Vanguard Group Inc. Sells 99,751 Shares of Hope Bancorp, Inc. $HOPE

Vanguard Group Inc. cut its position in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 0.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,885,245 shares of the financial services provider’s stock after selling 99,751 shares during the quarter. Vanguard Group Inc. owned 10.83% of Hope Bancorp worth $149,544,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Amalgamated Bank grew its holdings in shares of Hope Bancorp by 3.5% in the 3rd quarter. Amalgamated Bank now owns 36,959 shares of the financial services provider’s stock valued at $398,000 after buying an additional 1,250 shares during the period. Corient Private Wealth LLC grew its position in shares of Hope Bancorp by 6.9% during the 2nd quarter. Corient Private Wealth LLC now owns 20,809 shares of the financial services provider’s stock worth $223,000 after purchasing an additional 1,340 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Hope Bancorp by 61.0% in the 3rd quarter. Versant Capital Management Inc now owns 3,968 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 1,503 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Hope Bancorp by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 60,053 shares of the financial services provider’s stock valued at $644,000 after buying an additional 1,659 shares during the period. Finally, Bank of Montreal Can lifted its stake in Hope Bancorp by 7.3% in the second quarter. Bank of Montreal Can now owns 25,071 shares of the financial services provider’s stock valued at $269,000 after buying an additional 1,697 shares during the period. 84.00% of the stock is owned by institutional investors.

Hope Bancorp Stock Down 0.2%

Shares of HOPE opened at $11.40 on Wednesday. The company has a market capitalization of $1.46 billion, a PE ratio of 24.78 and a beta of 0.85. Hope Bancorp, Inc. has a 52-week low of $8.82 and a 52-week high of $12.79. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.17. The stock has a fifty day simple moving average of $11.74 and a two-hundred day simple moving average of $11.13.

Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. The firm had revenue of $145.76 million during the quarter, compared to analysts’ expectations of $142.90 million. Hope Bancorp had a net margin of 5.81% and a return on equity of 5.09%. The firm’s quarterly revenue was up 23.6% on a year-over-year basis. During the same quarter last year, the company posted $0.20 EPS. As a group, equities analysts forecast that Hope Bancorp, Inc. will post 1.09 EPS for the current year.

Hope Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Friday, February 6th were given a $0.14 dividend. The ex-dividend date was Friday, February 6th. This represents a $0.56 annualized dividend and a dividend yield of 4.9%. Hope Bancorp’s payout ratio is currently 121.74%.

Insider Activity

In other news, Director Daisy Y. Ha sold 31,020 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $12.48, for a total transaction of $387,129.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David P. Malone sold 20,820 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $11.50, for a total value of $239,430.00. Following the sale, the director owned 66,658 shares of the company’s stock, valued at approximately $766,567. This trade represents a 23.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 81,240 shares of company stock worth $990,996 over the last ninety days. 5.16% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. DA Davidson restated a “buy” rating and set a $14.50 price target on shares of Hope Bancorp in a research report on Wednesday, January 28th. Wall Street Zen upgraded shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Keefe, Bruyette & Woods lifted their target price on Hope Bancorp from $12.00 to $13.00 and gave the stock a “market perform” rating in a report on Wednesday, January 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Hope Bancorp in a research note on Monday, December 29th. Finally, Zacks Research lowered shares of Hope Bancorp from a “hold” rating to a “strong sell” rating in a report on Monday, February 2nd. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $13.75.

About Hope Bancorp

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.