Hope Bancorp, Inc. (HOPE) Position Boosted by Brandywine Global Investment Management LLC
Brandywine Global Investment Management LLC boosted its position in Hope Bancorp, Inc. (NASDAQ:HOPE) by 41.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 354,270 shares of the financial services provider’s stock after buying an additional 104,055 shares during the period. Brandywine Global Investment Management LLC owned approximately 0.26% of Hope Bancorp worth $6,608,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Hope Bancorp by 49,191.5% during the first quarter. BlackRock Inc. now owns 15,769,350 shares of the financial services provider’s stock worth $302,299,000 after acquiring an additional 15,737,358 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Hope Bancorp by 295.1% in the second quarter. Principal Financial Group Inc. now owns 3,881,006 shares of the financial services provider’s stock worth $72,381,000 after purchasing an additional 2,898,811 shares during the period. Vanguard Group Inc. grew its holdings in Hope Bancorp by 5.4% in the first quarter. Vanguard Group Inc. now owns 11,866,306 shares of the financial services provider’s stock worth $227,477,000 after purchasing an additional 608,014 shares during the period. Kennedy Capital Management Inc. grew its holdings in Hope Bancorp by 38.2% in the first quarter. Kennedy Capital Management Inc. now owns 1,633,153 shares of the financial services provider’s stock worth $31,308,000 after purchasing an additional 451,183 shares during the period. Finally, State Street Corp grew its holdings in Hope Bancorp by 9.4% in the first quarter. State Street Corp now owns 4,768,202 shares of the financial services provider’s stock worth $91,409,000 after purchasing an additional 411,326 shares during the period. Institutional investors and hedge funds own 79.39% of the company’s stock.
In other Hope Bancorp news, Director Donald Byun sold 101,026 shares of Hope Bancorp stock in a transaction on Friday, August 25th. The stock was sold at an average price of $16.45, for a total value of $1,661,877.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jason K. Kim sold 2,750 shares of Hope Bancorp stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $17.70, for a total value of $48,675.00. Following the completion of the sale, the executive vice president now directly owns 70,729 shares of the company’s stock, valued at approximately $1,251,903.30. The disclosure for this sale can be found here. Insiders own 5.20% of the company’s stock.
Shares of Hope Bancorp, Inc. (NASDAQ HOPE) opened at 18.11 on Wednesday. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of 16.54 and a beta of 1.41. The company has a 50-day moving average price of $16.42 and a 200-day moving average price of $17.92. Hope Bancorp, Inc. has a 52-week low of $15.10 and a 52-week high of $22.99.
Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.02). Hope Bancorp had a return on equity of 8.45% and a net margin of 24.38%. The company had revenue of $132.94 million during the quarter, compared to analysts’ expectations of $136.80 million. On average, equities analysts anticipate that Hope Bancorp, Inc. will post $1.20 earnings per share for the current year.
Several equities analysts have recently weighed in on the stock. FIG Partners lowered shares of Hope Bancorp from an “outperform” rating to a “market-perform” rating in a report on Wednesday, July 26th. Zacks Investment Research upgraded Hope Bancorp from a “sell” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Wednesday, July 12th. ValuEngine lowered Hope Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Wedbush reaffirmed a “neutral” rating and set a $20.00 price target on shares of Hope Bancorp in a research note on Tuesday, June 27th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $19.00 price objective on shares of Hope Bancorp in a report on Thursday, September 7th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $19.42.
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Hope Bancorp Profile
Hope Bancorp, Inc, formerly BBCN Bancorp, Inc, is the holding company of Bank of Hope. Bank of Hope is the regional Korean-American bank in the United States. Bank of Hope operates approximately 85 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama.
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