Hope Bancorp (NASDAQ:HOPE) Sets New 52-Week High – Time to Buy?

Hope Bancorp, Inc. (NASDAQ:HOPE) shares hit a new 52-week high on Wednesday . The stock traded as high as $13.80 and last traded at $13.80, with a volume of 16527 shares traded. The stock had previously closed at $12.49.

Wall Street Analysts Forecast Growth

HOPE has been the subject of several research reports. Keefe, Bruyette & Woods increased their price objective on shares of Hope Bancorp from $12.00 to $14.00 and gave the company a “market perform” rating in a research report on Tuesday, July 30th. StockNews.com cut shares of Hope Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, October 29th.

Hope Bancorp Stock Up 12.6 %

The company has a market cap of $1.70 billion, a P/E ratio of 16.70 and a beta of 1.13. The company has a 50-day simple moving average of $12.56 and a 200 day simple moving average of $11.67. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.10.

Hope Bancorp (NASDAQ:HOPE) last issued its earnings results on Monday, October 28th. The financial services provider reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01). Hope Bancorp had a return on equity of 5.52% and a net margin of 9.81%. The company had revenue of $246.92 million for the quarter, compared to analysts’ expectations of $121.67 million. During the same period last year, the business posted $0.25 earnings per share. On average, equities analysts anticipate that Hope Bancorp, Inc. will post 0.85 EPS for the current year.

Hope Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date is Thursday, November 7th. Hope Bancorp’s payout ratio is 66.67%.

Insider Activity at Hope Bancorp

In related news, Director Jinho Doo sold 10,703 shares of Hope Bancorp stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.40, for a total transaction of $132,717.20. Following the transaction, the director now directly owns 21,538 shares of the company’s stock, valued at $267,071.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Thomas Stenger sold 3,200 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $12.40, for a total transaction of $39,680.00. Following the transaction, the executive vice president now directly owns 25,952 shares of the company’s stock, valued at $321,804.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jinho Doo sold 10,703 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.40, for a total value of $132,717.20. Following the completion of the sale, the director now directly owns 21,538 shares of the company’s stock, valued at approximately $267,071.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,831 shares of company stock worth $323,657 over the last three months. 5.29% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. nVerses Capital LLC acquired a new stake in shares of Hope Bancorp during the third quarter worth $48,000. SageView Advisory Group LLC acquired a new position in shares of Hope Bancorp in the first quarter valued at about $49,000. Fifth Third Bancorp raised its stake in shares of Hope Bancorp by 149.5% in the second quarter. Fifth Third Bancorp now owns 5,279 shares of the financial services provider’s stock worth $57,000 after purchasing an additional 3,163 shares during the last quarter. Choreo LLC acquired a new stake in shares of Hope Bancorp during the second quarter worth about $108,000. Finally, AE Wealth Management LLC purchased a new stake in Hope Bancorp in the second quarter valued at approximately $112,000. Institutional investors and hedge funds own 84.00% of the company’s stock.

About Hope Bancorp

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.