Hope Bancorp (NASDAQ:HOPE) Share Price Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• Hope Bancorp shares moved above their 200-day moving average during Wednesday trading, touching as high as $12.46 before last trading around $12.15.
• Analysts are cautiously positive: the stock currently carries a consensus Hold rating, but several firms recently raised price targets and two analysts rate it a Buy, with an average target of $14.50.
• Recent earnings beat expectations as Hope Bancorp posted $0.23 EPS versus the $0.22 estimate, while also paying a quarterly dividend of $0.14 per share, equal to a 4.6% annualized yield.

Shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $11.63 and traded as high as $12.46. Hope Bancorp shares last traded at $12.15, with a volume of 1,004,528 shares traded.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Hope Bancorp from $13.00 to $14.00 and gave the stock a "market perform" rating in a research note on Monday, April 6th. DA Davidson lifted their target price on shares of Hope Bancorp from $14.50 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Zacks Research upgraded shares of Hope Bancorp from a "strong sell" rating to a "hold" rating in a research note on Tuesday, March 31st. 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, Brean Capital raised shares of Hope Bancorp from a "neutral" rating to a "buy" rating in a research report on Wednesday, April 1st. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Hope Bancorp currently has a consensus rating of "Hold" and an average price target of $14.50.

Hope Bancorp Stock Down 2.8%

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 company has a market capitalization of $1.55 billion, a PE ratio of 23.37 and a beta of 0.84. The business's 50-day simple moving average is $12.14 and its 200-day simple moving average is $11.63.

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

Hope Bancorp Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend was Friday, May 8th. This represents a $0.56 dividend on an annualized basis and a yield of 4.6%. Hope Bancorp's dividend payout ratio (DPR) is currently 107.69%.

Insider Transactions at Hope Bancorp

In other Hope Bancorp news, Director Daisy Y. Ha sold 12,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $12.53, for a total transaction of $150,360.00. Following the completion of the transaction, the director directly owned 373,115 shares of the company's stock, valued at approximately $4,675,130.95. This trade represents a 3.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.27% of the company's stock.

Hedge Funds Weigh In On Hope Bancorp

Several institutional investors have recently made changes to their positions in HOPE. Global Retirement Partners LLC purchased a new position in shares of Hope Bancorp during the 4th quarter valued at approximately $28,000. International Assets Investment Management LLC purchased 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 shares of Hope Bancorp by 294.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 3,428 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 2,558 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Hope Bancorp by 375.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 3,625 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 2,862 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Hope Bancorp by 157.1% during the 2nd 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 owned by hedge funds and other institutional investors.

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.

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