Hope Bancorp, Inc. (NASDAQ:HOPE – Get Free Report) declared a quarterly dividend on Tuesday, January 30th, Zacks reports. Shareholders of record on Friday, February 9th will be paid a dividend of 0.14 per share by the financial services provider on Friday, February 23rd. This represents a $0.56 annualized dividend and a yield of 4.90%. The ex-dividend date of this dividend is Thursday, February 8th.
Hope Bancorp has a payout ratio of 43.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Hope Bancorp to earn $1.17 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 47.9%.
Hope Bancorp Stock Performance
NASDAQ HOPE opened at $11.42 on Wednesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.05 and a quick ratio of 1.05. The company has a fifty day moving average price of $11.37 and a 200-day moving average price of $10.13. Hope Bancorp has a 1 year low of $7.42 and a 1 year high of $13.81. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of 8.59 and a beta of 1.19.
Hedge Funds Weigh In On Hope Bancorp
Several institutional investors and hedge funds have recently bought and sold shares of HOPE. Norges Bank purchased a new position in shares of Hope Bancorp during the 4th quarter valued at $14,687,000. Goldman Sachs Group Inc. lifted its holdings in Hope Bancorp by 89.7% during 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 purchasing an additional 1,092,042 shares during the last quarter. State Street Corp boosted its position in Hope Bancorp by 7.2% during the first quarter. State Street Corp now owns 7,013,612 shares of the financial services provider’s stock worth $112,779,000 after purchasing an additional 469,232 shares during the period. Morgan Stanley increased its stake in shares of Hope Bancorp by 19.9% in the third quarter. Morgan Stanley now owns 2,144,100 shares of the financial services provider’s stock worth $18,975,000 after purchasing an additional 355,991 shares in the last quarter. Finally, Deutsche Bank AG raised its position in shares of Hope Bancorp by 565.7% in the fourth quarter. Deutsche Bank AG now owns 384,530 shares of the financial services provider’s stock valued at $4,926,000 after purchasing an additional 326,766 shares during the period. 83.62% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of analysts recently commented on HOPE shares. StockNews.com upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, January 6th. Wedbush cut their price target on shares of Hope Bancorp from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Tuesday, October 24th. Four investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $10.33.
Hope Bancorp Company Profile
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. It accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts. Its loan products include commercial loans to businesses for various purposes, such as working capital, purchasing inventory, debt refinancing, business acquisitions, and other business-related financing needs; real estate loans; small business administration loans; and consumer loans, such as single-family mortgage, home equity, auto, credit card, and personal loans.
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