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

Hope Bancorp, Inc. (NASDAQ:HOPE) announced a quarterly dividend on Monday, April 29th, Zacks reports. Shareholders of record on Thursday, May 9th will be paid a dividend of 0.14 per share by the financial services provider on Thursday, May 23rd. This represents a $0.56 dividend on an annualized basis and a yield of 5.64%. The ex-dividend date of this dividend is Wednesday, May 8th.

Hope Bancorp has a dividend payout ratio of 43.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Hope Bancorp to earn $1.33 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 42.1%.

Hope Bancorp Stock Down 9.4 %

Shares of Hope Bancorp stock opened at $9.93 on Tuesday. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 8.86 and a beta of 1.13. The stock’s 50-day moving average is $10.92 and its 200 day moving average is $10.75. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.05 and a quick ratio of 1.05. Hope Bancorp has a one year low of $7.42 and a one year high of $12.51.

Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Monday, April 29th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.05). The business had revenue of $123.30 million for the quarter, compared to the consensus estimate of $130.42 million. Hope Bancorp had a return on equity of 7.03% and a net margin of 12.19%. Hope Bancorp’s quarterly revenue was down 14.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.33 earnings per share. Equities research analysts anticipate that Hope Bancorp will post 1.09 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have commented on HOPE. DA Davidson upgraded shares of Hope Bancorp from a “neutral” rating to a “buy” rating and set a $12.50 price target for the company in a report on Tuesday. StockNews.com raised Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, January 6th. Finally, Wedbush reduced their price objective on Hope Bancorp from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Hope Bancorp presently has a consensus rating of “Hold” and an average price target of $11.50.

Hope Bancorp Company Profile

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides retail and commercial banking services for businesses and individuals in the United States. It accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts. The company also offers loans comprising commercial and industrial loans to businesses for various purposes, such as working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance, other business-related financing, and loans syndication services; commercial real estate loans; residential mortgage loans; small business administration loans; and consumer loans, such as single-family mortgage, home equity, automobile, credit card, and personal loans.