Hsbc Holdings PLC Decreases Stock Position in Hope Bancorp, Inc. $HOPE

Key Points

• Hsbc Holdings PLC reduced its holdings in Hope Bancorp, Inc. by 69.7%, selling 30,788 shares during the first quarter, leaving them with 13,404 shares valued at approximately $140,000.
• Hope Bancorp reported a quarterly earnings miss, with an earnings per share of (0.22) against expectations of (0.21), and revenue of $94.58 million which fell short of the projected $133.90 million.
• The company recently announced a quarterly dividend of $0.14, with a current annualized dividend yield of 5.0%, despite a high dividend payout ratio of 160.00%.

Hsbc Holdings PLC reduced its position in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 69.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,404 shares of the financial services provider's stock after selling 30,788 shares during the quarter. Hsbc Holdings PLC's holdings in Hope Bancorp were worth $140,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Cresset Asset Management LLC boosted its holdings in shares of Hope Bancorp by 0.8% in 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 boosted its holdings in shares of Hope Bancorp by 16.6% in 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 boosted its holdings in shares of Hope Bancorp by 1.7% in 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. Cerity Partners LLC raised its stake in shares of Hope Bancorp by 14.7% during the first quarter. Cerity Partners LLC now owns 13,843 shares of the financial services provider's stock worth $145,000 after purchasing an additional 1,772 shares during the last quarter. Finally, Quantinno Capital Management LP raised its stake in shares of Hope Bancorp by 15.2% during the fourth quarter. Quantinno Capital Management LP now owns 13,515 shares of the financial services provider's stock worth $166,000 after purchasing an additional 1,786 shares during the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Zacks Research cut Hope Bancorp from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 26th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $13.25.

Hope Bancorp Stock Performance

Shares of Hope Bancorp stock traded up $0.14 during trading hours on Thursday, hitting $11.15. 745,946 shares of the company were exchanged, compared to its average volume of 610,221. Hope Bancorp, Inc. has a 1 year low of $8.82 and a 1 year high of $14.53. 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 business has a 50-day moving average of $10.81 and a 200-day moving average of $10.43. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 31.86 and a beta of 0.97.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last released 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 for the quarter, compared to analysts' expectations of $133.90 million. Hope Bancorp had a return on equity of 4.45% and a net margin of 4.27%.During the same quarter last year, the company earned $0.22 EPS. As a group, analysts expect that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Dividend Announcement

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

Insider Transactions at Hope Bancorp

In other Hope Bancorp news, EVP Angelee Harris sold 3,500 shares of the stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $11.02, for a total value of $38,570.00. Following the completion of the transaction, the executive vice president owned 24,241 shares in the company, valued at approximately $267,135.82. This represents a 12.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.16% of the company's stock.

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.