Hope Bancorp, Inc. $HOPE Shares Sold by Bridgeway Capital Management LLC

Key Points

• Bridgeway Capital Management LLC reduced its holdings in Hope Bancorp by 11%, owning 833,532 shares valued at approximately $8.73 million, following the sale of 102,504 shares in the first quarter.
• Hope Bancorp reported a loss of $0.22 per share for its quarterly earnings, significantly missing analyst estimates of $0.21, and had a revenue of $94.58 million compared to expected revenue of $133.90 million.
• The company declared a quarterly dividend of $0.14, resulting in an annualized dividend yield of 5.0%, although it has a high dividend payout ratio of 160%.

Bridgeway Capital Management LLC lessened its stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 11.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 833,532 shares of the financial services provider's stock after selling 102,504 shares during the quarter. Bridgeway Capital Management LLC owned 0.69% of Hope Bancorp worth $8,727,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of HOPE. Hsbc Holdings PLC lifted its stake in shares of Hope Bancorp by 52.0% during the fourth quarter. Hsbc Holdings PLC now owns 44,192 shares of the financial services provider's stock worth $544,000 after purchasing an additional 15,121 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Hope Bancorp by 8.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 108,187 shares of the financial services provider's stock valued at $1,330,000 after acquiring an additional 8,715 shares in the last quarter. Northern Trust Corp grew its stake in shares of Hope Bancorp by 18.6% during the fourth quarter. Northern Trust Corp now owns 1,491,628 shares of the financial services provider's stock valued at $18,332,000 after acquiring an additional 234,191 shares in the last quarter. Comerica Bank grew its stake in shares of Hope Bancorp by 27.1% during the fourth quarter. Comerica Bank now owns 129,813 shares of the financial services provider's stock valued at $1,595,000 after acquiring an additional 27,669 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of Hope Bancorp during the fourth quarter valued at about $193,000. Institutional investors and hedge funds own 84.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on HOPE. Zacks Research lowered Hope Bancorp from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 26th. Wall Street Zen raised Hope Bancorp from a "sell" rating to a "hold" rating in a report on Monday, May 12th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $13.25.

Hope Bancorp Stock Performance

Shares of NASDAQ HOPE traded up $0.05 during midday trading on Monday, hitting $11.17. The company's stock had a trading volume of 499,892 shares, compared to its average volume of 919,655. Hope Bancorp, Inc. has a 1-year low of $8.82 and a 1-year high of $14.53. The firm's fifty day moving average price is $10.82 and its 200-day moving average price is $10.41. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $1.43 billion, a P/E ratio of 31.91 and a beta of 0.96.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported ($0.22) EPS for the quarter, missing the consensus estimate of $0.21 by ($0.43). Hope Bancorp had a net margin of 4.27% and a return on equity of 4.45%. The business had revenue of $94.58 million during the quarter, compared to analyst estimates of $133.90 million. During the same period last year, the firm posted $0.22 earnings per share. On average, sell-side analysts forecast that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 1st were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend was Friday, August 1st. Hope Bancorp's dividend payout ratio (DPR) is 160.00%.

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.