Hope Bancorp (NASDAQ:HOPE) Downgraded to “Sell” Rating by StockNews.com

StockNews.com lowered shares of Hope Bancorp (NASDAQ:HOPE) from a hold rating to a sell rating in a research report released on Thursday morning.

Several other research analysts have also commented on HOPE. DA Davidson cut their price target 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. Piper Sandler lowered their price objective on shares of Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Hope Bancorp presently has a consensus rating of “Hold” and an average price target of $12.88.

Hope Bancorp Stock Performance

Shares of HOPE opened at $10.24 on Thursday. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. Hope Bancorp has a 52-week low of $8.83 and a 52-week high of $14.54. The stock has a 50 day moving average price of $10.22 and a 200 day moving average price of $11.79. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of 12.49 and a beta of 0.96.

Hope Bancorp (NASDAQ:HOPE) last posted its earnings results on Tuesday, April 22nd. The financial services provider reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The firm had revenue of $217.17 million for the quarter, compared to the consensus estimate of $114.97 million. Hope Bancorp had a net margin of 9.95% and a return on equity of 4.84%. During the same period last year, the firm posted $0.23 EPS. Research analysts predict that Hope Bancorp will post 1.09 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 16th. Investors of record on Friday, May 2nd will be given a $0.14 dividend. The ex-dividend date of this dividend is Friday, May 2nd. This represents a $0.56 dividend on an annualized basis and a yield of 5.47%. Hope Bancorp’s dividend payout ratio (DPR) is 68.29%.

Insider Buying and Selling at Hope Bancorp

In other news, EVP Thomas Stenger sold 4,185 shares of the business’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 transaction, the executive vice president now directly owns 19,267 shares in the company, valued at $227,928.61. The trade was a 17.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.29% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hope Bancorp

A number of hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Hope Bancorp during the 1st quarter worth approximately $105,000. SummerHaven Investment Management LLC raised its position in Hope Bancorp by 1.7% in the first quarter. SummerHaven Investment Management LLC now owns 72,836 shares of the financial services provider’s stock worth $763,000 after acquiring an additional 1,233 shares in the last quarter. Bridge City Capital LLC raised its position in Hope Bancorp by 1.5% in the first quarter. Bridge City Capital LLC now owns 196,653 shares of the financial services provider’s stock worth $2,059,000 after acquiring an additional 2,864 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in Hope Bancorp by 29.0% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 38,207 shares of the financial services provider’s stock valued at $400,000 after acquiring an additional 8,581 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Hope Bancorp by 1,245.0% during the 1st quarter. GAMMA Investing LLC now owns 43,283 shares of the financial services provider’s stock worth $4,134,000 after purchasing an additional 40,065 shares in the last quarter. Institutional investors and hedge funds own 84.00% of the company’s stock.

Hope Bancorp Company Profile

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.