Alliancebernstein L.P. reduced its holdings in Hope Bancorp Inc (NASDAQ:HOPE) by 68.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 686,930 shares of the financial services provider’s stock after selling 1,492,515 shares during the quarter. Alliancebernstein L.P. owned about 0.53% of Hope Bancorp worth $11,108,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the business. Zeke Capital Advisors LLC raised its stake in shares of Hope Bancorp by 387.7% during the 3rd quarter. Zeke Capital Advisors LLC now owns 59,218 shares of the financial services provider’s stock valued at $958,000 after purchasing an additional 47,076 shares during the period. LSV Asset Management raised its stake in shares of Hope Bancorp by 0.5% during the 3rd quarter. LSV Asset Management now owns 4,090,626 shares of the financial services provider’s stock valued at $66,145,000 after purchasing an additional 19,600 shares during the period. O Shaughnessy Asset Management LLC bought a new stake in shares of Hope Bancorp during the 3rd quarter valued at $438,000. Virginia Retirement Systems ET AL bought a new stake in shares of Hope Bancorp during the 3rd quarter valued at $700,000. Finally, WINTON GROUP Ltd bought a new stake in shares of Hope Bancorp during the 3rd quarter valued at $2,089,000. Institutional investors and hedge funds own 88.71% of the company’s stock.
In other Hope Bancorp news, COO David P. Malone bought 3,450 shares of Hope Bancorp stock in a transaction that occurred on Friday, October 19th. The stock was acquired at an average cost of $14.58 per share, for a total transaction of $50,301.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.06% of the stock is owned by insiders.
Hope Bancorp stock opened at $13.80 on Friday. Hope Bancorp Inc has a 52 week low of $13.45 and a 52 week high of $19.86. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $1.81 billion, a P/E ratio of 11.31, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30.
Hope Bancorp (NASDAQ:HOPE) last posted its earnings results on Tuesday, October 16th. The financial services provider reported $0.36 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. Hope Bancorp had a return on equity of 9.81% and a net margin of 23.43%. The business had revenue of $136.60 million during the quarter, compared to analysts’ expectations of $141.01 million. During the same period in the previous year, the business earned $0.33 earnings per share. The firm’s revenue was down 2.1% on a year-over-year basis. As a group, equities research analysts predict that Hope Bancorp Inc will post 1.45 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 9th. Investors of record on Friday, October 26th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend was Thursday, October 25th. Hope Bancorp’s payout ratio is 45.90%.
A number of analysts recently issued reports on the company. Zacks Investment Research upgraded Hope Bancorp from a “sell” rating to a “buy” rating and set a $19.00 price objective on the stock in a research note on Wednesday, September 19th. ValuEngine lowered Hope Bancorp from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 17th. TheStreet lowered Hope Bancorp from a “b-” rating to a “c+” rating in a research note on Friday, October 26th. Sandler O’Neill set a $16.00 price objective on Hope Bancorp and gave the company a “hold” rating in a research note on Wednesday, October 17th. Finally, DA Davidson decreased their price objective on Hope Bancorp to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, October 18th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The company currently has an average rating of “Hold” and an average target price of $18.20.
About Hope Bancorp
Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides banking services primarily to small and medium-sized businesses and individuals in the United States. The company offers personal and business checking, money market, savings, time deposit, and individual retirement accounts.
See Also: Debt-To-Equity Ratio
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