Hope Bancorp (NASDAQ:HOPE) Reaches New 52-Week High – Here’s What Happened

Hope Bancorp, Inc. (NASDAQ:HOPE)’s share price reached a new 52-week high on Monday . The company traded as high as $14.24 and last traded at $14.2450, with a volume of 67100 shares trading hands. The stock had previously closed at $14.01.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Weiss Ratings upgraded Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Keefe, Bruyette & Woods raised their target price on shares of Hope Bancorp from $13.00 to $14.00 and gave the company a “market perform” rating in a research note on Monday, April 6th. Finally, DA Davidson boosted their target price on shares of Hope Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. 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.com, the company presently has a consensus rating of “Hold” and a consensus target price of $15.00.

Hope Bancorp Price Performance

The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of 14.16 and a beta of 0.83. The company’s 50 day moving average is $13.23 and its 200-day moving average is $12.34.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. The firm had revenue of $147.82 million for the quarter, compared to the consensus estimate of $146.50 million. Hope Bancorp had a return on equity of 5.71% and a net margin of 12.53%.During the same quarter in the previous year, the business earned ($0.22) earnings per share. Equities research analysts anticipate that Hope Bancorp, Inc. will post 1.13 earnings per share for the current year.

Hope Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $0.56 annualized dividend and a dividend yield of 4.0%. Hope Bancorp’s payout ratio is presently 56.00%.

Insider Activity at Hope Bancorp

In other news, Director Daisy Y. Ha sold 12,000 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $12.53, for a total transaction of $150,360.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.27% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. HoldCo Asset Management LP bought a new stake in shares of Hope Bancorp in the fourth quarter valued at approximately $32,838,000. Millennium Management LLC raised 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 acquiring an additional 1,053,434 shares in the last quarter. UBS Group AG raised 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 acquiring an additional 835,814 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Hope Bancorp by 44.6% during 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 acquiring an additional 404,505 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Hope Bancorp by 4.5% during 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 acquiring an additional 315,028 shares during the period. Institutional investors own 84.00% of the company’s stock.

About Hope Bancorp

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.