Jupiter Asset Management Ltd. Trims Stock Position in Hope Bancorp, Inc. (NASDAQ:HOPE)

Key Points

• Jupiter Asset Management Ltd. reduced its stake in Hope Bancorp shares by 36.8%, owning 363,553 shares after selling 211,666 shares in the first quarter.
• Hope Bancorp is scheduled to pay a quarterly dividend of $0.14 on August 15th, representing an annualized dividend yield of 5.8%.
• The company reported a loss of ($0.22) earnings per share for the last quarter, missing the consensus estimate by ($0.43), with a revenue of $94.58 million versus expectations of $133.90 million.

Jupiter Asset Management Ltd. lowered its holdings in shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 36.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 363,553 shares of the financial services provider's stock after selling 211,666 shares during the quarter. Jupiter Asset Management Ltd. owned approximately 0.30% of Hope Bancorp worth $3,806,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Frontier Capital Management Co. LLC lifted its holdings in 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 valued at $36,423,000 after purchasing an additional 103,554 shares in the last quarter. Rhino Investment Partners Inc lifted its stake in Hope Bancorp by 55.6% during the fourth quarter. Rhino Investment Partners Inc now owns 1,684,886 shares of the financial services provider's stock worth $20,707,000 after purchasing an additional 601,876 shares during the last quarter. Northern Trust Corp increased its position in Hope Bancorp by 18.6% during the fourth quarter. Northern Trust Corp now owns 1,491,628 shares of the financial services provider's stock worth $18,332,000 after buying an additional 234,191 shares during the period. Invesco Ltd. increased its holdings in shares of Hope Bancorp by 72.8% in the fourth quarter. Invesco Ltd. now owns 1,339,171 shares of the financial services provider's stock valued at $16,458,000 after purchasing an additional 564,014 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in Hope Bancorp by 17.8% during the fourth quarter. JPMorgan Chase & Co. now owns 1,052,068 shares of the financial services provider's stock worth $12,930,000 after purchasing an additional 158,896 shares in the last quarter. Institutional investors own 84.00% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Hope Bancorp from a "sell" rating to a "hold" rating in a report on Monday, May 12th.

Hope Bancorp Stock Down 1.2%

HOPE stock traded down $0.12 during mid-day trading on Thursday, hitting $9.89. The stock had a trading volume of 669,677 shares, compared to its average volume of 948,489. Hope Bancorp, Inc. has a 1-year low of $8.82 and a 1-year high of $14.53. The company has a fifty day moving average of $10.63 and a 200 day moving average of $10.58. The company has a current ratio of 0.94, a quick ratio of 0.96 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 28.26 and a beta of 0.94.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last announced its quarterly 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 during the quarter, compared to analyst estimates 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 firm earned $0.22 EPS. On average, equities analysts expect 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 will be paid on Friday, August 15th. Investors of record on Friday, August 1st will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $0.56 annualized dividend and a dividend yield of 5.7%. Hope Bancorp's dividend payout ratio (DPR) is 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.