Citigroup Inc. lessened its position in Hope Bancorp, Inc. (NASDAQ:HOPE) by 18.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 86,259 shares of the financial services provider’s stock after selling 19,079 shares during the quarter. Citigroup Inc. owned 0.06% of Hope Bancorp worth $1,608,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Interstate Bank increased its stake in Hope Bancorp by 254.3% in the second quarter. First Interstate Bank now owns 6,395 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 4,590 shares during the last quarter. Riverhead Capital Management LLC increased its stake in Hope Bancorp by 100.4% in the second quarter. Riverhead Capital Management LLC now owns 10,221 shares of the financial services provider’s stock valued at $191,000 after acquiring an additional 5,121 shares during the last quarter. Bank of Montreal Can increased its stake in Hope Bancorp by 1.2% in the second quarter. Bank of Montreal Can now owns 10,232 shares of the financial services provider’s stock valued at $191,000 after acquiring an additional 122 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Hope Bancorp by 0.5% in the second quarter. Teacher Retirement System of Texas now owns 10,308 shares of the financial services provider’s stock valued at $192,000 after acquiring an additional 55 shares during the last quarter. Finally, Connable Office Inc. bought a new position in Hope Bancorp in the second quarter valued at $196,000. 79.39% of the stock is currently owned by institutional investors and hedge funds.

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A number of research firms recently commented on HOPE. DA Davidson reissued a “buy” rating and issued a $21.00 target price on shares of Hope Bancorp in a research note on Monday, September 18th. FIG Partners cut Hope Bancorp from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $20.00 to $17.00 in a research note on Friday, September 15th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $19.00 target price on shares of Hope Bancorp in a research note on Thursday, September 7th. ValuEngine cut Hope Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Zacks Investment Research cut Hope Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Hope Bancorp has an average rating of “Hold” and an average price target of $19.67.

Hope Bancorp, Inc. (NASDAQ:HOPE) opened at 17.71 on Friday. Hope Bancorp, Inc. has a 52 week low of $15.10 and a 52 week high of $22.99. The company has a market capitalization of $2.40 billion, a PE ratio of 16.17 and a beta of 1.39. The stock’s 50 day moving average price is $16.44 and its 200-day moving average price is $18.18.

Hope Bancorp (NASDAQ:HOPE) last announced its earnings results on Tuesday, July 25th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.02). The business had revenue of $132.94 million for the quarter, compared to analysts’ expectations of $136.80 million. Hope Bancorp had a net margin of 24.38% and a return on equity of 8.45%. On average, equities research analysts predict that Hope Bancorp, Inc. will post $1.20 earnings per share for the current fiscal year.

In related news, EVP Jason K. Kim sold 2,750 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $17.70, for a total transaction of $48,675.00. Following the transaction, the executive vice president now directly owns 70,729 shares in the company, valued at approximately $1,251,903.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Donald Byun sold 101,026 shares of the company’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $16.45, for a total transaction of $1,661,877.70. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company’s stock.

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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Institutional Ownership by Quarter for Hope Bancorp (NASDAQ:HOPE)

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