Hope Bancorp (NASDAQ:HOPE) Hits New 1-Year Low – Here’s What Happened

Hope Bancorp, Inc. (NASDAQ:HOPE)’s stock price reached a new 52-week low during trading on Wednesday . The stock traded as low as $8.83 and last traded at $8.89, with a volume of 245622 shares trading hands. The stock had previously closed at $9.14.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on HOPE. Piper Sandler cut their target price on Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. DA Davidson cut their price objective on Hope Bancorp from $15.50 to $14.50 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Hope Bancorp currently has an average rating of “Hold” and a consensus target price of $12.88.

Hope Bancorp Trading Up 6.7 %

The company has a market cap of $1.18 billion, a PE ratio of 11.89 and a beta of 0.96. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average of $10.74 and a two-hundred day moving average of $12.04.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. Hope Bancorp had a net margin of 9.95% and a return on equity of 4.84%. As a group, sell-side analysts predict that Hope Bancorp, Inc. will post 1.09 EPS for the current year.

Hope Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Thursday, February 6th were paid a dividend of $0.14 per share. The ex-dividend date was Thursday, February 6th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.74%. Hope Bancorp’s payout ratio is 68.29%.

Insiders Place Their Bets

In other news, EVP Thomas Stenger sold 4,185 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $11.83, for a total value of $49,508.55. Following the sale, the executive vice president now directly owns 19,267 shares of the company’s stock, valued at approximately $227,928.61. This represents a 17.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.29% of the stock is owned by corporate insiders.

Institutional Trading of Hope Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of HOPE. State Street Corp grew its position in shares of Hope Bancorp by 1.9% during the 3rd quarter. State Street Corp now owns 6,152,656 shares of the financial services provider’s stock valued at $77,277,000 after purchasing an additional 112,824 shares in the last quarter. Wellington Management Group LLP grew its position in Hope Bancorp by 30.1% during the third quarter. Wellington Management Group LLP now owns 4,553,508 shares of the financial services provider’s stock worth $57,192,000 after buying an additional 1,054,124 shares in the last quarter. Frontier Capital Management Co. LLC increased its stake in Hope Bancorp by 3.6% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,963,643 shares of the financial services provider’s stock worth $36,423,000 after acquiring an additional 103,554 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Hope Bancorp by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,842,056 shares of the financial services provider’s stock valued at $35,703,000 after acquiring an additional 48,237 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Hope Bancorp by 12.5% during the 4th quarter. American Century Companies Inc. now owns 2,552,914 shares of the financial services provider’s stock valued at $31,375,000 after acquiring an additional 283,514 shares during the last quarter. Institutional investors own 84.00% of the company’s stock.

About Hope Bancorp

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides retail and commercial banking services for businesses and individuals in the United States. It accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts. The company also offers loans comprising commercial and industrial loans to businesses for various purposes, such as working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance, other business-related financing, and loans syndication services; commercial real estate loans; residential mortgage loans; small business administration loans; and consumer loans, such as single-family mortgage, home equity, automobile, credit card, and personal loans.