Insider Selling: Hope Bancorp, Inc. (HOPE) Director Sells 101,026 Shares of Stock
Hope Bancorp, Inc. (NASDAQ:HOPE) Director Donald Byun sold 101,026 shares of Hope Bancorp stock in a transaction on Friday, August 25th. The stock was sold at an average price of $16.45, for a total transaction of $1,661,877.70. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Hope Bancorp, Inc. (NASDAQ HOPE) traded down 0.37% on Monday, reaching $16.29. The company had a trading volume of 287,857 shares. The stock has a market capitalization of $2.20 billion, a P/E ratio of 14.88 and a beta of 1.39. Hope Bancorp, Inc. has a 12-month low of $15.39 and a 12-month high of $22.99. The stock’s 50-day moving average price is $17.44 and its 200-day moving average price is $18.85.
Hope Bancorp (NASDAQ:HOPE) last posted its earnings results on Tuesday, July 25th. The financial services provider reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by $0.02. The firm had revenue of $132.94 million during the quarter, compared to analysts’ expectations of $136.80 million. Hope Bancorp had a return on equity of 8.45% and a net margin of 24.38%. On average, equities research analysts anticipate that Hope Bancorp, Inc. will post $1.20 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were given a dividend of $0.13 per share. The ex-dividend date was Thursday, July 27th. This is an increase from Hope Bancorp’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a yield of 3.19%. Hope Bancorp’s dividend payout ratio is 47.71%.
Large investors have recently modified their holdings of the stock. First Interstate Bank increased its stake in shares of Hope Bancorp by 254.3% in the second quarter. First Interstate Bank now owns 6,395 shares of the financial services provider’s stock worth $119,000 after buying an additional 4,590 shares during the period. Bank of Montreal Can increased its stake in shares of Hope Bancorp by 1.2% in the second quarter. Bank of Montreal Can now owns 10,232 shares of the financial services provider’s stock worth $191,000 after buying an additional 122 shares during the period. Riverhead Capital Management LLC increased its stake in shares of Hope Bancorp by 100.4% in the second quarter. Riverhead Capital Management LLC now owns 10,221 shares of the financial services provider’s stock worth $191,000 after buying an additional 5,121 shares during the period. Teacher Retirement System of Texas increased its stake in shares of Hope Bancorp by 0.5% in the second quarter. Teacher Retirement System of Texas now owns 10,308 shares of the financial services provider’s stock worth $192,000 after buying an additional 55 shares during the period. Finally, Connable Office Inc. bought a new stake in shares of Hope Bancorp during the second quarter worth about $196,000. Institutional investors and hedge funds own 79.47% of the company’s stock.
HOPE has been the subject of a number of research reports. FIG Partners raised Hope Bancorp from a “market perform” rating to an “outperform” rating in a report on Friday, May 19th. BidaskClub raised Hope Bancorp from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Zacks Investment Research raised Hope Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, May 30th. Piper Jaffray Companies dropped their target price on Hope Bancorp from $21.00 to $20.00 and set a “neutral” rating for the company in a report on Tuesday, May 30th. Finally, Wedbush reissued a “neutral” rating and set a $20.00 target price on shares of Hope Bancorp in a report on Tuesday, June 27th. Five research analysts have rated the stock with a hold rating, The company has a consensus rating of “Hold” and a consensus target price of $20.75.
About Hope Bancorp
Hope Bancorp, Inc, formerly BBCN Bancorp, Inc, is the holding company of Bank of Hope. Bank of Hope is the regional Korean-American bank in the United States. Bank of Hope operates approximately 85 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama.
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