Victory Capital Management Inc. Cuts Stock Position in 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. cut its holdings in Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 64.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (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 approximately 0.06% of Hope Bancorp worth $813,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sterling Capital Management LLC grew its position 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 holdings in shares of 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 acquiring an additional 1,176 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Hope Bancorp during the 1st quarter valued at about $105,000. Algert Global LLC purchased a new stake in shares of Hope Bancorp during the 4th quarter valued at about $135,000. Finally, Cerity Partners LLC boosted its holdings in shares of Hope Bancorp by 14.7% during the 1st quarter. Cerity Partners LLC now owns 13,843 shares of the financial services provider's stock valued at $145,000 after acquiring an additional 1,772 shares during the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

Hope Bancorp Stock Performance

NASDAQ HOPE traded down $0.09 on Wednesday, reaching $10.00. 296,874 shares of the stock were exchanged, compared to its average volume of 945,918. Hope Bancorp, Inc. has a one year low of $8.82 and a one year high of $14.53. The firm has a market capitalization of $1.28 billion, a PE ratio of 28.50 and a beta of 0.94. The company's 50-day simple moving average is $10.63 and its two-hundred day simple moving average is $10.58. The company has a current ratio of 0.94, a quick ratio of 0.96 and a debt-to-equity ratio of 0.06.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last announced 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 company had revenue of $94.58 million for the quarter, compared to analysts' expectations of $133.90 million. During the same period last year, the business earned $0.22 earnings per share. Analysts expect that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, August 1st will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend is Friday, August 1st. Hope Bancorp's dividend payout ratio (DPR) is 160.00%.

Analyst Upgrades and Downgrades

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

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.