Hope Bancorp (NASDAQ:HOPE) Upgraded by StockNews.com to “Hold”

StockNews.com upgraded shares of Hope Bancorp (NASDAQ:HOPE) from a sell rating to a hold rating in a report published on Wednesday morning.

Several other analysts have also commented on the stock. Wedbush reduced their price target on shares of Hope Bancorp from $12.00 to $11.00 and set a neutral rating on the stock in a research report on Tuesday, April 30th. DA Davidson raised Hope Bancorp from a neutral rating to a buy rating and set a $12.50 price target on the stock in a research note on Tuesday, April 30th. Finally, Keefe, Bruyette & Woods increased their price target on Hope Bancorp from $12.00 to $14.00 and gave the stock a market perform rating in a report on Tuesday, July 30th.

Hope Bancorp Stock Performance

NASDAQ HOPE opened at $12.36 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.00 and a current ratio of 0.96. The stock’s fifty day moving average is $11.42 and its two-hundred day moving average is $11.03. The firm has a market capitalization of $1.49 billion, a P/E ratio of 12.36 and a beta of 1.15. Hope Bancorp has a fifty-two week low of $8.15 and a fifty-two week high of $13.59.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings results on Monday, July 29th. The financial services provider reported $0.22 earnings per share for the quarter, meeting the consensus estimate of $0.22. Hope Bancorp had a net margin of 10.02% and a return on equity of 5.85%. The firm had revenue of $116.90 million for the quarter, compared to analysts’ expectations of $121.27 million. During the same quarter in the previous year, the company posted $0.32 EPS. The company’s revenue was down 20.9% compared to the same quarter last year. On average, research analysts anticipate that Hope Bancorp will post 0.89 earnings per share for the current year.

Hope Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.56 annualized dividend and a dividend yield of 4.53%. Hope Bancorp’s dividend payout ratio is currently 56.00%.

Insider Activity

In related news, Director Steven Koh sold 3,857 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $9.94, for a total transaction of $38,338.58. Following the completion of the transaction, the director now directly owns 3,294,186 shares in the company, valued at approximately $32,744,208.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Hope Bancorp news, Director Steven Koh sold 3,857 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $9.94, for a total transaction of $38,338.58. Following the sale, the director now directly owns 3,294,186 shares in the company, valued at approximately $32,744,208.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Angelee Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $10.68, for a total transaction of $44,856.00. Following the completion of the transaction, the executive vice president now directly owns 18,527 shares of the company’s stock, valued at approximately $197,868.36. The disclosure for this sale can be found here. Insiders own 5.29% of the company’s stock.

Institutional Investors Weigh In On Hope Bancorp

Hedge funds have recently bought and sold shares of the stock. SageView Advisory Group LLC purchased a new stake in shares of Hope Bancorp during the first quarter worth approximately $49,000. Fifth Third Bancorp increased its position in shares of Hope Bancorp by 149.5% in the 2nd quarter. Fifth Third Bancorp now owns 5,279 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 3,163 shares during the last quarter. CWM LLC increased its position in shares of Hope Bancorp by 39.1% in the 1st quarter. CWM LLC now owns 8,939 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 2,513 shares during the last quarter. Choreo LLC acquired a new stake in shares of Hope Bancorp in the 2nd quarter valued at $108,000. Finally, AE Wealth Management LLC purchased a new stake in shares of Hope Bancorp during the 2nd quarter worth $112,000. Institutional investors and hedge funds 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.