Wellington Management Group LLP Raises Stock Holdings in Hope Bancorp, Inc. $HOPE

Key Points

• Wellington Management Group LLP has increased its holdings in Hope Bancorp, Inc. by 43.4%, owning approximately 5.12% of the company after acquiring an additional 1,877,820 shares in the first quarter.
• Hope Bancorp reported a significant earnings miss with an EPS of ($0.22) for the last quarter, falling short of the consensus estimate of $0.21 by ($0.43).
• The company declared a quarterly dividend of $0.14, representing an annualized yield of 5.1%, though it has a high payout ratio of 160.00%.

Wellington Management Group LLP lifted its stake in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 43.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,201,937 shares of the financial services provider's stock after acquiring an additional 1,877,820 shares during the period. Wellington Management Group LLP owned 5.12% of Hope Bancorp worth $64,934,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Frontier Capital Management Co. LLC raised its position in shares of Hope Bancorp by 3.6% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,963,643 shares of the financial services provider's stock worth $36,423,000 after acquiring an additional 103,554 shares in the last quarter. American Century Companies Inc. raised its position in shares of Hope Bancorp by 7.7% in the 1st quarter. American Century Companies Inc. now owns 2,749,086 shares of the financial services provider's stock worth $28,783,000 after acquiring an additional 196,172 shares in the last quarter. Rhino Investment Partners Inc raised its position in shares of Hope Bancorp by 55.6% in the 4th quarter. Rhino Investment Partners Inc now owns 1,684,886 shares of the financial services provider's stock worth $20,707,000 after acquiring an additional 601,876 shares in the last quarter. Northern Trust Corp raised its position in shares of Hope Bancorp by 18.6% in the 4th quarter. Northern Trust Corp now owns 1,491,628 shares of the financial services provider's stock worth $18,332,000 after acquiring an additional 234,191 shares in the last quarter. Finally, Bridgeway Capital Management LLC raised its position in shares of Hope Bancorp by 2.3% in the 4th quarter. Bridgeway Capital Management LLC now owns 936,036 shares of the financial services provider's stock worth $11,504,000 after acquiring an additional 21,082 shares in the last quarter. 84.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on HOPE. Zacks Research lowered Hope Bancorp from a "hold" rating to a "strong sell" rating in a research report on Tuesday. Wall Street Zen raised 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, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $13.25.

Hope Bancorp Stock Performance

Shares of HOPE stock traded down $0.01 during mid-day trading on Thursday, reaching $11.13. The stock had a trading volume of 74,559 shares, compared to its average volume of 930,720. The business's fifty day moving average is $10.73 and its 200-day moving average is $10.44. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.06. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of 31.78 and a beta of 0.94. Hope Bancorp, Inc. has a 1-year low of $8.82 and a 1-year high of $14.53.

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). The company had revenue of $94.58 million for the quarter, compared to analyst estimates of $133.90 million. Hope Bancorp had a return on equity of 4.45% and a net margin of 4.27%.During the same period last year, the business earned $0.22 earnings per share. On average, research analysts forecast that Hope Bancorp, Inc. will post 1.09 earnings per share for the current year.

Hope Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were given a dividend of $0.14 per share. The ex-dividend date was Friday, August 1st. This represents a $0.56 dividend on an annualized basis and a yield of 5.0%. Hope Bancorp's dividend payout ratio is currently 160.00%.

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.