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Hope Bancorp (NASDAQ:HOPE) Shares Gap Up to $14.19

Defense World · Sep 25, 2022 03:31

Hope Bancorp, Inc. (NASDAQ:HOPE – Get Rating) shares gapped up prior to trading on Friday . The stock had previously closed at $14.19, but opened at $14.49. Hope Bancorp shares last traded at $13.95, with a volume of 6,157 shares traded.

Analyst Ratings Changes

HOPE has been the topic of several recent research reports. Piper Sandler lowered their price objective on shares of Hope Bancorp to $16.00 in a research note on Monday, July 4th. Wedbush lifted their target price on shares of Hope Bancorp to $16.00 in a research report on Friday, July 22nd. Finally, StockNews.com raised shares of Hope Bancorp from a "hold" rating to a "buy" rating in a research report on Thursday, June 23rd.

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Hope Bancorp Price Performance

The stock's 50-day moving average is $14.70 and its 200 day moving average is $14.81. The stock has a market capitalization of $1.67 billion, a PE ratio of 7.71 and a beta of 1.24. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.45.

Hope Bancorp (NASDAQ:HOPE – Get Rating) last announced its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.43 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.02. Hope Bancorp had a net margin of 34.35% and a return on equity of 10.72%. The firm had revenue of $154.28 million for the quarter, compared to the consensus estimate of $150.08 million. During the same period in the previous year, the firm posted $0.43 earnings per share. The firm's revenue was up 12.1% on a year-over-year basis. As a group, equities analysts predict that Hope Bancorp, Inc. will post 1.85 earnings per share for the current year.

Hope Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Investors of record on Friday, July 29th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend was Thursday, July 28th. Hope Bancorp's payout ratio is presently 30.94%.

Insider Activity at Hope Bancorp

In other Hope Bancorp news, Director William J. Lewis sold 7,500 shares of Hope Bancorp stock in a transaction that occurred on Tuesday, September 13th. The shares were sold at an average price of $14.23, for a total value of $106,725.00. Following the completion of the sale, the director now directly owns 17,601 shares in the company, valued at $250,462.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.05% of the stock is currently owned by insiders.

Institutional Trading of Hope Bancorp

A number of institutional investors have recently added to or reduced their stakes in HOPE. Macquarie Group Ltd. lifted its stake in Hope Bancorp by 84.3% in the second quarter. Macquarie Group Ltd. now owns 3,620,495 shares of the financial services provider's stock valued at $50,108,000 after acquiring an additional 1,656,400 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Hope Bancorp by 89.7% in the second quarter. Goldman Sachs Group Inc. now owns 2,308,837 shares of the financial services provider's stock valued at $31,954,000 after acquiring an additional 1,092,042 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Hope Bancorp by 75.7% in the first quarter. Victory Capital Management Inc. now owns 1,154,478 shares of the financial services provider's stock worth $16,509,000 after buying an additional 497,269 shares during the last quarter. State Street Corp lifted its stake in shares of Hope Bancorp by 7.2% in the first quarter. State Street Corp now owns 7,013,612 shares of the financial services provider's stock worth $112,779,000 after buying an additional 469,232 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Hope Bancorp by 49.6% in the fourth quarter. Invesco Ltd. now owns 854,343 shares of the financial services provider's stock worth $12,567,000 after buying an additional 283,130 shares during the last quarter. 86.82% of the stock is currently owned by institutional investors and hedge funds.

About Hope Bancorp

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Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides banking services for small and medium-sized businesses, and individuals in the United States. The company accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts.