Hope Bancorp, Inc. (NASDAQ:HOPE) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lowered its holdings in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 11.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 789,160 shares of the financial services provider's stock after selling 103,610 shares during the quarter. Bank of America Corp DE owned approximately 0.65% of Hope Bancorp worth $9,699,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. American Century Companies Inc. raised its stake in Hope Bancorp by 12.5% in the fourth quarter. American Century Companies Inc. now owns 2,552,914 shares of the financial services provider's stock worth $31,375,000 after buying an additional 283,514 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Hope Bancorp by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,374,629 shares of the financial services provider's stock valued at $29,184,000 after acquiring an additional 28,414 shares during the period. Bank of New York Mellon Corp raised its position in shares of Hope Bancorp by 15.4% in the 4th quarter. Bank of New York Mellon Corp now owns 1,798,213 shares of the financial services provider's stock worth $22,100,000 after acquiring an additional 240,192 shares in the last quarter. Rhino Investment Partners Inc lifted its stake in shares of Hope Bancorp by 55.6% during the 4th quarter. Rhino Investment Partners Inc now owns 1,684,886 shares of the financial services provider's stock worth $20,707,000 after purchasing an additional 601,876 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Hope Bancorp by 18.6% during the 4th quarter. Northern Trust Corp now owns 1,491,628 shares of the financial services provider's stock worth $18,332,000 after purchasing an additional 234,191 shares during the last quarter. 84.00% of the stock is currently owned by institutional investors.

Hope Bancorp Stock Down 0.6%

Shares of HOPE traded down $0.07 during midday trading on Thursday, hitting $10.06. 65,268 shares of the company's stock traded hands, compared to its average volume of 829,929. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of 12.27 and a beta of 0.88. Hope Bancorp, Inc. has a 1 year low of $8.83 and a 1 year high of $14.54. The firm's fifty day moving average is $10.00 and its 200-day moving average is $11.36.

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

Hope Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 2nd were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 5.57%. The ex-dividend date of this dividend was Friday, May 2nd. Hope Bancorp's dividend payout ratio (DPR) is presently 71.79%.

Analyst Ratings Changes

Several research firms have issued reports on HOPE. Wall Street Zen upgraded Hope Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, May 12th. Piper Sandler cut their price objective on shares of Hope Bancorp from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, January 30th.

Hope Bancorp 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.