Short Interest in Hope Bancorp, Inc. (NASDAQ:HOPE) Grows By 38.0%

Hope Bancorp, Inc. (NASDAQ:HOPE) saw a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 2,650,000 shares, a growth of 38.0% from the February 28th total of 1,920,000 shares. Based on an average trading volume of 745,900 shares, the days-to-cover ratio is currently 3.6 days. Currently, 2.3% of the company’s shares are sold short.

Hope Bancorp Stock Down 0.7 %

HOPE traded down $0.08 during trading hours on Tuesday, reaching $10.40. 408,030 shares of the stock traded hands, compared to its average volume of 731,462. Hope Bancorp has a fifty-two week low of $9.80 and a fifty-two week high of $14.54. The company has a market cap of $1.26 billion, a price-to-earnings ratio of 12.68 and a beta of 1.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.96. The firm’s fifty day simple moving average is $11.07 and its two-hundred day simple moving average is $12.18.

Hope Bancorp (NASDAQ:HOPE) last announced its earnings results on Monday, January 27th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. Hope Bancorp had a return on equity of 4.84% and a net margin of 9.95%. As a group, analysts forecast that Hope Bancorp will post 1.09 earnings per share for the current fiscal year.

Hope Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Thursday, February 6th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.39%. The ex-dividend date was Thursday, February 6th. Hope Bancorp’s payout ratio is currently 68.29%.

Analyst Upgrades and Downgrades

HOPE has been the topic of a number of research reports. DA Davidson cut their target price on shares of Hope Bancorp from $15.50 to $14.50 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Piper Sandler cut their price objective on Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Finally, StockNews.com upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, December 6th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Hope Bancorp currently has an average rating of “Hold” and a consensus target price of $12.88.

Insiders Place Their Bets

In related news, EVP Thomas Stenger sold 4,185 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $11.83, for a total value of $49,508.55. Following the transaction, the executive vice president now owns 19,267 shares in the company, valued at approximately $227,928.61. This trade represents a 17.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.29% of the stock is currently owned by insiders.

Institutional Trading of Hope Bancorp

Several institutional investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC increased its holdings in Hope Bancorp by 181.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,407 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,553 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Hope Bancorp by 31.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 3,563 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 848 shares during the last quarter. Sterling Capital Management LLC raised its position in shares of Hope Bancorp by 819.1% during the 4th quarter. Sterling Capital Management LLC now owns 3,713 shares of the financial services provider’s stock valued at $46,000 after acquiring an additional 3,309 shares in the last quarter. Quantbot Technologies LP bought a new position in Hope Bancorp during the third quarter worth $58,000. Finally, KBC Group NV boosted its holdings in Hope Bancorp by 36.6% in the fourth quarter. KBC Group NV now owns 7,093 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 1,901 shares during the period. 84.00% of the stock is owned by institutional investors and hedge funds.

Hope Bancorp Company Profile

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides retail and commercial banking services for businesses and individuals in the United States. It accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts. The company also offers loans comprising commercial and industrial loans to businesses for various purposes, such as working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance, other business-related financing, and loans syndication services; commercial real estate loans; residential mortgage loans; small business administration loans; and consumer loans, such as single-family mortgage, home equity, automobile, credit card, and personal loans.