Hope Bancorp, Inc. $HOPE Shares Acquired by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC increased its Hope Bancorp stake by 579.3% in the second quarter, owning 155,861 shares worth approximately $2.13 million. Institutional investors collectively hold about 84% of the company’s outstanding stock.
• Hope Bancorp reported quarterly EPS of $0.27, exceeding analyst expectations of $0.26, while revenue reached $147.82 million versus the $146.50 million consensus estimate.
• The company paid a quarterly dividend of $0.14 per share, equivalent to an annualized $0.56 dividend and a 4.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $15.50, compared with the reported share price of $14.05.

Squarepoint Ops LLC grew its position in shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 579.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 155,861 shares of the financial services provider's stock after purchasing an additional 132,917 shares during the period. Squarepoint Ops LLC owned approximately 0.12% of Hope Bancorp worth $2,132,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Hope Bancorp during the second quarter worth about $252,703,000. Wellington Management Group LLP boosted its holdings in Hope Bancorp by 14.5% in the second quarter. Wellington Management Group LLP now owns 11,438,933 shares of the financial services provider's stock valued at $156,485,000 after purchasing an additional 1,448,931 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Hope Bancorp by 4.5% in the first quarter. Dimensional Fund Advisors LP now owns 7,367,855 shares of the financial services provider's stock valued at $82,298,000 after purchasing an additional 315,028 shares during the last quarter. Rhino Investment Partners Inc grew its stake in Hope Bancorp by 9.9% during the 1st quarter. Rhino Investment Partners Inc now owns 2,595,281 shares of the financial services provider's stock valued at $28,989,000 after purchasing an additional 232,783 shares in the last quarter. Finally, California State Teachers Retirement System grew its stake in Hope Bancorp by 1,454.3% during the 2nd quarter. California State Teachers Retirement System now owns 1,763,530 shares of the financial services provider's stock valued at $24,125,000 after purchasing an additional 1,650,066 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

Hope Bancorp Stock Performance

Shares of Hope Bancorp stock opened at $14.05 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.97 and a current ratio of 0.98. Hope Bancorp, Inc. has a 1 year low of $9.80 and a 1 year high of $14.59. The firm's 50-day simple moving average is $13.90 and its 200-day simple moving average is $12.79. The firm has a market cap of $1.80 billion, a PE ratio of 14.05 and a beta of 0.83.

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

Hope Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders 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 yield of 4.0%. The ex-dividend date of this dividend was Thursday, August 6th. Hope Bancorp's dividend payout ratio (DPR) is currently 56.00%.

Wall Street Analyst Weigh In

HOPE has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upped their target price on 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 Hope Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Finally, DA Davidson raised their price target on shares of Hope Bancorp from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. 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, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $15.50.

Insider Buying and Selling

In other news, Director Daisy Ha sold 26,995 shares of Hope Bancorp 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 completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.27% of the stock is currently owned by corporate insiders.

Hope Bancorp Profile

Hope Bancorp, Inc is a bank holding company headquartered in Los Angeles, California. Its principal subsidiary, Bank of Hope, provides banking and financial services to businesses, individuals and organizations, with a particular focus on small and middle-market companies and Korean American communities in the United States.

Bank of Hope offers commercial and industrial loans, commercial real estate financing, Small Business Administration loans, residential mortgage loans, consumer lending, deposit accounts and cash-management services.

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