Summit Securities Group LLC Takes Position 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 shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 57,960 shares of the financial services provider's stock, valued at approximately $607,000.

Other institutional investors have also modified their holdings of the company. Sterling Capital Management LLC raised its position in 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 worth $46,000 after acquiring an additional 3,309 shares in the last quarter. KBC Group NV lifted its stake 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 valued at $87,000 after purchasing an additional 1,176 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Hope Bancorp during the first quarter valued at approximately $105,000. Entropy Technologies LP bought a new stake in Hope Bancorp during the first quarter worth approximately $110,000. Finally, Algert Global LLC bought a new position in shares of Hope Bancorp in the fourth quarter valued at $135,000. Institutional investors and hedge funds own 84.00% of the company's stock.

Hope Bancorp Stock Down 0.4%

Shares of NASDAQ HOPE traded down $0.04 during mid-day trading on Thursday, reaching $10.43. The company had a trading volume of 708,101 shares, compared to its average volume of 941,793. 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, Inc. has a twelve month low of $8.82 and a twelve month high of $14.53. The stock's 50 day moving average is $10.65 and its 200-day moving average is $10.46. The stock has a market capitalization of $1.34 billion, a PE ratio of 29.80 and a beta of 0.94.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported ($0.22) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.21 by ($0.43). Hope Bancorp had a net margin of 4.27% and a return on equity of 4.45%. The firm had revenue of $94.58 million for the quarter, compared to analyst estimates of $133.90 million. During the same period in the previous year, the business posted $0.22 EPS. As a group, equities analysts anticipate that Hope Bancorp, Inc. will post 1.09 earnings per share for the current fiscal year.

Hope Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 1st were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend was Friday, August 1st. Hope Bancorp's dividend payout ratio (DPR) is presently 160.00%.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Hope Bancorp from a "sell" rating to a "hold" rating in a research report on Monday, May 12th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $13.25.

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.