Drive Wealth Management LLC Invests $116,000 in Hope Bancorp, Inc. (NASDAQ:HOPE)

Drive Wealth Management LLC bought a new position in Hope Bancorp, Inc. (NASDAQ:HOPE) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 10,112 shares of the financial services provider’s stock, valued at approximately $116,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of HOPE. Vanguard Group Inc. grew its position in Hope Bancorp by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 13,730,473 shares of the financial services provider’s stock valued at $165,864,000 after purchasing an additional 115,826 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Hope Bancorp by 6.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,844,319 shares of the financial services provider’s stock valued at $22,279,000 after purchasing an additional 115,543 shares during the last quarter. Boston Partners grew its position in Hope Bancorp by 32.5% during the 3rd quarter. Boston Partners now owns 1,216,170 shares of the financial services provider’s stock valued at $10,742,000 after purchasing an additional 298,349 shares during the last quarter. American Century Companies Inc. grew its position in Hope Bancorp by 11.9% during the 3rd quarter. American Century Companies Inc. now owns 1,155,150 shares of the financial services provider’s stock valued at $10,223,000 after purchasing an additional 123,041 shares during the last quarter. Finally, Norges Bank purchased a new stake in Hope Bancorp during the 4th quarter valued at about $9,960,000. 84.00% of the stock is owned by hedge funds and other institutional investors.

Hope Bancorp Stock Performance

Shares of NASDAQ:HOPE traded down $0.01 during trading on Friday, hitting $10.96. The company’s stock had a trading volume of 413,508 shares, compared to its average volume of 507,283. The company has a 50-day moving average of $10.95 and a 200-day moving average of $10.74. Hope Bancorp, Inc. has a 12 month low of $7.42 and a 12 month high of $12.51. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 9.79 and a beta of 1.13.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.03). Hope Bancorp had a return on equity of 7.03% and a net margin of 12.19%. The business had revenue of $135.20 million during the quarter, compared to the consensus estimate of $138.47 million. During the same quarter last year, the company earned $0.43 EPS. On average, sell-side analysts expect that Hope Bancorp, Inc. will post 1.09 earnings per share for the current year.

Hope Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 9th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 5.11%. The ex-dividend date of this dividend was Thursday, February 8th. Hope Bancorp’s dividend payout ratio (DPR) is presently 50.00%.

Analysts Set New Price Targets

Several brokerages recently commented on HOPE. StockNews.com raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, January 6th. Wedbush lowered their target price on shares of Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 31st. Four research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Hope Bancorp has a consensus rating of “Hold” and an average target price of $11.33.

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.