Rhino Investment Partners Inc Decreases Stock Holdings in Hope Bancorp, Inc. $HOPE

Key Points

• Rhino Investment Partners Inc reduced its stake in Hope Bancorp by 21.5% in the first quarter, now owning approximately 1,323,286 shares, which is 3.4% of their total holdings.
• Hope Bancorp reported a loss of $0.22 earnings per share in its recent quarter, significantly missing analysts' estimates of $0.21, with revenues falling short at $94.58 million compared to a consensus of $133.90 million.
• The company announced a $0.14 quarterly dividend with a yield of 5.3% and a dividend payout ratio of 160.00%, indicating high cash distribution relative to its earnings.

Rhino Investment Partners Inc lowered its stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 21.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,323,286 shares of the financial services provider's stock after selling 361,600 shares during the quarter. Hope Bancorp accounts for 3.4% of Rhino Investment Partners Inc's holdings, making the stock its 11th biggest holding. Rhino Investment Partners Inc owned approximately 1.09% of Hope Bancorp worth $13,855,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. Principal Financial Group Inc. increased its position in shares of Hope Bancorp by 3.6% during the 1st quarter. Principal Financial Group Inc. now owns 699,108 shares of the financial services provider's stock valued at $7,320,000 after purchasing an additional 24,465 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Hope Bancorp in the 1st quarter valued at $105,000. Teacher Retirement System of Texas bought a new position in Hope Bancorp in the 1st quarter valued at $186,000. Deutsche Bank AG grew its position in Hope Bancorp by 49.4% in the 4th quarter. Deutsche Bank AG now owns 101,614 shares of the financial services provider's stock valued at $1,249,000 after acquiring an additional 33,585 shares during the last quarter. Finally, KBC Group NV grew its position in Hope Bancorp by 16.6% in the 1st 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 last quarter. Institutional investors own 84.00% of the company's stock.

Wall Street Analyst Weigh In

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 given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $13.25.

Hope Bancorp Stock Up 0.8%

Shares of HOPE stock traded up $0.09 during mid-day trading on Tuesday, hitting $11.09. The stock had a trading volume of 155,117 shares, compared to its average volume of 936,093. Hope Bancorp, Inc. has a 12-month low of $8.82 and a 12-month high of $14.53. The firm has a market capitalization of $1.42 billion, a P/E ratio of 31.67 and a beta of 0.94. The firm's 50-day moving average is $10.68 and its two-hundred day moving average is $10.43. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.94.

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

Hope Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 5.1%. The ex-dividend date was Friday, August 1st. Hope Bancorp's dividend payout ratio is currently 160.00%.

Hope Bancorp Profile

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.