Hope Bancorp, Inc. (HOPE) Sets New 52-Week Low at $15.29
Hope Bancorp, Inc. (NASDAQ:HOPE)’s share price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $15.29 and last traded at $15.29, with a volume of 479,154 shares changing hands. The stock had previously closed at $15.60.
Several brokerages recently issued reports on HOPE. BidaskClub raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. Zacks Investment Research raised shares of Hope Bancorp from a “sell” rating to a “buy” rating and set a $21.00 price objective on the stock in a research note on Wednesday, July 12th. Wedbush reissued a “neutral” rating and set a $20.00 price objective on shares of Hope Bancorp in a research note on Tuesday, June 27th. Piper Jaffray Companies reduced their price objective on shares of Hope Bancorp from $21.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 30th. Finally, FIG Partners raised shares of Hope Bancorp from a “market perform” rating to an “outperform” rating in a research note on Friday, May 19th. Six research analysts have rated the stock with a hold rating, Hope Bancorp has a consensus rating of “Hold” and an average price target of $20.00.
The firm has a 50-day moving average price of $16.78 and a 200-day moving average price of $18.51. The company has a market cap of $2.09 billion, a P/E ratio of 14.10 and a beta of 1.39.
Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.30 EPS for the quarter, missing the consensus estimate of $0.32 by $0.02. The company had revenue of $132.94 million for the quarter, compared to analyst estimates of $136.80 million. Hope Bancorp had a return on equity of 8.45% and a net margin of 24.38%. On average, analysts expect that Hope Bancorp, Inc. will post $1.20 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were issued a dividend of $0.13 per share. This is a boost from Hope Bancorp’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 3.37%. The ex-dividend date was Thursday, July 27th. Hope Bancorp’s dividend payout ratio (DPR) is currently 47.71%.
In related news, EVP Jason K. Kim sold 2,750 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $17.70, for a total transaction of $48,675.00. Following the completion of the sale, the executive vice president now directly owns 70,729 shares in the company, valued at $1,251,903.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Donald Byun sold 101,026 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $16.45, for a total transaction of $1,661,877.70. The disclosure for this sale can be found here. Company insiders own 5.20% of the company’s stock.
Several hedge funds have recently bought and sold shares of HOPE. BlackRock Inc. boosted its holdings in shares of Hope Bancorp by 49,191.5% during the first quarter. BlackRock Inc. now owns 15,769,350 shares of the financial services provider’s stock worth $302,299,000 after purchasing an additional 15,737,358 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Hope Bancorp by 295.1% during the second quarter. Principal Financial Group Inc. now owns 3,881,006 shares of the financial services provider’s stock worth $72,381,000 after purchasing an additional 2,898,811 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Hope Bancorp by 45.7% during the first quarter. Victory Capital Management Inc. now owns 2,108,798 shares of the financial services provider’s stock worth $40,426,000 after purchasing an additional 661,045 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Hope Bancorp by 5.4% during the first quarter. Vanguard Group Inc. now owns 11,866,306 shares of the financial services provider’s stock worth $227,477,000 after purchasing an additional 608,014 shares during the period. Finally, Phocas Financial Corp. acquired a new stake in shares of Hope Bancorp during the second quarter worth approximately $10,205,000. Institutional investors and hedge funds own 79.47% of the company’s stock.
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About Hope Bancorp
Hope Bancorp, Inc, formerly BBCN Bancorp, Inc, is the holding company of Bank of Hope. Bank of Hope is the regional Korean-American bank in the United States. Bank of Hope operates approximately 85 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama.