Hope Bancorp (NASDAQ:HOPE) EVP Thomas Stenger Sells 1,500 Shares

Key Points

• Hope Bancorp EVP Thomas Stenger sold 1,500 shares on June 8 at an average price of $12.68, totaling $19,020. After the sale, he still held 26,128 shares, a 5.43% reduction in his position.
• The stock was trading at $12.78, near its 52-week high of $13.09, with a market cap of $1.63 billion and a price-to-earnings ratio of 24.58. Trading volume also came in above average.
• Hope Bancorp recently reported quarterly EPS of $0.23, topping estimates, though revenue missed expectations at $133.82 million. The company also pays a quarterly dividend of $0.14 per share, implying a 4.4% yield.

Hope Bancorp, Inc. (NASDAQ:HOPE - Get Free Report) EVP Thomas Stenger sold 1,500 shares of the business's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $12.68, for a total value of $19,020.00. Following the completion of the transaction, the executive vice president directly owned 26,128 shares in the company, valued at approximately $331,303.04. The trade was a 5.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Hope Bancorp Stock Performance

Shares of Hope Bancorp stock traded up $0.11 during trading hours on Tuesday, hitting $12.78. 840,995 shares of the company were exchanged, compared to its average volume of 732,150. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.17. The business has a 50-day moving average of $12.27 and a 200-day moving average of $11.71. Hope Bancorp, Inc. has a 1 year low of $9.44 and a 1 year high of $13.09. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 24.58 and a beta of 0.84.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.01. The company had revenue of $133.82 million for the quarter, compared to analysts' expectations of $145.30 million. Hope Bancorp had a net margin of 6.56% and a return on equity of 5.32%. Hope Bancorp's revenue was up 21.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.17 EPS. As a group, analysts expect that Hope Bancorp, Inc. will post 1.13 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Friday, May 8th. Hope Bancorp's payout ratio is presently 107.69%.

Analyst Ratings Changes

A number of research firms recently commented on HOPE. Weiss Ratings raised shares of Hope Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. Brean Capital upgraded Hope Bancorp from a "neutral" rating to a "buy" rating in a research report on Wednesday, April 1st. DA Davidson lifted their price target on Hope Bancorp from $14.50 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Keefe, Bruyette & Woods increased their price objective on shares of Hope Bancorp from $13.00 to $14.00 and gave the company a "market perform" rating in a research note on Monday, April 6th. Finally, Zacks Research upgraded shares of Hope Bancorp from a "strong sell" rating to a "hold" rating in a research report on Tuesday, March 31st. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Hope Bancorp currently has an average rating of "Hold" and a consensus target price of $14.50.

Institutional Investors Weigh In On Hope Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of HOPE. Alpine Woods Capital Investors LLC acquired a new stake in Hope Bancorp during the first quarter worth approximately $201,000. Bank of America Corp DE boosted its holdings in shares of Hope Bancorp by 16.9% during the first quarter. Bank of America Corp DE now owns 989,030 shares of the financial services provider's stock worth $11,047,000 after purchasing an additional 142,807 shares during the last quarter. Amundi grew its position in shares of Hope Bancorp by 33.1% in the first quarter. Amundi now owns 19,113 shares of the financial services provider's stock valued at $213,000 after purchasing an additional 4,748 shares during the period. Royal Bank of Canada increased its stake in Hope Bancorp by 51.4% in the first quarter. Royal Bank of Canada now owns 11,457 shares of the financial services provider's stock valued at $128,000 after purchasing an additional 3,890 shares during the last quarter. Finally, Rhino Investment Partners Inc grew its holdings in Hope Bancorp by 9.9% in the 1st quarter. Rhino Investment Partners Inc now owns 2,595,281 shares of the financial services provider's stock valued at $28,989,000 after buying an additional 232,783 shares during the period. 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.

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