LOS ANGELES - Hope Bancorp, Inc. (NASDAQ:HOPE), the parent company of Bank of Hope, has declared a quarterly cash dividend of $0.14 per common share. The announced dividend is scheduled to be distributed on May 23, 2024, to shareholders recorded as of May 9, 2024.
The Bank of Hope stands as the first and only super regional Korean American bank in the United States, boasting $18.09 billion in total assets as of March 31, 2024. With headquarters in Los Angeles, it caters to a diverse customer base across the nation.
The bank's service offerings encompass a comprehensive range of financial products, including various loan types, deposit accounts, fee-based services, international trade financing, cash management, foreign currency exchange, and derivative products.
Operating 48 full-service branches across multiple states, including California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Alabama, and Georgia, Bank of Hope also maintains a network of loan production and residential mortgage offices across the U.S., as well as a representative office in Seoul, Korea.
As a California-chartered bank, Bank of Hope ensures that its deposits are FDIC insured within the limits of the law and upholds an Equal Opportunity Lender status. The dividend declaration is part of the company's ongoing financial activities and commitment to its shareholders.
This financial news is based on a press release statement from Hope Bancorp, Inc.
InvestingPro Insights
Hope Bancorp, Inc. (NASDAQ:HOPE) has recently announced a quarterly cash dividend, reinforcing its reputation as a reliable dividend-paying entity. The bank's commitment to shareholder returns is underscored by an impressive track record of 13 consecutive years of dividend payments, an InvestingPro Tip that highlights the company's financial consistency and dedication to investors.
This is particularly noteworthy considering the company's current dividend yield of 5.11%, which is attractive to income-focused investors.
InvestingPro Data reveals a market capitalization of $1.32 billion and a price-to-earnings (P/E) ratio that stands at 9.9, with an adjusted P/E ratio for the last twelve months as of Q4 2023 at 9.29. These figures suggest that the company is reasonably valued in the market, especially when compared to industry peers. Moreover, the bank has shown a significant price uptick of 31.7% over the last six months, indicating strong market confidence in its performance and future prospects.
While Hope Bancorp has experienced a decline in revenue growth, with the last twelve months as of Q4 2023 showing a decrease of 12.56%, it's important to note that the bank remains profitable, with a basic and diluted EPS (Continuing Operations) of $1.11. This profitability, combined with a solid operating income margin of 39.63%, suggests efficient management and the potential for future growth.
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