Short Interest in Hope Bancorp Inc (NASDAQ:HOPE) Decreases By 11.6%

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Hope Bancorp Inc (NASDAQ:HOPE) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 3,280,000 shares, a decline of 11.6% from the September 30th total of 3,710,000 shares. Currently, 2.7% of the company’s shares are sold short. Based on an average daily trading volume, of 508,400 shares, the days-to-cover ratio is presently 6.5 days.

Shares of HOPE traded up $0.01 during trading hours on Monday, reaching $14.34. 14,342 shares of the company traded hands, compared to its average volume of 537,721. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 9.93 and a beta of 1.55. Hope Bancorp has a 12-month low of $11.37 and a 12-month high of $15.40. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.49. The stock’s fifty day moving average price is $14.31 and its 200 day moving average price is $13.94.

Hope Bancorp (NASDAQ:HOPE) last issued its earnings results on Monday, October 21st. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.02. The firm had revenue of $129.25 million during the quarter, compared to analyst estimates of $129.13 million. Hope Bancorp had a net margin of 23.33% and a return on equity of 8.78%. During the same period in the previous year, the firm earned $0.36 earnings per share. On average, research analysts forecast that Hope Bancorp will post 1.32 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Friday, October 25th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date of this dividend was Thursday, October 24th. Hope Bancorp’s dividend payout ratio is currently 38.89%.

In other Hope Bancorp news, Director Chung Hyun Lee sold 10,000 shares of Hope Bancorp stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $13.34, for a total transaction of $133,400.00. Following the completion of the transaction, the director now directly owns 237,569 shares of the company’s stock, valued at $3,169,170.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven Koh sold 27,504 shares of Hope Bancorp stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $13.65, for a total transaction of $375,429.60. Following the transaction, the director now directly owns 6,667 shares of the company’s stock, valued at $91,004.55. The disclosure for this sale can be found here. 5.59% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. First Trust Advisors LP raised its holdings in Hope Bancorp by 9.3% in the first quarter. First Trust Advisors LP now owns 453,576 shares of the financial services provider’s stock worth $5,933,000 after purchasing an additional 38,549 shares in the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Hope Bancorp in the first quarter valued at approximately $140,000. Crossmark Global Holdings Inc. raised its position in shares of Hope Bancorp by 7.4% in the second quarter. Crossmark Global Holdings Inc. now owns 12,427 shares of the financial services provider’s stock valued at $171,000 after purchasing an additional 860 shares during the period. Ridgewood Investments LLC raised its position in shares of Hope Bancorp by 36.4% in the second quarter. Ridgewood Investments LLC now owns 36,482 shares of the financial services provider’s stock valued at $503,000 after purchasing an additional 9,728 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its position in shares of Hope Bancorp by 1.7% in the second quarter. Oregon Public Employees Retirement Fund now owns 48,181 shares of the financial services provider’s stock valued at $664,000 after purchasing an additional 800 shares during the period. 82.63% of the stock is owned by hedge funds and other institutional investors.

HOPE has been the subject of several recent analyst reports. ValuEngine raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Zacks Investment Research raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 30th.

Hope Bancorp Company Profile

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

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