Legal & General Group Plc Acquires Shares of 286,890 Hope Bancorp, Inc. $HOPE

Legal & General Group Plc bought a new position in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 286,890 shares of the financial services provider's stock, valued at approximately $3,925,000. Legal & General Group Plc owned 0.22% of Hope Bancorp as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Hope Bancorp in the second quarter worth about $252,703,000. HoldCo Asset Management LP purchased a new position in Hope Bancorp during the 4th quarter worth $32,838,000. Millennium Management LLC grew its stake in Hope Bancorp by 366.8% during the 3rd quarter. Millennium Management LLC now owns 1,340,635 shares of the financial services provider's stock worth $14,439,000 after buying an additional 1,053,434 shares during the last quarter. UBS Group AG increased its position in Hope Bancorp by 73.5% during the 4th quarter. UBS Group AG now owns 1,972,716 shares of the financial services provider's stock valued at $21,621,000 after buying an additional 835,814 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Hope Bancorp during the 2nd quarter valued at about $10,384,000. Hedge funds and other institutional investors own 84.00% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on HOPE shares. Keefe, Bruyette & Woods raised their price target on Hope Bancorp from $14.00 to $15.00 and gave the stock a "hold" rating in a report on Monday, August 3rd. Weiss Ratings raised shares of Hope Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Finally, DA Davidson lifted their target price on shares of Hope Bancorp from $15.00 to $16.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $15.50.

Hope Bancorp Stock Up 0.9%

Shares of HOPE stock opened at $14.13 on Friday. The stock's 50-day simple moving average is $13.86 and its 200-day simple moving average is $12.70. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.97 and a current ratio of 0.98. The firm has a market capitalization of $1.81 billion, a PE ratio of 14.13 and a beta of 0.83. Hope Bancorp, Inc. has a fifty-two week low of $9.80 and a fifty-two week high of $14.59.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last released its earnings results on Monday, July 27th. The financial services provider reported $0.27 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.01. Hope Bancorp had a return on equity of 5.71% and a net margin of 12.53%.The firm had revenue of $147.82 million during the quarter, compared to the consensus estimate of $146.50 million. During the same quarter in the previous year, the company posted ($0.22) earnings per share. Equities analysts expect that Hope Bancorp, Inc. will post 1.13 earnings per share for the current year.

Hope Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 6th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Thursday, August 6th. Hope Bancorp's dividend payout ratio (DPR) is 56.00%.

Insider Activity

In related news, Director Daisy Ha sold 26,995 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $14.24, for a total transaction of $384,408.80. Following the completion of the transaction, the director directly owned 346,120 shares in the company, valued at $4,928,748.80. The trade was a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.27% of the stock is currently owned by company insiders.

Hope Bancorp Profile

Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company's principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.

In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.

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