Empowered Funds LLC Buys Shares of 496,619 Hope Bancorp, Inc. $HOPE

Key Points

• Empowered Funds LLC acquired 496,619 shares of Hope Bancorp during the second quarter, valued at approximately $6.8 million. Institutional investors collectively own 84% of the company.
• Hope Bancorp exceeded quarterly expectations, reporting $0.27 in earnings per share and $147.82 million in revenue. Analysts project $1.13 in full-year EPS, while the stock carries a “Moderate Buy” consensus rating and a $15.50 target price.
• The company paid a quarterly dividend of $0.14, equivalent to $0.56 annually and a 4.0% yield. A director separately sold 26,995 shares at an average price of $14.24.

Empowered Funds LLC bought a new position in shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 496,619 shares of the financial services provider's stock, valued at approximately $6,794,000. Empowered Funds LLC owned approximately 0.39% of Hope Bancorp at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Public Employees Retirement System of Ohio bought a new stake in shares of Hope Bancorp during the 2nd quarter valued at $362,000. Corient Private Wealth LP purchased a new position in Hope Bancorp during the 2nd quarter valued at about $426,000. Bank of America Corp DE bought a new stake in shares of Hope Bancorp during the second quarter valued at about $12,098,000. Man Group plc bought a new stake in shares of Hope Bancorp during the second quarter valued at about $545,000. Finally, Jupiter Topco LLC purchased a new stake in shares of Hope Bancorp in the second quarter worth about $583,000. 84.00% of the stock is owned by institutional investors.

Insider Buying and Selling at Hope Bancorp

In other news, Director Daisy Y. Ha sold 26,995 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $14.24, for a total transaction of $384,408.80. Following the sale, the director owned 346,120 shares in the company, valued at approximately $4,928,748.80. This trade represents a 7.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.27% of the company's stock.

Hope Bancorp Stock Performance

Shares of HOPE opened at $13.92 on Monday. Hope Bancorp, Inc. has a 12-month low of $9.80 and a 12-month high of $14.59. 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 company has a market cap of $1.78 billion, a PE ratio of 13.92 and a beta of 0.83. The stock has a 50-day moving average price of $13.80 and a 200-day moving average price of $12.64.

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

Hope Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were issued a $0.14 dividend. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.0%. Hope Bancorp's dividend payout ratio is presently 56.00%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Hope Bancorp from $14.00 to $15.00 and gave the company a "hold" rating in a research report on Monday, August 3rd. Weiss Ratings upgraded shares of Hope Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Finally, DA Davidson boosted their price target on shares of Hope Bancorp from $15.00 to $16.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $15.50.

About Hope Bancorp

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.

Want to see what other hedge funds are holding HOPE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report).

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