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

Hope Bancorp, Inc. (NASDAQ:HOPE) shares hit a new 52-week high on Wednesday . The stock traded as high as $13.80 and last traded at $13.80, with a volume of 16527 shares changing hands. The stock had previously closed at $12.49.

Analyst Ratings Changes

A number of research firms have commented on HOPE. StockNews.com lowered Hope Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 29th. Keefe, Bruyette & Woods boosted their price objective on shares of Hope Bancorp from $12.00 to $14.00 and gave the company a “market perform” rating in a report on Tuesday, July 30th.

Hope Bancorp Stock Performance

The company has a market cap of $1.70 billion, a PE ratio of 16.70 and a beta of 1.13. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.10. The business’s fifty day moving average is $12.56 and its 200-day moving average is $11.67.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01). Hope Bancorp had a net margin of 9.81% and a return on equity of 5.52%. The business had revenue of $246.92 million for the quarter, compared to the consensus estimate of $121.67 million. During the same period in the previous year, the firm earned $0.25 EPS. As a group, research analysts predict that Hope Bancorp, Inc. will post 0.85 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.98%. The ex-dividend date of this dividend is Thursday, November 7th. Hope Bancorp’s dividend payout ratio (DPR) is currently 66.67%.

Insider Activity at Hope Bancorp

In other Hope Bancorp news, Director Jinho Doo sold 10,703 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.40, for a total transaction of $132,717.20. Following the sale, the director now owns 21,538 shares in the company, valued at approximately $267,071.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Hope Bancorp news, Director Jinho Doo sold 10,703 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.40, for a total value of $132,717.20. Following the completion of the sale, the director now owns 21,538 shares in the company, valued at approximately $267,071.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Thomas Stenger sold 3,200 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $12.40, for a total value of $39,680.00. Following the completion of the transaction, the executive vice president now owns 25,952 shares in the company, valued at $321,804.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,831 shares of company stock worth $323,657. 5.29% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hope Bancorp

Several institutional investors and hedge funds have recently modified their holdings of HOPE. Dimensional Fund Advisors LP grew its stake in Hope Bancorp by 3.1% during the second quarter. Dimensional Fund Advisors LP now owns 7,319,095 shares of the financial services provider’s stock valued at $78,605,000 after acquiring an additional 218,302 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Hope Bancorp by 232.7% during the second quarter. Assenagon Asset Management S.A. now owns 2,333,798 shares of the financial services provider’s stock valued at $25,065,000 after purchasing an additional 1,632,384 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Hope Bancorp by 17.4% in the second quarter. American Century Companies Inc. now owns 2,000,739 shares of the financial services provider’s stock worth $21,488,000 after purchasing an additional 296,469 shares during the last quarter. Boston Partners lifted its position in shares of Hope Bancorp by 4.3% in the first quarter. Boston Partners now owns 1,229,582 shares of the financial services provider’s stock worth $13,994,000 after buying an additional 51,207 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Hope Bancorp by 9.0% during the third quarter. Principal Financial Group Inc. now owns 648,095 shares of the financial services provider’s stock valued at $8,140,000 after buying an additional 53,587 shares during the last quarter. Institutional investors own 84.00% of the company’s stock.

About Hope Bancorp

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.