Bank of New York Mellon Corp Invests $10.38 Million in Hope Bancorp, Inc. $HOPE

Key Points

• Bank of New York Mellon acquired 759,084 shares of Hope Bancorp worth approximately $10.38 million, giving it a 0.59% stake. Institutional investors collectively own 84% of the company.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $15.50; DA Davidson raised its target to $16 and assigned a Buy rating.
• Hope Bancorp exceeded quarterly earnings expectations with $0.27 in EPS and $147.82 million in revenue. The company also pays a quarterly dividend of $0.14 per share, equivalent to a 4% annualized yield.

Bank of New York Mellon Corp purchased a new stake in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 759,084 shares of the financial services provider's stock, valued at approximately $10,384,000. Bank of New York Mellon Corp owned 0.59% of Hope Bancorp at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in Hope Bancorp by 9.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,647 shares of the financial services provider's stock valued at $128,000 after purchasing an additional 960 shares during the period. Hantz Financial Services Inc. increased its position in Hope Bancorp by 6.2% during the 4th quarter. Hantz Financial Services Inc. now owns 18,064 shares of the financial services provider's stock worth $198,000 after buying an additional 1,051 shares during the period. Corient Private Wealth LLC lifted its holdings in shares of Hope Bancorp by 5.1% during the fourth quarter. Corient Private Wealth LLC now owns 22,218 shares of the financial services provider's stock worth $244,000 after buying an additional 1,074 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Hope Bancorp by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 60,053 shares of the financial services provider's stock worth $644,000 after buying an additional 1,659 shares in the last quarter. Finally, Strs Ohio grew its stake in shares of Hope Bancorp by 3.0% in the first quarter. Strs Ohio now owns 69,300 shares of the financial services provider's stock valued at $774,000 after acquiring an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 84.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on HOPE. Keefe, Bruyette & Woods raised their target price on shares of Hope Bancorp from $14.00 to $15.00 and gave the stock a "hold" rating in a report on Monday, August 3rd. DA Davidson increased their target price on shares of Hope Bancorp from $15.00 to $16.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Finally, Weiss Ratings raised Hope Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Three research analysts have rated the stock with a Buy rating and two have given 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 price target of $15.50.

Insider Buying and Selling at Hope Bancorp

In other Hope Bancorp news, Director Daisy Y. Ha sold 26,995 shares of Hope Bancorp stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $14.24, for a total transaction of $384,408.80. Following the completion of the transaction, the director owned 346,120 shares in the company, valued at approximately $4,928,748.80. The trade was a 7.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.27% of the stock is owned by corporate insiders.

Hope Bancorp Trading Up 2.4%

NASDAQ:HOPE opened at $13.96 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.25. The firm has a fifty day simple moving average of $13.84 and a two-hundred day simple moving average of $12.67. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 13.96 and a beta of 0.83. Hope Bancorp, Inc. has a 12 month low of $9.80 and a 12 month high of $14.59.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.01. Hope Bancorp had a return on equity of 5.71% and a net margin of 12.53%.The business had revenue of $147.82 million for the quarter, compared to the consensus estimate of $146.50 million. During the same period in the prior year, the business earned ($0.22) EPS. Analysts expect that Hope Bancorp, Inc. will post 1.13 EPS for the current fiscal year.

Hope Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were issued a dividend of $0.14 per share. 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 (DPR) is currently 56.00%.

Hope Bancorp Profile

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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