Hope Bancorp (NASDAQ:HOPE) Stock Passes Above 200-Day Moving Average – Here’s Why

Hope Bancorp, Inc. (NASDAQ:HOPE)’s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $11.63 and traded as high as $12.46. Hope Bancorp shares last traded at $12.15, with a volume of 1,004,528 shares traded.

Analyst Upgrades and Downgrades

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

Hope Bancorp Trading Up 0.1%

The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.17. The business has a 50 day moving average of $12.20 and a 200-day moving average of $11.66. The stock has a market cap of $1.61 billion, a PE ratio of 24.23 and a beta of 0.84.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.01. The company had revenue of $133.82 million during the quarter, compared to the consensus estimate of $145.30 million. Hope Bancorp had a return on equity of 5.32% and a net margin of 6.56%.Hope Bancorp’s revenue was up 21.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.17 EPS. On average, analysts anticipate that Hope Bancorp, Inc. will post 1.13 EPS for the current year.

Hope Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were issued a $0.14 dividend. The ex-dividend date was Friday, May 8th. This represents a $0.56 annualized dividend and a yield of 4.4%. Hope Bancorp’s payout ratio is 107.69%.

Insiders Place Their Bets

In other Hope Bancorp news, Director Daisy Y. Ha sold 12,000 shares of the business’s stock in a transaction on 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 directly owned 373,115 shares in the company, valued at approximately $4,675,130.95. The trade was a 3.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.27% of the company’s stock.

Institutional Trading of Hope Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new stake in shares of Hope Bancorp during the 4th quarter worth $28,000. International Assets Investment Management LLC acquired a new stake in shares of Hope Bancorp during the 4th quarter worth $29,000. Geneos Wealth Management Inc. increased its holdings 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 buying an additional 2,558 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Hope Bancorp by 375.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 3,625 shares of the financial services provider’s stock worth $40,000 after buying an additional 2,862 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Hope Bancorp by 157.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,026 shares of the financial services provider’s stock worth $54,000 after buying an additional 3,071 shares during the last quarter. 84.00% of the stock is currently owned by institutional investors and hedge funds.

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.