Bank of America Corp DE Sells 103,610 Shares of Hope Bancorp, Inc. (NASDAQ:HOPE)

Bank of America Corp DE cut its position in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 11.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 789,160 shares of the financial services provider's stock after selling 103,610 shares during the period. Bank of America Corp DE owned about 0.65% of Hope Bancorp worth $9,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of HOPE. Barclays PLC increased its stake in shares of Hope Bancorp by 109.9% in the third quarter. Barclays PLC now owns 253,437 shares of the financial services provider's stock worth $3,183,000 after purchasing an additional 132,677 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in Hope Bancorp by 31.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 3,563 shares of the financial services provider's stock valued at $44,000 after acquiring an additional 848 shares in the last quarter. KBC Group NV grew its stake in Hope Bancorp by 36.6% during the fourth quarter. KBC Group NV now owns 7,093 shares of the financial services provider's stock valued at $87,000 after acquiring an additional 1,901 shares in the last quarter. EMC Capital Management grew its stake in Hope Bancorp by 1,082.6% during the fourth quarter. EMC Capital Management now owns 29,566 shares of the financial services provider's stock valued at $363,000 after acquiring an additional 27,066 shares in the last quarter. Finally, Empowered Funds LLC grew its stake in Hope Bancorp by 5.1% during the fourth quarter. Empowered Funds LLC now owns 431,536 shares of the financial services provider's stock valued at $5,304,000 after acquiring an additional 21,082 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

HOPE has been the subject of several research analyst reports. Piper Sandler cut their target price on shares of Hope Bancorp from $13.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. DA Davidson cut their target price on shares of Hope Bancorp from $15.50 to $14.50 and set a "buy" rating for the company in a research note on Tuesday, January 28th. Finally, Wall Street Zen raised shares of Hope Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, May 12th.

Hope Bancorp Price Performance

Shares of NASDAQ:HOPE traded down $0.10 on Wednesday, reaching $10.19. The company's stock had a trading volume of 373,855 shares, compared to its average volume of 830,458. Hope Bancorp, Inc. has a 52-week low of $8.83 and a 52-week high of $14.54. The company has a market cap of $1.30 billion, a P/E ratio of 12.46 and a beta of 0.88. The company has a 50-day simple moving average of $10.01 and a 200 day simple moving average of $11.36. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 0.97.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.01. Hope Bancorp had a net margin of 9.95% and a return on equity of 4.84%. The business had revenue of $217.17 million during the quarter, compared to analysts' expectations of $114.97 million. During the same period last year, the company posted $0.23 EPS. As a group, equities research analysts anticipate that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 2nd were issued a $0.14 dividend. The ex-dividend date of this dividend was Friday, May 2nd. This represents a $0.56 annualized dividend and a dividend yield of 5.50%. Hope Bancorp's dividend payout ratio (DPR) is presently 71.79%.

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.