Hope Bancorp (NASDAQ:HOPE) EVP Thomas Stenger Sells 2,000 Shares

Key Points

• Thomas Stenger, EVP of Hope Bancorp, sold 2,000 shares at an average price of $10.01, reducing his holdings by 7.17% to 25,891 shares.
• Hope Bancorp's stock price decreased by 0.5%, trading at $10.88 with a market cap of $1.39 billion.
• The company recently announced a quarterly dividend of $0.14 per share, resulting in a dividend yield of 5.1%; however, the payout ratio stands at 160.00%.

Hope Bancorp, Inc. (NASDAQ:HOPE - Get Free Report) EVP Thomas Stenger sold 2,000 shares of Hope Bancorp stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $10.01, for a total transaction of $20,020.00. Following the completion of the sale, the executive vice president owned 25,891 shares of the company's stock, valued at approximately $259,168.91. The trade was a 7.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Thomas Stenger also recently made the following trade(s):

• On Monday, September 15th, Thomas Stenger sold 1,602 shares of Hope Bancorp stock. The stock was sold at an average price of $10.91, for a total value of $17,477.82.

Hope Bancorp Price Performance

Shares of NASDAQ:HOPE traded down $0.29 during trading on Friday, reaching $10.94. 1,981,877 shares of the company traded hands, compared to its average volume of 590,603. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. Hope Bancorp, Inc. has a 52 week low of $8.82 and a 52 week high of $14.53. The firm has a market capitalization of $1.40 billion, a PE ratio of 31.26 and a beta of 0.97. The company's 50 day moving average is $10.73 and its two-hundred day moving average is $10.43.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The financial services provider reported ($0.22) EPS for the quarter, missing the consensus estimate of $0.21 by ($0.43). The firm had revenue of $94.58 million during the quarter, compared to analyst estimates of $133.90 million. Hope Bancorp had a net margin of 4.27% and a return on equity of 4.45%. During the same quarter in the previous year, the firm posted $0.22 earnings per share. As a group, sell-side analysts predict that Hope Bancorp, Inc. will post 1.09 earnings per share for the current year.

Hope Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 1st were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 5.1%. The ex-dividend date was Friday, August 1st. Hope Bancorp's dividend payout ratio is currently 160.00%.

Hedge Funds Weigh In On Hope Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. KBC Group NV increased its stake in Hope Bancorp by 16.6% during the 1st quarter. KBC Group NV now owns 8,269 shares of the financial services provider's stock valued at $87,000 after purchasing an additional 1,176 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Hope Bancorp by 29.3% during the second quarter. GAMMA Investing LLC now owns 5,345 shares of the financial services provider's stock valued at $57,000 after buying an additional 1,211 shares during the last quarter. SummerHaven Investment Management LLC grew its holdings in shares of Hope Bancorp by 1.7% during the first quarter. SummerHaven Investment Management LLC now owns 72,836 shares of the financial services provider's stock valued at $763,000 after buying an additional 1,233 shares during the last quarter. Corient Private Wealth LLC increased its position in shares of Hope Bancorp by 6.9% during the second quarter. Corient Private Wealth LLC now owns 20,809 shares of the financial services provider's stock worth $223,000 after acquiring an additional 1,340 shares in the last quarter. Finally, Amalgamated Bank lifted its position in Hope Bancorp by 4.1% in the 2nd quarter. Amalgamated Bank now owns 35,709 shares of the financial services provider's stock valued at $383,000 after acquiring an additional 1,416 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Zacks Research downgraded Hope Bancorp from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 26th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $13.25.

About Hope Bancorp

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.