Thomas Stenger, the Senior Executive Vice President and Chief Risk Officer at Hope Bancorp Inc. (NASDAQ:HOPE), has recently sold 1,250 shares of common stock. The shares were sold at an average price of $13.58 each, totaling approximately $16,975. Following this transaction, Stenger owns 23,452 shares directly. The sale comes as Hope Bancorp, with a market capitalization of $1.63 billion, trades near its 52-week high of $14.54, having gained over 35% in the past six months. According to InvestingPro analysis, the stock currently appears slightly overvalued relative to its Fair Value.
The filing also detailed Stenger's holdings of performance-based restricted stock units (PRSUs). These PRSUs, which are contingent on various performance metrics of Hope Bancorp, include a range of vesting conditions and cover several grant periods extending through 2026. Each PRSU represents the right to receive one share of Hope common stock, contingent on achieving specific performance targets. Despite recent market volatility, Hope Bancorp has maintained dividend payments for 13 consecutive years, offering a 4.15% yield. For deeper insights into Hope Bancorp's valuation and performance metrics, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Hope Bancorp announced the approval of its merger with Territorial Bancorp (NASDAQ:TBNK) by Territorial's stockholders. This merger, subject to regulatory approvals and customary closing conditions, marks a significant strategic consolidation within the banking industry. The financial terms and expected completion date of the merger have not been disclosed.
Hope Bancorp also reported stable Q3 earnings, with a net income of $24.2 million, or $0.20 per diluted share, and adjusted earnings of $25.2 million, or $0.21 per share. The company saw an 11% annualized growth in customer deposits and a 2% increase in loans receivable. During the recent earnings call, Hope Bancorp declared a quarterly dividend of $0.14 per share and projected low single-digit growth in loans and net interest income for Q4.
Despite a slight dip in net interest income to $105 million, the company anticipates stable operating expenses and an expected Fed Funds rate around 4.5% by year's end. These recent developments underscore Hope Bancorp's ongoing financial stability and modest growth expectations.
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