Hope Bancorp (NASDAQ:HOPE) Share Price Breaks Above Two Hundred Day Moving Average – Here’s What Happened

Hope Bancorp, Inc. (NASDAQ:HOPE) shares crossed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $13.06 and traded as high as $13.75. Hope Bancorp shares last traded at $13.57, with a volume of 1,048,202 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on HOPE shares. Benchmark upgraded Hope Bancorp to a “hold” rating in a report on Wednesday, September 23rd. DA Davidson raised their target price on Hope Bancorp from $15.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Weiss Ratings raised Hope Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Hope Bancorp from $14.00 to $15.00 and gave the stock a “hold” rating in a research note on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.50.

Hope Bancorp Trading Down 1.0%

The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.25. The company has a market cap of $1.71 billion, a PE ratio of 13.34 and a beta of 0.87. The company has a fifty day simple moving average of $13.94 and a two-hundred day simple moving average of $13.08.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.01. Hope Bancorp had a return on equity of 5.71% and a net margin of 12.53%.The business had revenue of $147.82 million during the quarter, compared to analysts’ expectations of $146.50 million. During the same quarter last year, the business posted ($0.22) EPS. Analysts anticipate that Hope Bancorp, Inc. will post 1.14 EPS for the current year.

Hope Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 4.2%. The ex-dividend date was Thursday, August 6th. Hope Bancorp’s payout ratio is 56.00%.

Insider Activity at Hope Bancorp

In other news, Director Daisy Ha sold 26,995 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $14.24, for a total value of $384,408.80. Following the sale, the director directly owned 346,120 shares in the company, valued at approximately $4,928,748.80. This trade represents a 7.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.27% of the company’s stock.

Hedge Funds Weigh In On Hope Bancorp

Several large investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of Hope Bancorp during the 2nd quarter worth about $252,703,000. Wellington Management Group LLP lifted its stake in Hope Bancorp by 14.5% during the second quarter. Wellington Management Group LLP now owns 11,438,933 shares of the financial services provider’s stock worth $156,485,000 after purchasing an additional 1,448,931 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Hope Bancorp by 4.5% in the first quarter. Dimensional Fund Advisors LP now owns 7,367,855 shares of the financial services provider’s stock valued at $82,298,000 after purchasing an additional 315,028 shares in the last quarter. Rhino Investment Partners Inc increased its stake in Hope Bancorp by 9.9% in the first quarter. Rhino Investment Partners Inc now owns 2,595,281 shares of the financial services provider’s stock valued at $28,989,000 after purchasing an additional 232,783 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in Hope Bancorp in the second quarter valued at approximately $12,098,000. Hedge funds and other institutional investors own 84.00% of the company’s stock.

About Hope Bancorp

Hope Bancorp, Inc is the parent company of Bank of Hope, a full-service commercial bank headquartered in Los Angeles, California. The bank serves individuals, businesses and communities, with a particular focus on Korean American and other multicultural markets in the United States.

Bank of Hope offers a range of banking products and services, including business and personal deposit accounts, commercial and residential real estate lending, commercial and industrial loans, Small Business Administration financing, consumer loans and online banking.