Hope Bancorp (NASDAQ:HOPE) Hits New 1-Year High Following Analyst Upgrade

Shares of Hope Bancorp, Inc. (NASDAQ:HOPE) reached a new 52-week high during trading on Monday after Keefe, Bruyette & Woods raised their price target on the stock from $14.00 to $15.00. Keefe, Bruyette & Woods currently has a hold rating on the stock. Hope Bancorp traded as high as $14.24 and last traded at $14.2450, with a volume of 67100 shares changing hands. The stock had previously closed at $14.01.

A number of other research analysts have also commented on HOPE. Weiss Ratings upgraded shares of Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. DA Davidson raised their price target on Hope Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Hope Bancorp currently has an average rating of “Hold” and an average price target of $15.50.

Insider Transactions at Hope Bancorp

In other news, Director Daisy Y. 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 completion of the sale, the director 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.27% of the company’s stock.

Institutional Trading of Hope Bancorp

Several hedge funds have recently modified their holdings of the business. Global Retirement Partners LLC purchased a new stake in shares of Hope Bancorp in the fourth quarter valued at approximately $28,000. International Assets Investment Management LLC purchased a new position in Hope Bancorp in the fourth quarter worth $29,000. Geneos Wealth Management Inc. lifted its holdings in Hope Bancorp by 294.0% in the first quarter. Geneos Wealth Management Inc. now owns 3,428 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 2,558 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in Hope Bancorp by 375.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 3,625 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 2,862 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position 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 purchasing an additional 3,071 shares in the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

Hope Bancorp Stock Performance

The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of 14.36 and a beta of 0.83. The stock’s 50 day moving average price is $13.30 and its two-hundred day moving average price is $12.38.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.01. The business had revenue of $147.82 million during the quarter, compared to the consensus estimate of $146.50 million. Hope Bancorp had a net margin of 12.53% and a return on equity of 5.71%. During the same quarter last year, the firm posted ($0.22) EPS. On average, analysts forecast that Hope Bancorp, Inc. will post 1.13 EPS for the current year.

Hope Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $0.56 dividend on an annualized basis and a yield of 3.9%. Hope Bancorp’s dividend payout ratio (DPR) is 56.00%.

About Hope Bancorp

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.