Summit Securities Group LLC Invests $607,000 in Hope Bancorp, Inc. $HOPE

Key Points

• Summit Securities Group LLC has acquired a new stake in Hope Bancorp, purchasing 57,960 shares valued at approximately $607,000 during the first quarter.
• Hope Bancorp announced a quarterly dividend of $0.14 per share, resulting in a favorable dividend yield of 5.4% despite a high payout ratio of 160.00%.
• Recent earnings report showed Hope Bancorp posted a loss of ($0.22) EPS, missing the consensus estimate of $0.21 by $0.43, with revenue significantly below expectations at $94.58 million.

Summit Securities Group LLC purchased a new stake in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 57,960 shares of the financial services provider's stock, valued at approximately $607,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sterling Capital Management LLC raised its holdings in shares of Hope Bancorp by 819.1% in the fourth quarter. Sterling Capital Management LLC now owns 3,713 shares of the financial services provider's stock valued at $46,000 after buying an additional 3,309 shares during the last quarter. KBC Group NV grew its position in Hope Bancorp by 16.6% during the first quarter. KBC Group NV now owns 8,269 shares of the financial services provider's stock worth $87,000 after buying an additional 1,176 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Hope Bancorp in the first quarter valued at about $105,000. Entropy Technologies LP purchased a new stake in shares of Hope Bancorp in the first quarter valued at about $110,000. Finally, Algert Global LLC purchased a new position in shares of Hope Bancorp during the fourth quarter valued at approximately $135,000. 84.00% of the stock is owned by hedge funds and other institutional investors.

Hope Bancorp Price Performance

Shares of HOPE traded up $0.6250 during mid-day trading on Friday, hitting $11.0550. The company's stock had a trading volume of 405,902 shares, compared to its average volume of 938,341. The firm has a 50-day moving average price of $10.65 and a 200 day moving average price of $10.46. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 31.56 and a beta of 0.94. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.94. Hope Bancorp, Inc. has a fifty-two week low of $8.82 and a fifty-two week high of $14.53.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last released its earnings results on Tuesday, July 22nd. The financial services provider reported ($0.22) earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.43). The firm had revenue of $94.58 million during 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 period last year, the business earned $0.22 earnings per share. On average, research analysts predict that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Dividend Announcement

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

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Hope Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, May 12th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.