Hope Bancorp, Inc. (NASDAQ:HOPE – Get Free Report) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $13.28 and last traded at $13.2450, with a volume of 45094 shares trading hands. The stock had previously closed at $13.21.
Analyst Ratings Changes
Several equities research analysts recently weighed in on HOPE shares. Weiss Ratings raised Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Zacks Research raised Hope Bancorp from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 31st. Keefe, Bruyette & Woods boosted their target price on shares of Hope Bancorp from $13.00 to $14.00 and gave the company a “market perform” rating in a report on Monday, April 6th. DA Davidson boosted their target price on shares of Hope Bancorp from $14.50 to $15.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Finally, Brean Capital raised shares of Hope Bancorp from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 1st. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $14.50.
Get Our Latest Analysis on Hope Bancorp
Hope Bancorp Stock Up 0.7%
Hope Bancorp (NASDAQ:HOPE – Get Free Report) last released its earnings results on Tuesday, April 28th. The financial services provider reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. Hope Bancorp had a return on equity of 5.32% and a net margin of 6.56%.The firm had revenue of $133.82 million for the quarter, compared to analysts’ expectations of $145.30 million. During the same period in the prior year, the firm posted $0.17 earnings per share. The company’s quarterly revenue was up 21.0% on a year-over-year basis. Sell-side analysts predict that Hope Bancorp, Inc. will post 1.13 EPS for the current fiscal year.
Hope Bancorp Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were paid a $0.14 dividend. The ex-dividend date was Friday, May 8th. This represents a $0.56 dividend on an annualized basis and a yield of 4.2%. Hope Bancorp’s payout ratio is presently 107.69%.
Insider Buying and Selling
In other Hope Bancorp news, Director Daisy Y. Ha sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The shares were 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 in the company, valued at approximately $4,675,130.95. This trade represents a 3.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.27% of the company’s stock.
Institutional Investors Weigh In On Hope Bancorp
A number of institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC bought a new stake in shares of Hope Bancorp during the fourth quarter valued at approximately $28,000. International Assets Investment Management LLC bought a new position in Hope Bancorp in the 4th quarter valued at approximately $29,000. Geneos Wealth Management Inc. boosted its stake in 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 valued at $36,000 after purchasing an additional 2,558 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in 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 valued at $40,000 after purchasing 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% in 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. 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.
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