Pinnacle Holdings LLC Invests $930,000 in Hope Bancorp, Inc. $HOPE

Pinnacle Holdings LLC bought a new stake in Hope Bancorp, Inc. (NASDAQ:HOPE) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 67,965 shares of the financial services provider’s stock, valued at approximately $930,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of HOPE. Royal Bank of Canada raised its holdings in Hope Bancorp by 91.5% in the 1st quarter. Royal Bank of Canada now owns 32,828 shares of the financial services provider’s stock valued at $344,000 after acquiring an additional 15,687 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Hope Bancorp by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,936 shares of the financial services provider’s stock worth $722,000 after purchasing an additional 3,005 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Hope Bancorp by 147.1% during the 1st quarter. Millennium Management LLC now owns 492,153 shares of the financial services provider’s stock worth $5,153,000 after purchasing an additional 292,994 shares during the last quarter. Caxton Associates LLP purchased a new stake in shares of Hope Bancorp in the first quarter valued at approximately $297,000. Finally, Jane Street Group LLC grew its position in shares of Hope Bancorp by 676.8% in the first quarter. Jane Street Group LLC now owns 227,116 shares of the financial services provider’s stock valued at $2,378,000 after purchasing an additional 197,877 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on HOPE shares. Weiss Ratings upgraded Hope Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. DA Davidson upped their target price on Hope Bancorp from $15.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods raised their target price on Hope Bancorp from $14.00 to $15.00 and gave the stock a “hold” rating in a research note on Monday, August 3rd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $15.50.

Insider Buying and Selling

In other news, Director Daisy Y. Ha sold 26,995 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $14.24, for a total value of $384,408.80. Following the transaction, the director owned 346,120 shares of the company’s stock, valued at $4,928,748.80. This represents a 7.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.27% of the stock is owned by corporate insiders.

Hope Bancorp Stock Performance

Hope Bancorp stock opened at $13.97 on Monday. The firm has a 50 day simple moving average of $13.70 and a 200-day simple moving average of $12.59. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of 13.97 and a beta of 0.83. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.98 and a quick ratio of 0.97. Hope Bancorp, Inc. has a 1-year low of $9.80 and a 1-year high of $14.59.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.27 EPS for the quarter, beating the consensus estimate of $0.26 by $0.01. Hope Bancorp had a net margin of 12.53% and a return on equity of 5.71%. The firm had revenue of $147.82 million for the quarter, compared to analyst estimates of $146.50 million. During the same quarter in the previous year, the company earned ($0.22) EPS. On average, analysts expect that Hope Bancorp, Inc. will post 1.13 EPS for the current year.

Hope Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were given a $0.14 dividend. The ex-dividend date was Thursday, August 6th. This represents a $0.56 dividend on an annualized basis and a yield of 4.0%. Hope Bancorp’s payout ratio is currently 56.00%.

Hope Bancorp Profile

Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company’s principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.

In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.