Hope Bancorp (NASDAQ:HOPE) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

Hope Bancorp, Inc. (NASDAQ:HOPE)’s stock price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $10.98 and traded as high as $12.18. Hope Bancorp shares last traded at $12.14, with a volume of 806,815 shares.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. DA Davidson reiterated a “buy” rating and set a $14.50 target price on shares of Hope Bancorp in a report on Wednesday, January 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hope Bancorp in a research report on Monday, December 29th. Zacks Research downgraded Hope Bancorp from a “hold” rating to a “strong sell” rating in a report on Monday, February 2nd. Keefe, Bruyette & Woods raised their price target on Hope Bancorp from $12.00 to $13.00 and gave the company a “market perform” rating in a report on Wednesday, January 28th. Finally, Wall Street Zen raised Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $13.75.

Hope Bancorp Stock Performance

The firm has a market cap of $1.56 billion, a P/E ratio of 26.39 and a beta of 0.87. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.97. The business’s 50-day simple moving average is $11.65 and its 200 day simple moving average is $10.98.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.01. Hope Bancorp had a return on equity of 5.09% and a net margin of 5.81%.The firm had revenue of $145.76 million for the quarter, compared to analysts’ expectations of $142.90 million. During the same period in the prior year, the firm earned $0.20 EPS. The company’s revenue was up 23.6% compared to the same quarter last year. As a group, equities analysts predict that Hope Bancorp, Inc. will post 1.09 earnings per share for the current year.

Hope Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Friday, February 6th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $0.56 annualized dividend and a dividend yield of 4.6%. Hope Bancorp’s dividend payout ratio is presently 121.74%.

Insider Activity at Hope Bancorp

In other news, Director David P. Malone sold 20,820 shares of Hope Bancorp stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $11.50, for a total transaction of $239,430.00. Following the transaction, the director owned 66,658 shares in the company, valued at $766,567. This trade represents a 23.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Daisy Y. Ha sold 31,020 shares of the business’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $12.48, for a total transaction of $387,129.60. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 83,340 shares of company stock worth $1,011,996 in the last quarter. Company insiders own 5.16% of the company’s stock.

Hedge Funds Weigh In On Hope Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Global Retirement Partners LLC purchased a new stake in Hope Bancorp in the fourth quarter worth about $28,000. International Assets Investment Management LLC bought a new position in shares of Hope Bancorp during the 4th quarter valued at approximately $29,000. Geneos Wealth Management Inc. increased its holdings in Hope Bancorp by 294.0% in the 1st 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 in the last quarter. Versant Capital Management Inc raised its stake in Hope Bancorp by 61.0% during the 3rd quarter. Versant Capital Management Inc now owns 3,968 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,503 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings 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 valued at $54,000 after purchasing an additional 3,071 shares in the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

About Hope Bancorp

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.