Thomas Stenger Sells 1,500 Shares of Hope Bancorp (NASDAQ:HOPE) Stock

Hope Bancorp, Inc. (NASDAQ:HOPE) EVP Thomas Stenger sold 1,500 shares of Hope Bancorp stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.68, for a total transaction of $19,020.00. Following the sale, the executive vice president owned 26,128 shares of the company’s stock, valued at $331,303.04. The trade was a 5.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Hope Bancorp Trading Up 0.9%

NASDAQ:HOPE opened at $12.89 on Thursday. Hope Bancorp, Inc. has a 12 month low of $9.44 and a 12 month high of $13.09. The firm has a fifty day simple moving average of $12.31 and a 200-day simple moving average of $11.73. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $1.65 billion, a P/E ratio of 24.79 and a beta of 0.84.

Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.22 by $0.01. The business had revenue of $133.82 million during the quarter, compared to the consensus estimate of $145.30 million. Hope Bancorp had a net margin of 6.56% and a return on equity of 5.32%. The business’s revenue for the quarter was up 21.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 earnings per share. On average, equities research analysts anticipate that Hope Bancorp, Inc. will post 1.13 earnings per share for the current year.

Hope Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were given a dividend of $0.14 per share. The ex-dividend date was Friday, May 8th. This represents a $0.56 dividend on an annualized basis and a yield of 4.3%. Hope Bancorp’s payout ratio is currently 107.69%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its holdings in Hope Bancorp by 9.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,647 shares of the financial services provider’s stock valued at $128,000 after buying an additional 960 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in Hope Bancorp by 6.2% in the fourth quarter. Hantz Financial Services Inc. now owns 18,064 shares of the financial services provider’s stock valued at $198,000 after buying an additional 1,051 shares in the last quarter. Corient Private Wealth LLC increased its holdings in Hope Bancorp by 5.1% in the fourth quarter. Corient Private Wealth LLC now owns 22,218 shares of the financial services provider’s stock valued at $244,000 after buying an additional 1,074 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Hope Bancorp by 0.4% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 269,046 shares of the financial services provider’s stock valued at $2,950,000 after buying an additional 1,152 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Hope Bancorp by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 60,053 shares of the financial services provider’s stock valued at $644,000 after buying an additional 1,659 shares in the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on HOPE shares. Zacks Research upgraded shares of Hope Bancorp from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 31st. Keefe, Bruyette & Woods boosted their target price on shares of Hope Bancorp from $13.00 to $14.00 and gave the company a “market perform” rating in a research report on Monday, April 6th. Brean Capital upgraded shares of Hope Bancorp from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 1st. Weiss Ratings upgraded shares of Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Finally, DA Davidson boosted their target price on shares of Hope Bancorp from $14.50 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Hope Bancorp presently has an average rating of “Hold” and a consensus price target of $14.50.

Hope Bancorp Company Profile

Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company’s principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.

In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.