Hope Bancorp, Inc. Plans Quarterly Dividend of $0.14 (NASDAQ:HOPE)

Hope Bancorp, Inc. (NASDAQ:HOPEGet Rating) declared a quarterly dividend on Monday, January 23rd, Zacks reports. Shareholders of record on Thursday, February 2nd will be given a dividend of 0.14 per share by the financial services provider on Thursday, February 16th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date of this dividend is Wednesday, February 1st.

Hope Bancorp has a dividend payout ratio of 30.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Hope Bancorp to earn $1.92 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 29.2%.

Hope Bancorp Stock Down 4.8 %

Hope Bancorp stock opened at $12.42 on Wednesday. The company has a market capitalization of $1.48 billion, a PE ratio of 6.86 and a beta of 1.21. Hope Bancorp has a 12-month low of $12.16 and a 12-month high of $17.68. The firm’s fifty day moving average is $13.05 and its 200 day moving average is $13.73. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.71.

Hope Bancorp (NASDAQ:HOPEGet Rating) last posted its quarterly earnings results on Tuesday, January 24th. The financial services provider reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.02). Hope Bancorp had a net margin of 28.44% and a return on equity of 10.88%. The company had revenue of $236.35 million during the quarter, compared to the consensus estimate of $168.70 million. During the same period last year, the firm posted $0.43 earnings per share. As a group, sell-side analysts predict that Hope Bancorp will post 1.77 EPS for the current fiscal year.

Institutional Trading of Hope Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. Verition Fund Management LLC increased its stake in Hope Bancorp by 44.1% in the 1st quarter. Verition Fund Management LLC now owns 18,059 shares of the financial services provider’s stock valued at $290,000 after buying an additional 5,531 shares during the last quarter. Captrust Financial Advisors increased its holdings in Hope Bancorp by 35.5% during the first quarter. Captrust Financial Advisors now owns 17,002 shares of the financial services provider’s stock worth $273,000 after buying an additional 4,453 shares during the last quarter. Guggenheim Capital LLC bought a new stake in Hope Bancorp in the first quarter worth about $218,000. Journey Strategic Wealth LLC boosted its stake in Hope Bancorp by 24.8% in the first quarter. Journey Strategic Wealth LLC now owns 12,933 shares of the financial services provider’s stock valued at $208,000 after acquiring an additional 2,567 shares during the last quarter. Finally, Toroso Investments LLC grew its position in shares of Hope Bancorp by 12.5% during the 1st quarter. Toroso Investments LLC now owns 11,543 shares of the financial services provider’s stock valued at $186,000 after acquiring an additional 1,278 shares during the period. Hedge funds and other institutional investors own 84.30% of the company’s stock.

Wall Street Analyst Weigh In

HOPE has been the topic of a number of research reports. StockNews.com assumed coverage on Hope Bancorp in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Piper Sandler reduced their price target on shares of Hope Bancorp to $15.00 in a research report on Friday, September 30th. Finally, DA Davidson upped their price objective on shares of Hope Bancorp to $14.00 in a report on Thursday, October 27th.

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.

See Also

Dividend History for Hope Bancorp (NASDAQ:HOPE)

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