Hope Bancorp (NASDAQ:HOPE) Share Price Passes Above 200-Day Moving Average – Time to Sell?

Hope Bancorp, Inc. (NASDAQ:HOPE)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $12.23 and traded as high as $13.44. Hope Bancorp shares last traded at $13.44, with a volume of 1,250,056 shares traded.

Analysts Set New Price Targets

HOPE has been the subject of a number of research reports. Brean Capital upgraded Hope Bancorp from a “neutral” rating to a “buy” rating in a report on Wednesday, April 1st. Zacks Research upgraded shares of Hope Bancorp from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 31st. DA Davidson upped their target price on shares of Hope Bancorp from $14.50 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Weiss Ratings upgraded shares of Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Finally, Keefe, Bruyette & Woods lifted their price target 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. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $14.50.

Hope Bancorp Stock Down 0.7%

The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.17. The company’s fifty day moving average is $13.03 and its 200-day moving average is $12.23. The company has a market cap of $1.72 billion, a PE ratio of 25.85 and a beta of 0.83.

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

Insider Buying and Selling

In other Hope Bancorp news, Director Daisy Y. Ha sold 12,000 shares of the stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $12.53, for a total value of $150,360.00. Following the transaction, the director owned 373,115 shares of the company’s stock, valued at approximately $4,675,130.95. This represents a 3.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.27% of the company’s stock.

Hedge Funds Weigh In On Hope Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada raised its position in Hope Bancorp by 91.5% in the first quarter. Royal Bank of Canada now owns 32,828 shares of the financial services provider’s stock worth $344,000 after acquiring an additional 15,687 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Hope Bancorp by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,936 shares of the financial services provider’s stock worth $722,000 after acquiring an additional 3,005 shares during the last quarter. Millennium Management LLC grew its position in shares of Hope Bancorp by 147.1% during the 1st quarter. Millennium Management LLC now owns 492,153 shares of the financial services provider’s stock valued at $5,153,000 after acquiring an additional 292,994 shares during the period. Caxton Associates LLP bought a new stake in shares of Hope Bancorp during the 1st quarter valued at $297,000. Finally, Jane Street Group LLC increased its stake in shares of Hope Bancorp by 676.8% in the 1st quarter. Jane Street Group LLC now owns 227,116 shares of the financial services provider’s stock worth $2,378,000 after purchasing an additional 197,877 shares in 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.