Charles Schwab Investment Management Inc. Decreases Stock Position in Hope Bancorp, Inc. $HOPE

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Hope Bancorp by 5.2%, selling 124,333 shares and retaining a total of 2,250,296 shares valued at $23.56 million.
• Hope Bancorp reported an earnings per share of ($0.22) for the last quarter, missing consensus expectations significantly, while also announcing a quarterly dividend of $0.14 per share.
• Analysts have upgraded Hope Bancorp from a "sell" to a "hold" rating, with a current average target price of $13.25.

Charles Schwab Investment Management Inc. reduced its position in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 5.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,250,296 shares of the financial services provider's stock after selling 124,333 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.86% of Hope Bancorp worth $23,561,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of HOPE. Sterling Capital Management LLC increased its position 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 worth $46,000 after buying an additional 3,309 shares during the last quarter. KBC Group NV increased its position in Hope Bancorp by 16.6% in the first quarter. KBC Group NV now owns 8,269 shares of the financial services provider's stock worth $87,000 after buying an additional 1,176 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Hope Bancorp in the first quarter valued at $105,000. Algert Global LLC purchased a new position in shares of Hope Bancorp in the fourth quarter valued at $135,000. Finally, Cerity Partners LLC grew its position in shares of Hope Bancorp by 14.7% in the first quarter. Cerity Partners LLC now owns 13,843 shares of the financial services provider's stock valued at $145,000 after purchasing an additional 1,772 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

Hope Bancorp Price Performance

Shares of NASDAQ HOPE opened at $10.47 on Thursday. Hope Bancorp, Inc. has a fifty-two week low of $8.82 and a fifty-two week high of $14.53. The stock has a fifty day moving average of $10.65 and a 200-day moving average of $10.46. 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 stock has a market cap of $1.34 billion, a PE ratio of 29.91 and a beta of 0.94.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last posted its 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 return on equity of 4.45% and a net margin of 4.27%.The business had revenue of $94.58 million for the quarter, compared to analysts' expectations of $133.90 million. During the same quarter in the previous year, the firm earned $0.22 earnings per share. Equities research analysts anticipate that Hope Bancorp, Inc. will post 1.09 earnings per share for the current year.

Hope Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 1st were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 5.3%. The ex-dividend date was Friday, August 1st. Hope Bancorp's payout ratio is presently 160.00%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Hope Bancorp from a "sell" rating to a "hold" rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Hope Bancorp has an average rating of "Moderate Buy" and an average target price of $13.25.

About Hope Bancorp

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.

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