Alliancebernstein L.P. Has $11.11 Million Position in Hope Bancorp Inc (HOPE)
Alliancebernstein L.P. cut its stake in shares of Hope Bancorp Inc (NASDAQ:HOPE) by 68.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 686,930 shares of the financial services provider’s stock after selling 1,492,515 shares during the quarter. Alliancebernstein L.P.’s holdings in Hope Bancorp were worth $11,108,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Ridgewood Investments LLC purchased a new stake in Hope Bancorp during the 3rd quarter valued at about $178,000. Gator Capital Management LLC boosted its holdings in Hope Bancorp by 40.0% during the 3rd quarter. Gator Capital Management LLC now owns 21,000 shares of the financial services provider’s stock valued at $340,000 after acquiring an additional 6,000 shares during the period. Nisa Investment Advisors LLC boosted its holdings in Hope Bancorp by 47.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 26,654 shares of the financial services provider’s stock valued at $431,000 after acquiring an additional 8,550 shares during the period. O Shaughnessy Asset Management LLC purchased a new stake in Hope Bancorp during the 3rd quarter valued at about $438,000. Finally, Flinton Capital Management LLC boosted its holdings in Hope Bancorp by 14.2% during the 2nd quarter. Flinton Capital Management LLC now owns 27,098 shares of the financial services provider’s stock valued at $483,000 after acquiring an additional 3,366 shares during the period. Institutional investors own 88.71% of the company’s stock.
HOPE has been the subject of several analyst reports. DA Davidson dropped their target price on Hope Bancorp to $16.00 and set a “neutral” rating for the company in a report on Thursday, October 18th. Sandler O’Neill set a $16.00 target price on Hope Bancorp and gave the company a “hold” rating in a report on Wednesday, October 17th. ValuEngine cut Hope Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, September 12th. TheStreet cut Hope Bancorp from a “b-” rating to a “c+” rating in a report on Friday, October 26th. Finally, Zacks Investment Research cut Hope Bancorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 18th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $18.20.
Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.36 EPS for the quarter, meeting analysts’ consensus estimates of $0.36. The business had revenue of $136.60 million during the quarter, compared to analyst estimates of $141.01 million. Hope Bancorp had a return on equity of 9.81% and a net margin of 23.43%. Hope Bancorp’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.33 EPS. Equities research analysts forecast that Hope Bancorp Inc will post 1.45 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 9th. Shareholders of record on Friday, October 26th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date was Thursday, October 25th. Hope Bancorp’s payout ratio is 45.90%.
In other Hope Bancorp news, COO David P. Malone purchased 3,450 shares of the stock in a transaction on Friday, October 19th. The stock was acquired at an average price of $14.58 per share, with a total value of $50,301.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 5.06% of the company’s stock.
Hope Bancorp Profile
Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides banking services primarily to small and medium-sized businesses and individuals in the United States. The company offers personal and business checking, money market, savings, time deposit, and individual retirement accounts.
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