Insider Selling: Hope Bancorp (NASDAQ:HOPE) Director Sells 12,000 Shares of Stock

Key Points

• Hope Bancorp director Daisy Ha sold 12,000 shares on May 6 at an average price of $12.53, totaling about $150,360 and reducing her stake by 3.12%.
• The stock slipped 0.9% to $12.41, while the company remains near its 52-week range of $9.44 to $13.02 and has a market value of about $1.59 billion.
• Hope Bancorp reported quarterly EPS of $0.23, beating estimates, and announced a $0.14 quarterly dividend to be paid May 22, implying a 4.5% yield.

Hope Bancorp, Inc. (NASDAQ:HOPE - Get Free Report) Director Daisy Ha sold 12,000 shares of the business's stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $12.53, for a total value of $150,360.00. Following the completion of the transaction, the director owned 373,115 shares in the company, valued at $4,675,130.95. This trade represents a 3.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Hope Bancorp Stock Down 0.9%

NASDAQ HOPE traded down $0.11 on Friday, reaching $12.41. The stock had a trading volume of 693,723 shares, compared to its average volume of 982,835. The business has a 50 day moving average price of $11.69 and a 200 day moving average price of $11.40. The company has a current ratio of 0.96, a quick ratio of 0.97 and a debt-to-equity ratio of 0.17. Hope Bancorp, Inc. has a 1 year low of $9.44 and a 1 year high of $13.02. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of 23.87 and a beta of 0.84.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last issued its earnings results on Tuesday, April 28th. The financial services provider reported $0.23 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.01. The firm had revenue of $126.69 million for the quarter, compared to the consensus estimate of $145.30 million. Hope Bancorp had a return on equity of 5.32% and a net margin of 6.56%.The business's quarterly revenue was up 21.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 earnings per share. On average, analysts forecast that Hope Bancorp, Inc. will post 1.13 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Friday, May 8th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Friday, May 8th. Hope Bancorp's dividend payout ratio is 107.69%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on HOPE. Keefe, Bruyette & Woods upped their price target on Hope Bancorp from $13.00 to $14.00 and gave the stock a "market perform" rating in a research note on Monday, April 6th. Weiss Ratings upgraded Hope Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, April 24th. DA Davidson increased their target price on Hope Bancorp from $14.50 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Brean Capital upgraded Hope Bancorp from a "neutral" rating to a "buy" rating in a research note on Wednesday, April 1st. Finally, Zacks Research upgraded Hope Bancorp from a "strong sell" rating to a "hold" rating in a research note on Tuesday, March 31st. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $14.50.

Institutional Investors Weigh In On Hope Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rhino Investment Partners Inc increased its holdings in Hope Bancorp by 29.8% during the 3rd quarter. Rhino Investment Partners Inc now owns 1,896,501 shares of the financial services provider's stock valued at $20,425,000 after purchasing an additional 435,165 shares in the last quarter. American Century Companies Inc. increased its holdings in Hope Bancorp by 6.3% during the 3rd quarter. American Century Companies Inc. now owns 3,195,059 shares of the financial services provider's stock valued at $34,411,000 after purchasing an additional 188,182 shares in the last quarter. Public Sector Pension Investment Board boosted its position in Hope Bancorp by 15.7% in the 3rd quarter. Public Sector Pension Investment Board now owns 499,967 shares of the financial services provider's stock valued at $5,385,000 after buying an additional 67,742 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in Hope Bancorp in the 3rd quarter valued at $788,000. Finally, Four Tree Island Advisory LLC bought a new position in Hope Bancorp in the 3rd quarter valued at $321,000. 84.00% of the stock is owned by institutional investors and hedge funds.

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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