Hope Bancorp (NASDAQ:HOPE) Reaches New 52-Week Low – Here’s Why

Hope Bancorp, Inc. (NASDAQ:HOPE) shares reached a new 52-week low on Thursday . The stock traded as low as $9.64 and last traded at $9.64, with a volume of 1979467 shares changing hands. The stock had previously closed at $10.51.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on HOPE shares. StockNews.com raised Hope Bancorp from a “sell” rating to a “hold” rating in a report on Friday, December 6th. DA Davidson dropped their price target on shares of Hope Bancorp from $15.50 to $14.50 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Finally, Piper Sandler reduced their price objective on shares of Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.88.

Hope Bancorp Stock Performance

The company has a market cap of $1.16 billion, a PE ratio of 11.76 and a beta of 1.15. The business’s 50-day moving average is $11.00 and its 200 day moving average is $12.16. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 0.97.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.03. Hope Bancorp had a return on equity of 4.84% and a net margin of 9.95%. On average, equities research analysts predict that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, February 6th were given a dividend of $0.14 per share. The ex-dividend date was Thursday, February 6th. This represents a $0.56 annualized dividend and a yield of 5.81%. Hope Bancorp’s payout ratio is currently 68.29%.

Insider Buying and Selling

In related news, EVP Thomas Stenger sold 4,185 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $11.83, for a total transaction of $49,508.55. Following the transaction, the executive vice president now owns 19,267 shares in the company, valued at $227,928.61. The trade was a 17.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.29% of the stock is owned by insiders.

Hedge Funds Weigh In On Hope Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its position in shares of Hope Bancorp by 181.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,407 shares of the financial services provider’s stock worth $29,000 after buying an additional 1,553 shares during the period. MassMutual Private Wealth & Trust FSB boosted its stake in Hope Bancorp by 31.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 3,563 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 848 shares in the last quarter. Sterling Capital Management LLC boosted its stake in Hope Bancorp by 819.1% during the fourth quarter. Sterling Capital Management LLC now owns 3,713 shares of the financial services provider’s stock worth $46,000 after acquiring an additional 3,309 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Hope Bancorp in the third quarter worth about $58,000. Finally, KBC Group NV increased its stake in shares of Hope Bancorp by 36.6% during the fourth quarter. KBC Group NV now owns 7,093 shares of the financial services provider’s stock valued at $87,000 after purchasing an additional 1,901 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 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.