Bank of America Corp DE boosted its stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 16.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 989,030 shares of the financial services provider's stock after buying an additional 142,807 shares during the period. Bank of America Corp DE owned approximately 0.77% of Hope Bancorp worth $11,047,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. increased its position in shares of Hope Bancorp by 9.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,647 shares of the financial services provider's stock valued at $128,000 after acquiring an additional 960 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in shares of Hope Bancorp by 6.2% in the 4th quarter. Hantz Financial Services Inc. now owns 18,064 shares of the financial services provider's stock worth $198,000 after purchasing an additional 1,051 shares in the last quarter. Corient Private Wealth LLC increased its holdings in shares of Hope Bancorp by 5.1% in the 4th quarter. Corient Private Wealth LLC now owns 22,218 shares of the financial services provider's stock worth $244,000 after purchasing an additional 1,074 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Hope Bancorp by 0.4% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 269,046 shares of the financial services provider's stock worth $2,950,000 after purchasing an additional 1,152 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Hope Bancorp by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 60,053 shares of the financial services provider's stock worth $644,000 after purchasing an additional 1,659 shares during the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.
Hope Bancorp Price Performance
Shares of NASDAQ:HOPE opened at $13.97 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $1.79 billion, a PE ratio of 13.97 and a beta of 0.83. The firm's 50 day moving average price is $13.70 and its 200-day moving average price is $12.59. Hope Bancorp, Inc. has a twelve month low of $9.80 and a twelve month high of $14.59.
Hope Bancorp (NASDAQ:HOPE - Get Free Report) last announced its earnings results on Monday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.01. The company had revenue of $147.82 million during the quarter, compared to analyst estimates of $146.50 million. Hope Bancorp had a net margin of 12.53% and a return on equity of 5.71%. During the same period in the previous year, the business posted ($0.22) earnings per share. Equities research analysts expect that Hope Bancorp, Inc. will post 1.13 EPS for the current year.
Hope Bancorp Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Thursday, August 6th. Hope Bancorp's dividend payout ratio is presently 56.00%.
Analyst Ratings Changes
Several equities research analysts recently commented on the company. DA Davidson increased their price objective on Hope Bancorp from $15.00 to $16.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods boosted their target price on Hope Bancorp from $14.00 to $15.00 and gave the stock a "hold" rating in a research report on Monday, August 3rd. Finally, Weiss Ratings upgraded shares of Hope Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $15.50.
Check Out Our Latest Stock Report on HOPE
Insider Activity
In other news, Director Daisy Y. Ha sold 26,995 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $14.24, for a total transaction of $384,408.80. Following the sale, the director directly owned 346,120 shares in the company, valued at $4,928,748.80. This trade represents a 7.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.27% of the stock is currently owned by company insiders.
Hope Bancorp Company Profile
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Free Report)
Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company's principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.
In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.
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