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

Bank of America Corp DE cut its stake 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. 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 about 0.65% of Hope Bancorp worth $9,699,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Smartleaf Asset Management LLC increased its position in shares of Hope Bancorp by 181.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,407 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 1,553 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of 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 worth $44,000 after purchasing an additional 848 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Hope Bancorp by 819.1% in the fourth quarter. Sterling Capital Management LLC now owns 3,713 shares of the financial services provider's stock valued at $46,000 after buying an additional 3,309 shares during the last quarter. KBC Group NV raised its stake in Hope Bancorp by 36.6% in the fourth quarter. KBC Group NV now owns 7,093 shares of the financial services provider's stock valued at $87,000 after buying an additional 1,901 shares in the last quarter. Finally, Cibc World Markets Corp acquired a new stake in Hope Bancorp in the fourth quarter valued at $133,000. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

Hope Bancorp Stock Up 0.4%

NASDAQ:HOPE traded up $0.04 during midday trading on Thursday, hitting $10.16. 522,720 shares of the company were exchanged, compared to its average volume of 832,770. Hope Bancorp, Inc. has a fifty-two week low of $8.83 and a fifty-two week high of $14.54. The company has a market capitalization of $1.30 billion, a PE ratio of 12.39 and a beta of 0.88. 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 company has a fifty day simple moving average of $9.99 and a 200 day simple moving average of $11.33.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last posted its earnings results 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. The business had revenue of $217.17 million for the quarter, compared to analysts' expectations of $114.97 million. Hope Bancorp had a return on equity of 4.84% and a net margin of 9.95%. During the same quarter in the previous year, the firm earned $0.23 earnings per share. As a group, equities analysts anticipate that Hope Bancorp, Inc. will post 1.09 earnings per share for the current fiscal year.

Hope Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Shareholders 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 5.51%. The ex-dividend date was Friday, May 2nd. Hope Bancorp's dividend payout ratio is currently 71.79%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on HOPE. Wall Street Zen raised Hope Bancorp from a "sell" rating to a "hold" rating in a research report on Monday, May 12th. Piper Sandler decreased their target price on Hope Bancorp from $13.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th.

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.