First Trust Advisors LP Purchases 164,099 Shares of Hope Bancorp, Inc. $HOPE

Key Points

• First Trust Advisors LP increased its Hope Bancorp stake by 90.1%, purchasing 164,099 additional shares to own 346,196 shares valued at approximately $3.87 million. Institutional investors collectively hold 84% of the company.
• Analysts maintain a consensus “Hold” rating with a $15.50 average price target, although DA Davidson raised its target to $16 and assigned a “Buy” rating.
• Hope Bancorp reported quarterly EPS of $0.27, exceeding estimates by $0.01, and announced a quarterly dividend of $0.14 per share, representing a 3.9% annualized yield.

First Trust Advisors LP raised its position in shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 90.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 346,196 shares of the financial services provider's stock after buying an additional 164,099 shares during the period. First Trust Advisors LP owned about 0.27% of Hope Bancorp worth $3,867,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of HOPE. Global Retirement Partners LLC bought a new stake in Hope Bancorp during the 4th quarter worth approximately $28,000. International Assets Investment Management LLC bought a new stake in shares of Hope Bancorp during the fourth quarter worth $29,000. Geneos Wealth Management Inc. raised its holdings in shares of Hope Bancorp by 294.0% in the first quarter. Geneos Wealth Management Inc. now owns 3,428 shares of the financial services provider's stock valued at $36,000 after buying an additional 2,558 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in Hope Bancorp by 375.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 3,625 shares of the financial services provider's stock worth $40,000 after buying an additional 2,862 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Hope Bancorp by 157.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,026 shares of the financial services provider's stock worth $54,000 after buying an additional 3,071 shares in the last quarter. Institutional investors own 84.00% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Hope Bancorp from $14.00 to $15.00 and gave the stock a "hold" rating in a research note on Monday. DA Davidson lifted their target price on Hope Bancorp from $15.00 to $16.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings raised Hope Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, May 26th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $15.50.

Insider Transactions at Hope Bancorp

In other Hope Bancorp news, Director Daisy Y. Ha sold 26,995 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $14.24, for a total value of $384,408.80. Following the sale, 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 legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.27% of the company's stock.

Hope Bancorp Trading Down 0.6%

NASDAQ:HOPE opened at $14.27 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.98 and a quick ratio of 0.96. The business's 50-day simple moving average is $13.34 and its 200-day simple moving average is $12.40. Hope Bancorp, Inc. has a fifty-two week low of $9.80 and a fifty-two week high of $14.48. The stock has a market capitalization of $1.82 billion, a PE ratio of 14.27 and a beta of 0.83.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last announced its earnings results on Monday, July 27th. The financial services provider reported $0.27 EPS for the quarter, topping the consensus estimate of $0.26 by $0.01. The firm had revenue of $147.82 million for the quarter, compared to the consensus estimate 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 last year, the company posted ($0.22) EPS. Sell-side analysts expect that Hope Bancorp, Inc. will post 1.13 earnings per share for the current fiscal year.

Hope Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, August 6th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.9%. Hope Bancorp's dividend payout ratio (DPR) is presently 56.00%.

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.

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