Hope Bancorp (NASDAQ:HOPE) Sets New 1-Year High – Still a Buy?

Hope Bancorp, Inc. (NASDAQ:HOPE)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $13.67 and last traded at $13.6150, with a volume of 356342 shares changing hands. The stock had previously closed at $13.57.

Analyst Upgrades and Downgrades

HOPE has been the subject of a number of recent analyst reports. 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 note on Monday, April 6th. DA Davidson increased 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. Brean Capital upgraded shares of Hope Bancorp from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 1st. Weiss Ratings raised shares of Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Zacks Research raised Hope Bancorp from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 31st. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Hope Bancorp has an average rating of “Hold” and a consensus price target of $14.50.

Hope Bancorp Stock Performance

The company has a market cap of $1.78 billion, a PE ratio of 26.82 and a beta of 0.83. 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 firm’s 50-day simple moving average is $12.67 and its two-hundred day simple moving average is $11.98.

Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. Hope Bancorp had a net margin of 6.56% and a return on equity of 5.32%. The business had revenue of $133.82 million during the quarter, compared to analysts’ expectations of $145.30 million. During the same quarter last year, the company posted $0.17 earnings per share. The business’s quarterly revenue was up 21.0% on a year-over-year basis. As a group, research analysts anticipate that Hope Bancorp, Inc. will post 1.13 earnings per share for the current fiscal year.

Hope Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were paid a $0.14 dividend. The ex-dividend date was Friday, May 8th. This represents a $0.56 dividend on an annualized basis and a yield of 4.0%. Hope Bancorp’s dividend payout ratio (DPR) is 107.69%.

Insider Transactions at Hope Bancorp

In other Hope Bancorp news, Director Daisy Y. Ha sold 12,000 shares of Hope Bancorp stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $12.53, for a total transaction of $150,360.00. Following the completion of the sale, the director owned 373,115 shares of the company’s stock, valued at approximately $4,675,130.95. The trade was a 3.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On Hope Bancorp

A number of institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC purchased a new stake in shares of Hope Bancorp in the fourth quarter worth about $28,000. International Assets Investment Management LLC acquired a new position in shares of Hope Bancorp during the 4th quarter worth about $29,000. Geneos Wealth Management Inc. boosted its stake in shares of Hope Bancorp by 294.0% in the first quarter. Geneos Wealth Management Inc. now owns 3,428 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 2,558 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of Hope Bancorp by 375.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 3,625 shares of the financial services provider’s stock worth $40,000 after buying an additional 2,862 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Hope Bancorp by 157.1% during the second quarter. EverSource Wealth Advisors LLC now owns 5,026 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 3,071 shares during the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

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.