Hope Bancorp, Inc. $HOPE Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 884,370 shares of Hope Bancorp in the second quarter, valued at approximately $12.1 million and representing about 0.69% of the company. Institutional investors collectively own 84% of Hope Bancorp.
• Analysts have a generally favorable outlook, with three Buy and three Hold ratings producing a “Moderate Buy” consensus and an average price target of $15.50. Recent targets were raised by Keefe, Bruyette & Woods and DA Davidson.
• Hope Bancorp exceeded quarterly earnings expectations, reporting $0.27 in EPS and $147.82 million in revenue. The company also paid a quarterly dividend of $0.14 per share, equivalent to a 4.0% annualized yield.

Bank of America Corp DE bought a new stake in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 884,370 shares of the financial services provider's stock, valued at approximately $12,098,000. Bank of America Corp DE owned about 0.69% of Hope Bancorp at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. Man Group plc acquired a new position in Hope Bancorp during the 2nd quarter valued at about $545,000. Jupiter Topco LLC bought a new stake in shares of Hope Bancorp during the 2nd quarter valued at about $583,000. Legal & General Group Plc purchased a new stake in Hope Bancorp during the second quarter valued at about $3,925,000. The Manufacturers Life Insurance Company bought a new position in shares of Hope Bancorp during the 2nd quarter valued at $741,000. Finally, Pinnacle Holdings LLC purchased a new stake in Hope Bancorp during the 2nd quarter valued at about $930,000. Institutional investors own 84.00% of the company's stock.

Insider Buying and Selling at Hope Bancorp

In other news, Director Daisy Ha sold 26,995 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $14.24, for a total value of $384,408.80. Following the completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Benchmark upgraded Hope Bancorp to a "hold" rating in a report on Wednesday. Keefe, Bruyette & Woods lifted their price objective on Hope Bancorp from $14.00 to $15.00 and gave the stock a "hold" rating in a report on Monday, August 3rd. Weiss Ratings raised Hope Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Finally, DA Davidson boosted their target price 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 research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $15.50.

Hope Bancorp Stock Up 0.8%

NASDAQ HOPE opened at $13.83 on Friday. The stock has a 50 day moving average price of $13.97 and a 200-day moving average price of $12.93. Hope Bancorp, Inc. has a one year low of $9.80 and a one year high of $14.59. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.97 and a current ratio of 0.98. The company has a market capitalization of $1.77 billion, a P/E ratio of 13.83 and a beta of 0.83.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.27 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.01. The firm had revenue of $147.82 million during 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 quarter last year, the firm earned ($0.22) EPS. As a group, equities analysts predict that Hope Bancorp, Inc. will post 1.13 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The business also recently announced 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 was Thursday, August 6th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.0%. Hope Bancorp's payout ratio is 56.00%.

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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