220,803 Shares in Hope Bancorp, Inc. $HOPE Acquired by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. acquired a new position in Hope Bancorp, purchasing 220,803 shares valued at approximately $2.31 million, resulting in ownership of 0.18% of the company.
• Hope Bancorp recently reported earnings of ($0.22) per share, missing analysts' estimates, with a revenue of $94.58 million compared to expected revenue of $133.90 million.
• The company announced a quarterly dividend of $0.14 per share, representing an annualized dividend of $0.56 and a yield of 5.1%, despite a high dividend payout ratio of 160.00%.

Jacobs Levy Equity Management Inc. purchased a new stake in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 220,803 shares of the financial services provider's stock, valued at approximately $2,312,000. Jacobs Levy Equity Management Inc. owned 0.18% of Hope Bancorp as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of HOPE. Wellington Management Group LLP boosted its holdings in shares of Hope Bancorp by 43.4% in the 1st quarter. Wellington Management Group LLP now owns 6,201,937 shares of the financial services provider's stock valued at $64,934,000 after buying an additional 1,877,820 shares during the period. Nuveen LLC bought a new stake in Hope Bancorp in the 1st quarter valued at about $3,451,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Hope Bancorp in the 4th quarter valued at about $2,945,000. Northern Trust Corp lifted its position in Hope Bancorp by 18.6% in the 4th quarter. Northern Trust Corp now owns 1,491,628 shares of the financial services provider's stock valued at $18,332,000 after purchasing an additional 234,191 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in Hope Bancorp by 7.7% in the 1st quarter. American Century Companies Inc. now owns 2,749,086 shares of the financial services provider's stock valued at $28,783,000 after purchasing an additional 196,172 shares during the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

Hope Bancorp Price Performance

Shares of HOPE stock traded down $0.21 during midday trading on Friday, reaching $10.94. 521,243 shares of the company were exchanged, compared to its average volume of 602,628. Hope Bancorp, Inc. has a 12 month low of $8.82 and a 12 month high of $14.53. The company has a market cap of $1.40 billion, a P/E ratio of 31.26 and a beta of 0.97. The company's 50 day moving average price is $10.79 and its two-hundred day moving average price is $10.43. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.94 and a current ratio of 0.94.

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 analysts' consensus estimates of $0.21 by ($0.43). Hope Bancorp had a return on equity of 4.45% and a net margin of 4.27%.The company had revenue of $94.58 million for the quarter, compared to the consensus estimate of $133.90 million. During the same quarter last year, the firm posted $0.22 earnings per share. On average, sell-side analysts expect that Hope Bancorp, Inc. will post 1.09 earnings per share for the current year.

Hope Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date was Friday, August 1st. Hope Bancorp's payout ratio is 160.00%.

Insider Activity at Hope Bancorp

In other Hope Bancorp news, EVP Angelee Harris sold 3,500 shares of the business's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $11.02, for a total transaction of $38,570.00. Following the sale, the executive vice president directly owned 24,241 shares in the company, valued at approximately $267,135.82. The trade was a 12.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.16% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Zacks Research downgraded shares of Hope Bancorp from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 26th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Hope Bancorp has an average rating of "Hold" and an average target price of $13.25.

Hope Bancorp Company 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.