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

Hope Bancorp, Inc. (NASDAQ:HOPE) was the recipient of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 3,605,013 shares, a growth of 18.7% from the February 26th total of 3,036,247 shares. Based on an average daily volume of 767,369 shares, the days-to-cover ratio is currently 4.7 days. Currently, 3.0% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Several research analysts recently commented on HOPE shares. Keefe, Bruyette & Woods lifted their target price on shares of Hope Bancorp from $12.00 to $13.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 28th. Zacks Research cut shares of Hope Bancorp from a “hold” rating to a “strong sell” rating in a research report on Monday, February 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Hope Bancorp in a report on Monday, December 29th. Finally, DA Davidson restated a “buy” rating and issued a $14.50 price objective on shares of Hope Bancorp in a research report on Wednesday, January 28th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $13.75.

Insider Buying and Selling at Hope Bancorp

In other news, Director Daisy Y. Ha sold 31,020 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $12.48, for a total transaction of $387,129.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC purchased a new stake in shares of Hope Bancorp in the 4th quarter worth about $28,000. International Assets Investment Management LLC bought a new stake in shares of Hope Bancorp during the 4th quarter valued at about $29,000. Geneos Wealth Management Inc. increased its position in shares of Hope Bancorp by 294.0% during the first quarter. Geneos Wealth Management Inc. now owns 3,428 shares of the financial services provider’s stock valued at $36,000 after buying an additional 2,558 shares during the period. Rockefeller Capital Management L.P. increased its position in shares of Hope Bancorp by 375.1% during 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 buying an additional 2,862 shares during the period. Finally, Versant Capital Management Inc raised its stake in Hope Bancorp by 61.0% in the third quarter. Versant Capital Management Inc now owns 3,968 shares of the financial services provider’s stock worth $43,000 after buying an additional 1,503 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors.

Hope Bancorp Trading Up 1.7%

NASDAQ HOPE traded up $0.19 on Tuesday, hitting $11.17. The company’s stock had a trading volume of 1,082,122 shares, compared to its average volume of 924,751. The firm has a market cap of $1.43 billion, a P/E ratio of 24.28 and a beta of 0.85. Hope Bancorp has a 52-week low of $8.82 and a 52-week high of $12.79. The company’s 50-day simple moving average is $11.61 and its 200 day simple moving average is $11.13. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.17.

Hope Bancorp (NASDAQ:HOPE) last posted its earnings results on Tuesday, January 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.01. The firm had revenue of $145.76 million for the quarter, compared to analysts’ expectations of $142.90 million. Hope Bancorp had a return on equity of 5.09% and a net margin of 5.81%.The business’s revenue was up 23.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.20 earnings per share. Research analysts predict that Hope Bancorp will post 1.09 EPS for the current fiscal year.

Hope Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Friday, February 6th were issued a $0.14 dividend. The ex-dividend date was Friday, February 6th. This represents a $0.56 annualized dividend and a yield of 5.0%. Hope Bancorp’s payout ratio is 121.74%.

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.