Hope Bancorp (NASDAQ:HOPE) Stock Price Passes Above 200 Day Moving Average – Here’s What Happened

Hope Bancorp, Inc. (NASDAQ:HOPE) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $12.23 and traded as high as $13.44. Hope Bancorp shares last traded at $13.44, with a volume of 1,250,056 shares changing hands.

Analyst Upgrades and Downgrades

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

Hope Bancorp Price Performance

The stock’s 50-day moving average price is $13.06 and its 200 day moving average price is $12.24. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 25.87 and a beta of 0.83. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.17.

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

Insider Activity at Hope Bancorp

In other Hope Bancorp news, Director Daisy Y. Ha sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $12.53, for a total value of $150,360.00. Following the completion of the sale, the director owned 373,115 shares in the company, valued at approximately $4,675,130.95. This trade represents a 3.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.27% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of HOPE. HoldCo Asset Management LP bought a new position in Hope Bancorp in the fourth quarter worth $32,838,000. Millennium Management LLC increased its holdings in Hope Bancorp by 366.8% in the 3rd quarter. Millennium Management LLC now owns 1,340,635 shares of the financial services provider’s stock valued at $14,439,000 after buying an additional 1,053,434 shares during the period. UBS Group AG increased its holdings in Hope Bancorp by 73.5% in the 4th quarter. UBS Group AG now owns 1,972,716 shares of the financial services provider’s stock valued at $21,621,000 after buying an additional 835,814 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Hope Bancorp by 44.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,310,967 shares of the financial services provider’s stock valued at $14,368,000 after buying an additional 404,505 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Hope Bancorp by 4.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,367,855 shares of the financial services provider’s stock valued at $82,298,000 after buying an additional 315,028 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors and hedge funds.

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.