Hope Bancorp (NASDAQ:HOPE) Stock Breaks Above Two Hundred Day Moving Average

Hope Bancorp, Inc. (NASDAQ:HOPE – Get Free Report) shares passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $13.16 and traded as high as $13.55. Hope Bancorp shares last traded at $13.31, with a volume of 783,226 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on HOPE shares. DA Davidson raised their target price on Hope Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods upped their price target on Hope Bancorp from $14.00 to $15.00 and gave the company a “hold” rating in a report on Monday, August 3rd. Weiss Ratings lowered shares of Hope Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday. Finally, Benchmark upgraded shares of Hope Bancorp to a “hold” rating in a research note on Wednesday, September 23rd. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.50.

Get Our Latest Analysis on Hope Bancorp

Hope Bancorp Stock Down 0.8%

The stock has a market capitalization of $1.70 billion, a PE ratio of 13.31 and a beta of 0.87. The firm’s fifty day moving average is $13.87 and its 200-day moving average is $13.16. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.25.

Hope Bancorp (NASDAQ:HOPE – Get Free Report) last released its earnings results on Monday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.01. The company had revenue of $147.82 million for the quarter, compared to analysts’ expectations of $146.50 million. Hope Bancorp had a return on equity of 5.71% and a net margin of 12.53%. During the same quarter in the previous year, the firm posted ($0.22) EPS. On average, equities research analysts predict that Hope Bancorp, Inc. will post 1.14 earnings per share for the current year.

Hope Bancorp Dividend Announcement

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

Insiders Place Their Bets

In other Hope Bancorp news, Director Daisy Ha sold 26,995 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $14.24, for a total value of $384,408.80. Following the completion of the transaction, the director owned 346,120 shares in the company, valued at approximately $4,928,748.80. This represents a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.27% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hope Bancorp

Institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its position in shares of Hope Bancorp by 21.0% during the 3rd quarter. GAMMA Investing LLC now owns 8,480 shares of the financial services provider’s stock worth $113,000 after purchasing an additional 1,469 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Hope Bancorp by 210.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,514 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 1,703 shares in the last quarter. Cim Investment Management Inc. increased its holdings in shares of Hope Bancorp by 7.3% in the 2nd quarter. Cim Investment Management Inc. now owns 11,743 shares of the financial services provider’s stock valued at $161,000 after purchasing an additional 795 shares in the last quarter. QRG Capital Management Inc. increased its holdings in shares of Hope Bancorp by 14.8% in the 2nd quarter. QRG Capital Management Inc. now owns 22,521 shares of the financial services provider’s stock valued at $308,000 after purchasing an additional 2,902 shares in the last quarter. Finally, Engineers Gate Manager LP lifted its stake in shares of Hope Bancorp by 387.0% in the second quarter. Engineers Gate Manager LP now owns 56,438 shares of the financial services provider’s stock valued at $772,000 after purchasing an additional 44,848 shares during the period. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

About Hope Bancorp

(Get Free Report)

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.

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