Hope Bancorp (NASDAQ:HOPE) Cut to “Sell” at StockNews.com

StockNews.com lowered shares of Hope Bancorp (NASDAQ:HOPE) from a hold rating to a sell rating in a research report released on Thursday morning.

Separately, Keefe, Bruyette & Woods upped their target price on shares of Hope Bancorp from $12.00 to $14.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 30th.

Hope Bancorp Price Performance

Hope Bancorp stock opened at $13.82 on Thursday. The company’s 50 day moving average is $12.88 and its two-hundred day moving average is $11.93. The firm has a market cap of $1.67 billion, a PE ratio of 16.45 and a beta of 1.13. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.10. Hope Bancorp has a 52-week low of $9.45 and a 52-week high of $14.53.

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

Hope Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.56 annualized dividend and a dividend yield of 4.05%. Hope Bancorp’s dividend payout ratio is currently 66.67%.

Insider Activity

In other news, Director Steven Koh sold 96,620 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $13.33, for a total value of $1,287,944.60. Following the completion of the transaction, the director now owns 3,167,023 shares in the company, valued at approximately $42,216,416.59. This represents a 2.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Daisy Y. Ha sold 27,104 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.83, for a total transaction of $374,848.32. Following the completion of the transaction, the director now directly owns 446,806 shares in the company, valued at $6,179,326.98. This trade represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 136,902 shares of company stock worth $1,829,678. 5.29% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hope Bancorp

Several large investors have recently bought and sold shares of HOPE. Assenagon Asset Management S.A. lifted its holdings in shares of Hope Bancorp by 232.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,333,798 shares of the financial services provider’s stock valued at $25,065,000 after purchasing an additional 1,632,384 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Hope Bancorp by 30.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,553,508 shares of the financial services provider’s stock valued at $57,192,000 after acquiring an additional 1,054,124 shares during the period. Jupiter Asset Management Ltd. raised its position in Hope Bancorp by 800.0% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 529,195 shares of the financial services provider’s stock valued at $5,684,000 after purchasing an additional 470,394 shares during the last quarter. American Century Companies Inc. boosted its stake in Hope Bancorp by 17.4% during the 2nd quarter. American Century Companies Inc. now owns 2,000,739 shares of the financial services provider’s stock worth $21,488,000 after purchasing an additional 296,469 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Hope Bancorp by 3.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,319,095 shares of the financial services provider’s stock worth $78,605,000 after purchasing an additional 218,302 shares during the last quarter. Institutional investors and hedge funds own 84.00% of the company’s stock.

Hope Bancorp Company Profile

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.