Principal Financial Group Inc. Boosts Stock Holdings in Hope Bancorp, Inc. (NASDAQ:HOPE)

Principal Financial Group Inc. boosted its position in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 3.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 699,108 shares of the financial services provider's stock after buying an additional 24,465 shares during the period. Principal Financial Group Inc. owned approximately 0.58% of Hope Bancorp worth $7,320,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sterling Capital Management LLC boosted its stake in Hope Bancorp by 819.1% during the 4th quarter. Sterling Capital Management LLC now owns 3,713 shares of the financial services provider's stock valued at $46,000 after purchasing an additional 3,309 shares during the last quarter. KBC Group NV boosted its stake in Hope Bancorp by 16.6% during the 1st quarter. KBC Group NV now owns 8,269 shares of the financial services provider's stock valued at $87,000 after purchasing an additional 1,176 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in Hope Bancorp during the 1st quarter valued at about $105,000. Cibc World Markets Corp purchased a new position in shares of Hope Bancorp in the 4th quarter worth approximately $133,000. Finally, Algert Global LLC purchased a new position in shares of Hope Bancorp in the 4th quarter worth approximately $135,000. 84.00% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Hope Bancorp Stock Performance

HOPE stock traded up $0.06 during midday trading on Wednesday, reaching $11.27. 844,997 shares of the company's stock traded hands, compared to its average volume of 837,268. The company has a 50-day moving average price of $10.55 and a two-hundred day moving average price of $10.73. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.96. Hope Bancorp, Inc. has a 52 week low of $8.83 and a 52 week high of $14.54. The firm has a market capitalization of $1.44 billion, a PE ratio of 14.45 and a beta of 0.90.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.18 by $0.01. Hope Bancorp had a net margin of 9.82% and a return on equity of 4.60%. The business had revenue of $217.17 million for the quarter, compared to analysts' expectations of $114.97 million. During the same quarter in the previous year, the firm posted $0.23 EPS. As a group, equities analysts anticipate that Hope Bancorp, Inc. will post 1.09 EPS for the current year.

Hope Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 2nd were issued a $0.14 dividend. The ex-dividend date was Friday, May 2nd. This represents a $0.56 annualized dividend and a dividend yield of 4.97%. Hope Bancorp's payout ratio is currently 71.79%.

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.