The Vanguard Group, Inc. recently announced the acquisition of new stake in Hope Bancorp Inc. (NASDAQ:HOPE). The institutional investor has increased its shareholding in the Financial company by 1.18% to 13.93 million shares with purchase of 0.16 million shares. This fresh investment now brings its stake to 11.66% valued currently at $178.45 million. In addition, Dimensional Fund Advisors LP raised its holdings by 41364.0 to 9.46 million shares. And Fuller & Thaler Asset Management, has lifted its position by 17.07% or 1.21 million shares – to 8.27 million shares.
With over 2.39 million Hope Bancorp Inc. (HOPE) shares trading Tuesday and a closing price of $10.54 on the day, the dollar volume was approximately $25.21 million. The shares have shown a negative half year performance of -26.96% and its price on 03/14/23 lost nearly -0.47%. Currently, there are 119.48M common shares owned by the public and among those 113.59M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for HOPE have a consensus price objective of $13.50. The analysts have set the share’s price value over the next 12 months at a high of $14.00 and a low of $13.00. The average price target is 21.93% above its recent price level and an upside to the estimated low will see the stock gain 18.92% over that period. But an upside of 24.71% will see the stock hit the forecast high price target while median target price for the stock is $13.50.
Insiders at the company have transacted a total of 69 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 38 of these insider trades were purchases, accounting for 212,969 shares. Insider sales of the common stock occurred on 31 occasions, with total insider shares sold totaling 62,136 shares.
The top 3 mutual fund holders in Hope Bancorp Inc. are iShares Core S&P Small Cap ETF, Undiscovered Managers Behavioral, and Vanguard Total Stock Market Index. iShares Core S&P Small Cap ETF owns 7.99 million shares of the company’s stock, all valued at over $102.35 million. Undiscovered Managers Behavioral bought 32200.0 shares to see its total holdings expand to 6.76 million shares valued at over $86.66 million and representing 5.66% of the shares outstanding. Vanguard Total Stock Market Index now owns shares totaling to 2.87% of the shares outstanding.
Shares of Hope Bancorp Inc. (NASDAQ: HOPE) opened at $11.41, up $0.82 from a prior closing price of $10.59. However, the script later moved the day high at 11.79, down -0.47%. The company’s stock has a 5-day price change of -13.82% and -20.15% over the past three months. HOPE shares are trading -17.72% year to date (YTD), with the 12-month market performance down to -36.00% lower. It has a 12-month low price of $10.24 and touched a high of $17.10 over the same period. HOPE has an average intraday trading volume of 767.24K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -16.63%, -17.79%, and -22.79% respectively.
Institutional ownership of Hope Bancorp Inc. (NASDAQ: HOPE) shares accounts for 87.20% of the company’s 119.48M shares outstanding. Mutual fund holders own 5.62%, while other institutional holders and individual stakeholders account for 60.74% and 26.61% respectively.
It has a market capitalization of $1.28B and a beta (3y monthly) value of 1.20. The stock’s trailing 12-month PE ratio is 5.82, while the earnings-per-share (ttm) stands at $1.81. The company has a PEG of 0.73 and the debt-to-equity ratio at 0.16. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.88% over the week and 3.66% over the month.
Analysts forecast that Hope Bancorp Inc. (HOPE) will achieve an EPS of $0.38 for the current quarter, $0.37 for the next quarter and $1.57 for 2024. The lowest estimate earnings-per-share for the quarter is $0.35 while analysts give the company a high EPS estimate of $0.42. Comparatively, EPS for the current quarter was $0.5 a year ago. Earnings per share for the fiscal year are expected to increase by 9.10%, and 5.08% over the next financial year. EPS should shrink at an annualized rate of 8.00% over the next five years, compared to 8.30% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Hope Bancorp Inc. (HOPE) as a “Hold” at a consensus score of 3.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 5 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the HOPE, a number of firms have released research notes about the stock. DA Davidson stated their Neutral rating for the stock in a research note on May 18, 2022, with the firm’s price target at $20-$16. FIG Partners on their part issued Outperform rating on May 02, 2017.
