owns 854,343 shares of the financial services provider’s stock worth $12,567,000 after purchasing an additional 283,130 shares during the last quarter. Finally, Alpha Paradigm Partners LLC purchased a new stake in shares of Hope Bancorp during the 4th quarter worth approximately $734,000. Hedge funds and other institutional investors own 86.82% of the company’s stock.

Hope Bancorp Company Profile

(Get Rating)

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides banking services for small and medium-sized businesses, and individuals in the United States. The company accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts.

Further Reading

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