Hope Bancorp, Inc. $HOPE Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Hope Bancorp by 49.6%, now holding 37,339 shares valued at approximately $391,000.
• Analysts have upgraded Hope Bancorp's rating from "sell" to "hold," with a current average rating of "Moderate Buy" and a target price of $13.25.
• Hope Bancorp recently declared a quarterly dividend of $0.14 per share, providing an annualized yield of 5.4% despite a high dividend payout ratio of 160.00%.

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 49.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,339 shares of the financial services provider's stock after selling 36,741 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Hope Bancorp were worth $391,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. Cresset Asset Management LLC grew its position in Hope Bancorp by 0.8% during the fourth quarter. Cresset Asset Management LLC now owns 118,700 shares of the financial services provider's stock valued at $1,459,000 after acquiring an additional 977 shares during the period. KBC Group NV grew its position in Hope Bancorp by 16.6% during the first quarter. KBC Group NV now owns 8,269 shares of the financial services provider's stock valued at $87,000 after acquiring an additional 1,176 shares during the period. SummerHaven Investment Management LLC grew its position in Hope Bancorp by 1.7% during the first quarter. SummerHaven Investment Management LLC now owns 72,836 shares of the financial services provider's stock valued at $763,000 after acquiring an additional 1,233 shares during the period. Legal & General Group Plc grew its position in Hope Bancorp by 0.5% during the fourth quarter. Legal & General Group Plc now owns 339,560 shares of the financial services provider's stock valued at $4,173,000 after acquiring an additional 1,560 shares during the period. Finally, Cerity Partners LLC grew its position in Hope Bancorp by 14.7% during the first quarter. Cerity Partners LLC now owns 13,843 shares of the financial services provider's stock valued at $145,000 after acquiring an additional 1,772 shares during the period. 84.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, 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 and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $13.25.

Hope Bancorp Stock Up 5.8%

HOPE traded up $0.60 on Friday, reaching $11.03. The company's stock had a trading volume of 1,279,723 shares, compared to its average volume of 990,228. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 31.51 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. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.94. The business's 50 day moving average is $10.67 and its 200 day moving average is $10.44.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported ($0.22) EPS for the quarter, missing analysts' consensus estimates of $0.21 by ($0.43). The business had revenue of $94.58 million during the quarter, compared to analysts' expectations of $133.90 million. Hope Bancorp had a net margin of 4.27% and a return on equity of 4.45%. During the same period in the prior year, the company posted $0.22 EPS. As a group, research analysts forecast that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were paid a dividend of $0.14 per share. The ex-dividend date was Friday, August 1st. This represents a $0.56 annualized dividend and a yield of 5.1%. Hope Bancorp's dividend payout ratio is presently 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.