Hope Bancorp (NASDAQ:HOPE) Hits New 52-Week Low – Here’s What Happened

by · The Cerbat Gem

Shares of Hope Bancorp, Inc. (NASDAQ:HOPE – Get Free Report) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $8.83 and last traded at $8.89, with a volume of 245622 shares changing hands. The stock had previously closed at $9.14.

Analyst Upgrades and Downgrades

HOPE has been the subject of several analyst reports. Piper Sandler reduced their price objective on Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. DA Davidson cut their price target on Hope Bancorp from $15.50 to $14.50 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Hope Bancorp presently has an average rating of “Hold” and an average price target of $12.88.

View Our Latest Stock Report on Hope Bancorp

Hope Bancorp Price Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 0.97. The company has a 50-day simple moving average of $10.56 and a 200-day simple moving average of $11.95. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 11.11 and a beta of 0.96.

Hope Bancorp (NASDAQ:HOPE – Get Free Report) last issued its earnings results on Monday, January 27th. The financial services provider reported $0.20 EPS for the quarter, topping the consensus estimate 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, research analysts predict that Hope Bancorp, Inc. will post 1.09 earnings per share for the current year.

Hope Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Thursday, February 6th were given 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 6.15%. Hope Bancorp’s payout ratio is 68.29%.

Insider Transactions at Hope Bancorp

In other Hope Bancorp news, EVP Thomas Stenger sold 4,185 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $11.83, for a total transaction of $49,508.55. Following the completion of the transaction, the executive vice president now directly owns 19,267 shares in the company, valued at approximately $227,928.61. This trade represents a 17.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 5.29% of the company’s stock.

Institutional Inflows and Outflows

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

Hope Bancorp Company Profile

(Get Free Report)

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.

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