Bank of America Corp DE Lowers Position in Hope Bancorp, Inc. (NASDAQ:HOPE)

Bank of America Corp DE lessened its holdings in shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 11.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm 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 0.65% of Hope Bancorp worth $9,699,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Smartleaf Asset Management LLC increased its stake in shares of Hope Bancorp by 181.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,407 shares of the financial services provider's stock valued at $29,000 after buying an additional 1,553 shares during the period. MassMutual Private Wealth & Trust FSB lifted its position in shares of Hope Bancorp by 31.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 3,563 shares of the financial services provider's stock worth $44,000 after purchasing an additional 848 shares during the period. Sterling Capital Management LLC boosted its position in Hope Bancorp by 819.1% during the fourth quarter. Sterling Capital Management LLC now owns 3,713 shares of the financial services provider's stock valued at $46,000 after acquiring an additional 3,309 shares during 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 worth $87,000 after purchasing an additional 1,901 shares during the period. Finally, Cibc World Markets Corp bought a new position in shares of Hope Bancorp during the 4th quarter worth approximately $133,000. 84.00% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. DA Davidson lowered their price objective 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. Wall Street Zen raised shares of Hope Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, May 12th. Finally, 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 Stock Up 2.7%

Shares of NASDAQ HOPE traded up $0.27 during midday trading on Tuesday, hitting $10.29. 636,814 shares of the stock traded hands, compared to its average volume of 956,878. 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, Inc. has a one year low of $8.82 and a one year high of $14.53. The business has a 50 day moving average price of $10.01 and a two-hundred day moving average price of $11.37. The company has a market cap of $1.32 billion, a PE ratio of 12.55 and a beta of 0.88.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The financial services provider reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.01. The company had revenue of $217.17 million for the quarter, compared to analyst estimates of $114.97 million. Hope Bancorp had a net margin of 9.95% and a return on equity of 4.84%. During the same quarter in the prior year, the business posted $0.23 EPS. On average, equities analysts predict that Hope Bancorp, Inc. will post 1.09 EPS for the current year.

Hope Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 2nd were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.44%. The ex-dividend date was Friday, May 2nd. Hope Bancorp's payout ratio is 71.79%.

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.