Hope Bancorp, Inc. (NASDAQ:HOPE) Receives Consensus Recommendation of “Hold” from Brokerages

Hope Bancorp, Inc. (NASDAQ:HOPE) has been assigned an average rating of “Hold” from the five research firms that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $15.50.

A number of brokerages recently weighed in on HOPE. Weiss Ratings upgraded shares of Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Keefe, Bruyette & Woods upped their price target on Hope Bancorp from $14.00 to $15.00 and gave the company a “market perform” rating in a report on Monday. Finally, DA Davidson increased their price objective on Hope Bancorp from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th.

Hope Bancorp Stock Performance

NASDAQ:HOPE opened at $14.19 on Tuesday. Hope Bancorp has a twelve month low of $9.70 and a twelve month high of $14.28. 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 company has a 50-day moving average of $13.27 and a 200-day moving average of $12.36. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 14.19 and a beta of 0.83.

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, topping the consensus estimate of $0.26 by $0.01. Hope Bancorp had a net margin of 12.53% and a return on equity of 5.71%. The company had revenue of $147.82 million for the quarter, compared to analysts’ expectations of $146.50 million. During the same quarter in the previous year, the company posted ($0.22) EPS. Analysts forecast that Hope Bancorp will post 1.13 earnings per share for the current fiscal year.

Hope Bancorp Announces Dividend

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

Insider Activity

In other news, Director Daisy Y. Ha sold 12,000 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $12.53, for a total transaction of $150,360.00. Following the completion of the sale, the director directly owned 373,115 shares of the company’s stock, valued at $4,675,130.95. This represents a 3.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On Hope Bancorp

A number of institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC purchased a new position in Hope Bancorp in the 4th quarter worth about $28,000. International Assets Investment Management LLC purchased a new stake in Hope Bancorp during the fourth quarter valued at about $29,000. Geneos Wealth Management Inc. lifted its stake in Hope Bancorp by 294.0% during the first quarter. Geneos Wealth Management Inc. now owns 3,428 shares of the financial services provider’s stock valued at $36,000 after buying an additional 2,558 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of 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 worth $40,000 after buying an additional 2,862 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Hope Bancorp by 157.1% in the second 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 period. Hedge funds and other institutional investors own 84.00% of the company’s stock.

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.