Hope Bancorp (NASDAQ:HOPE) Hits New 1-Year High – Time to Buy?

Hope Bancorp, Inc. (NASDAQ:HOPE) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $13.28 and last traded at $13.2450, with a volume of 45094 shares. The stock had previously closed at $13.21.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on HOPE shares. Zacks Research raised Hope Bancorp from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 31st. Weiss Ratings upgraded shares of Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Brean Capital upgraded shares of Hope Bancorp from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 1st. Keefe, Bruyette & Woods boosted their price target 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 increased their price objective on shares of Hope Bancorp from $14.50 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $14.50.

Hope Bancorp Stock Performance

The firm’s 50 day moving average is $12.56 and its two-hundred day moving average is $11.91. The stock has a market capitalization of $1.73 billion, a PE ratio of 26.06 and a beta of 0.84. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.96 and a current ratio of 0.96.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.23 EPS 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 company 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 posted $0.17 EPS. The firm’s revenue was up 21.0% compared to the same quarter last year. As a group, research analysts predict that Hope Bancorp, Inc. will post 1.13 earnings per share for the current year.

Hope Bancorp Dividend Announcement

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

Insider Transactions at Hope Bancorp

In other news, Director Daisy Y. Ha sold 12,000 shares of Hope Bancorp stock in a transaction dated 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 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.27% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hope Bancorp

Large investors have recently modified their holdings of the company. Global Retirement Partners LLC purchased a new stake in Hope Bancorp during the 4th quarter worth about $28,000. International Assets Investment Management LLC acquired a new stake in shares of Hope Bancorp during the 4th quarter worth about $29,000. Geneos Wealth Management Inc. raised its position in shares of Hope Bancorp by 294.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 3,428 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 2,558 shares in the last quarter. Rockefeller Capital Management L.P. lifted its stake in 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 worth $40,000 after purchasing an additional 2,862 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake 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 worth $54,000 after purchasing an additional 3,071 shares during the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

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.