Hope Bancorp (NASDAQ:HOPE) Share Price Breaks Above 200-Day Moving Average – What’s Next?

Hope Bancorp, Inc. (NASDAQ:HOPE)’s stock price passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $13.16 and traded as high as $13.55. Hope Bancorp shares last traded at $13.31, with a volume of 783,226 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on HOPE shares. Keefe, Bruyette & Woods boosted their price objective on shares of Hope Bancorp from $14.00 to $15.00 and gave the company a “hold” rating in a research report on Monday, August 3rd. Weiss Ratings cut shares of Hope Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 9th. Benchmark raised shares of Hope Bancorp to a “hold” rating in a research report on Wednesday, September 23rd. Finally, DA Davidson boosted their price target on shares of Hope Bancorp from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.50.

Hope Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.97 and a current ratio of 0.98. The business’s 50-day moving average is $13.84 and its 200-day moving average is $13.18. The company has a market capitalization of $1.71 billion, a PE ratio of 13.40 and a beta of 0.87.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. Hope Bancorp had a net margin of 12.53% and a return on equity of 5.71%. The business had revenue of $147.82 million for the quarter, compared to analysts’ expectations of $146.50 million. During the same quarter in the prior year, the company earned ($0.22) earnings per share. On average, research analysts anticipate that Hope Bancorp, Inc. will post 1.14 earnings per share for the current year.

Hope Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Thursday, August 6th. Hope Bancorp’s payout ratio is currently 56.00%.

Insider Buying and Selling at Hope Bancorp

In related news, Director Daisy Ha sold 26,995 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $14.24, for a total transaction of $384,408.80. Following the completion of the transaction, the director owned 346,120 shares of the company’s stock, valued at $4,928,748.80. This trade represents a 7.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.27% of the stock is owned by insiders.

Institutional Investors Weigh In On Hope Bancorp

Several hedge funds have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC bought a new position in shares of Hope Bancorp during the third quarter valued at $25,000. GAMMA Investing LLC boosted its position in shares of Hope Bancorp by 21.0% during the third quarter. GAMMA Investing LLC now owns 8,480 shares of the financial services provider’s stock valued at $113,000 after buying an additional 1,469 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Hope Bancorp by 210.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,514 shares of the financial services provider’s stock worth $33,000 after buying an additional 1,703 shares in the last quarter. Cim Investment Management Inc. increased its holdings in Hope Bancorp by 7.3% in the 2nd quarter. Cim Investment Management Inc. now owns 11,743 shares of the financial services provider’s stock worth $161,000 after buying an additional 795 shares in the last quarter. Finally, QRG Capital Management Inc. raised its position in Hope Bancorp by 14.8% in the 2nd quarter. QRG Capital Management Inc. now owns 22,521 shares of the financial services provider’s stock worth $308,000 after buying an additional 2,902 shares during the last quarter. 84.00% of the stock is owned by institutional investors.

About Hope Bancorp

Hope Bancorp, Inc is the parent company of Bank of Hope, a full-service commercial bank headquartered in Los Angeles, California. The bank serves individuals, businesses and communities, with a particular focus on Korean American and other multicultural markets in the United States.

Bank of Hope offers a range of banking products and services, including business and personal deposit accounts, commercial and residential real estate lending, commercial and industrial loans, Small Business Administration financing, consumer loans and online banking.