Victory Capital Management Inc. Sells 140,959 Shares of Hope Bancorp, Inc. (NASDAQ:HOPE)

Key Points

• Victory Capital Management Inc. has significantly decreased its holdings in Hope Bancorp, selling 140,959 shares and now owning 77,620 shares valued at approximately $813,000.
• Hope Bancorp's recent earnings report showed a disappointing loss of $0.22 per share, missing analysts' estimates, with revenue also falling short at $94.58 million.
• The company announced a quarterly dividend of $0.14 per share with a high dividend payout ratio of 160%, reflecting its ongoing financial commitments despite recent performance challenges.

Victory Capital Management Inc. reduced its position in shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 64.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 77,620 shares of the financial services provider's stock after selling 140,959 shares during the quarter. Victory Capital Management Inc. owned about 0.06% of Hope Bancorp worth $813,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in HOPE. Rhino Investment Partners Inc raised its stake in Hope Bancorp by 55.6% during the 4th quarter. Rhino Investment Partners Inc now owns 1,684,886 shares of the financial services provider's stock worth $20,707,000 after buying an additional 601,876 shares during the period. Invesco Ltd. raised its stake in shares of Hope Bancorp by 72.8% in the fourth quarter. Invesco Ltd. now owns 1,339,171 shares of the financial services provider's stock worth $16,458,000 after purchasing an additional 564,014 shares during the last quarter. Norges Bank purchased a new stake in shares of Hope Bancorp in the fourth quarter worth approximately $4,001,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Hope Bancorp in the fourth quarter worth approximately $2,945,000. Finally, Northern Trust Corp raised its stake in shares of Hope Bancorp by 18.6% in the fourth quarter. Northern Trust Corp now owns 1,491,628 shares of the financial services provider's stock worth $18,332,000 after purchasing an additional 234,191 shares during the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Hope Bancorp Stock Down 2.8%

Shares of Hope Bancorp stock traded down $0.28 on Friday, hitting $9.71. The company had a trading volume of 2,068,191 shares, compared to its average volume of 1,063,632. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 27.74 and a beta of 0.94. Hope Bancorp, Inc. has a 1 year low of $8.82 and a 1 year high of $14.53. The stock has a 50 day moving average of $10.63 and a 200-day moving average of $10.60. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.96 and a current ratio of 0.94.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported ($0.22) EPS for the quarter, missing the consensus estimate of $0.21 by ($0.43). The company 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 company earned $0.22 earnings per share. As a group, sell-side analysts forecast that Hope Bancorp, Inc. will post 1.09 earnings per share for the current year.

Hope Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 1st will be issued a $0.14 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $0.56 annualized dividend and a dividend yield of 5.8%. Hope Bancorp's dividend payout ratio is currently 160.00%.

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.