JPMorgan Chase & Co. lessened its holdings in Hope Bancorp Inc (NASDAQ:HOPE) by 50.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 876,638 shares of the financial services provider’s stock after selling 905,498 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.67% of Hope Bancorp worth $14,176,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of HOPE. BlackRock Inc. raised its holdings in Hope Bancorp by 9.0% in the 2nd quarter. BlackRock Inc. now owns 18,423,426 shares of the financial services provider’s stock valued at $328,490,000 after buying an additional 1,527,125 shares during the last quarter. LSV Asset Management raised its holdings in Hope Bancorp by 43.7% during the 2nd quarter. LSV Asset Management now owns 4,071,026 shares of the financial services provider’s stock worth $72,586,000 after purchasing an additional 1,237,072 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Hope Bancorp by 6.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,213,335 shares of the financial services provider’s stock worth $164,275,000 after purchasing an additional 593,266 shares during the last quarter. Macquarie Group Ltd. raised its holdings in Hope Bancorp by 11.7% during the 2nd quarter. Macquarie Group Ltd. now owns 2,450,766 shares of the financial services provider’s stock worth $43,697,000 after purchasing an additional 256,255 shares during the last quarter. Finally, Maltese Capital Management LLC raised its holdings in Hope Bancorp by 56.0% during the 2nd quarter. Maltese Capital Management LLC now owns 515,280 shares of the financial services provider’s stock worth $9,187,000 after purchasing an additional 185,043 shares during the last quarter. Institutional investors and hedge funds own 88.71% of the company’s stock.
HOPE has been the subject of several analyst reports. ValuEngine upgraded shares of Hope Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, August 18th. Zacks Investment Research upgraded shares of Hope Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 21st. Sandler O’Neill set a $16.00 price target on shares of Hope Bancorp and gave the stock a “hold” rating in a report on Wednesday, October 17th. DA Davidson lowered their price target on shares of Hope Bancorp to $16.00 and set a “neutral” rating for the company in a report on Thursday, October 18th. Finally, TheStreet lowered shares of Hope Bancorp from a “b-” rating to a “c+” rating in a report on Friday, October 26th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $18.20.
Hope Bancorp stock opened at $13.80 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. Hope Bancorp Inc has a 52-week low of $13.45 and a 52-week high of $19.86. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 1.19 and a beta of 1.30.
Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. The firm had revenue of $136.60 million during the quarter, compared to analyst estimates of $141.01 million. Hope Bancorp had a net margin of 23.43% and a return on equity of 9.81%. The company’s revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.33 EPS. Analysts forecast that Hope Bancorp Inc will post 1.45 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 9th. Stockholders of record on Friday, October 26th were paid a $0.14 dividend. The ex-dividend date was Thursday, October 25th. This represents a $0.56 annualized dividend and a dividend yield of 4.06%. Hope Bancorp’s dividend payout ratio is currently 45.90%.
In related news, COO David P. Malone acquired 3,450 shares of the stock in a transaction dated Friday, October 19th. The stock was bought at an average price of $14.58 per share, for a total transaction of $50,301.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.06% of the company’s stock.
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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.
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