Hope Bancorp (NASDAQ:HOPE) Stock: Insider Angelee Harris Sells 3,200 Shares

Key Points

• EVP Angelee Harris sold 3,200 Hope Bancorp shares at an average $13.10 each, for $41,920 total. She retained 27,552 shares after the transaction.
• Hope Bancorp reported quarterly EPS of $0.29, matching analyst expectations, while revenue of $157.48 million exceeded estimates. The company declared a $0.14 quarterly dividend, equivalent to a 4.3% annualized yield.
• Analyst views are mostly neutral: the stock has an average “Hold” rating and a $14 average price target. Shares were trading at $13.02, down 0.3% on the day cited.

Hope Bancorp, Inc. (NASDAQ:HOPE - Get Free Report) EVP Angelee Harris sold 3,200 shares of Hope Bancorp stock in a transaction dated Thursday, November 12th. The shares were sold at an average price of $13.10, for a total value of $41,920.00. Following the transaction, the executive vice president owned 27,552 shares of the company's stock, valued at $360,931.20. This trade represents a 10.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Hope Bancorp Stock Down 0.3%

HOPE traded down $0.04 during midday trading on Friday, reaching $13.02. 729,032 shares of the company were exchanged, compared to its average volume of 1,000,189. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 0.96. The company's fifty day moving average price is $13.61 and its 200 day moving average price is $12.88. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 12.52 and a beta of 0.90. Hope Bancorp, Inc. has a one year low of $9.80 and a one year high of $14.59.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last posted its earnings results on Wednesday, October 28th. The financial services provider reported $0.29 earnings per share for the quarter, meeting analysts' consensus estimates of $0.29. The company had revenue of $157.48 million for the quarter, compared to analyst estimates of $151.34 million. Hope Bancorp had a return on equity of 5.97% and a net margin of 12.90%. During the same quarter last year, the company earned $0.25 earnings per share. As a group, analysts expect that Hope Bancorp, Inc. will post 1.07 EPS for the current year.

Hope Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Saturday, November 7th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Friday, November 6th. Hope Bancorp's dividend payout ratio is presently 53.85%.

Hedge Funds Weigh In On Hope Bancorp

Institutional investors have recently modified their holdings of the business. Cim Investment Management Inc. boosted its stake in Hope Bancorp by 7.3% in the second quarter. Cim Investment Management Inc. now owns 11,743 shares of the financial services provider's stock valued at $161,000 after acquiring an additional 795 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Hope Bancorp by 21.0% during the 3rd quarter. GAMMA Investing LLC now owns 8,480 shares of the financial services provider's stock valued at $113,000 after acquiring an additional 1,469 shares during the period. Farther Finance Advisors LLC grew its position in shares of Hope Bancorp by 210.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,514 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 1,703 shares during the period. HighTower Advisors LLC increased its stake in shares of Hope Bancorp by 18.0% during the 2nd quarter. HighTower Advisors LLC now owns 12,091 shares of the financial services provider's stock worth $165,000 after purchasing an additional 1,847 shares during the last quarter. Finally, Fortitude Family Office LLC purchased a new stake in shares of Hope Bancorp during the 3rd quarter worth approximately $25,000. 84.00% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on HOPE shares. DA Davidson cut Hope Bancorp from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $16.00 to $14.00 in a research note on Friday, October 30th. Benchmark upgraded shares of Hope Bancorp to a "hold" rating in a research note on Wednesday, September 23rd. Piper Sandler lowered their target price on shares of Hope Bancorp from $15.00 to $13.00 and set a "neutral" rating for the company in a report on Monday, November 2nd. Zacks Research downgraded shares of Hope Bancorp from a "hold" rating to a "strong sell" rating in a report on Tuesday, November 3rd. Finally, Keefe, Bruyette & Woods raised their price target on shares of Hope Bancorp from $14.00 to $15.00 and gave the company a "hold" rating in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $14.00.

About Hope Bancorp

Hope Bancorp, Inc. is the bank holding company for Bank of Hope, a commercial bank headquartered in Los Angeles. Bank of Hope was formed in 2016 through the merger of BBCN Bank and Wilshire Bank, bringing together institutions with roots in serving Korean-American communities. The bank provides deposit accounts, commercial and consumer lending, and other banking services to individuals and businesses. Its offerings include commercial real estate and business loans, small-business lending, treasury management, and online and mobile banking.

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