Piedmont Investment Advisors LLC acquired a new position in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 27,489 shares of the financial services provider’s stock, valued at approximately $513,000.
Several other institutional investors and hedge funds have also modified their holdings of HOPE. BlackRock Inc. grew its stake in shares of Hope Bancorp by 0.3% in the 2nd quarter. BlackRock Inc. now owns 15,820,716 shares of the financial services provider’s stock valued at $295,054,000 after buying an additional 51,366 shares in the last quarter. Vanguard Group Inc. boosted its position in Hope Bancorp by 1.2% during the second quarter. Vanguard Group Inc. now owns 12,011,407 shares of the financial services provider’s stock worth $224,013,000 after purchasing an additional 145,101 shares during the period. Dimensional Fund Advisors LP boosted its position in Hope Bancorp by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 7,497,731 shares of the financial services provider’s stock worth $139,835,000 after purchasing an additional 363,079 shares during the period. State Street Corp boosted its position in Hope Bancorp by 0.9% during the second quarter. State Street Corp now owns 4,811,337 shares of the financial services provider’s stock worth $89,732,000 after purchasing an additional 43,135 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Hope Bancorp by 295.1% during the second quarter. Principal Financial Group Inc. now owns 3,881,006 shares of the financial services provider’s stock worth $72,381,000 after purchasing an additional 2,898,811 shares during the period. Institutional investors own 79.37% of the company’s stock.
Several research firms have recently weighed in on HOPE. FIG Partners cut Hope Bancorp from an “outperform” rating to a “market-perform” rating in a research report on Wednesday, July 26th. Zacks Investment Research raised Hope Bancorp from a “sell” rating to a “buy” rating and set a $21.00 price objective for the company in a research report on Wednesday, July 12th. ValuEngine cut Hope Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $19.00 price objective on shares of Hope Bancorp in a research report on Thursday, September 7th. Finally, DA Davidson restated a “buy” rating and issued a $21.00 target price on shares of Hope Bancorp in a research note on Monday, September 18th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $19.58.
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In other Hope Bancorp news, EVP Jason K. Kim sold 2,750 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $17.70, for a total transaction of $48,675.00. Following the sale, the executive vice president now owns 70,729 shares in the company, valued at $1,251,903.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jason K. Kim sold 6,000 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $18.97, for a total value of $113,820.00. Following the sale, the executive vice president now owns 70,729 shares in the company, valued at approximately $1,341,729.13. The disclosure for this sale can be found here. Insiders have sold 109,776 shares of company stock worth $1,824,373 in the last 90 days. Company insiders own 5.20% of the company’s stock.
Shares of Hope Bancorp, Inc. (HOPE) remained flat at $18.92 during mid-day trading on Friday. The company’s stock had a trading volume of 448,539 shares. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of 17.28 and a beta of 1.41. Hope Bancorp, Inc. has a 12-month low of $15.10 and a 12-month high of $22.99. The stock has a 50 day moving average of $17.16 and a 200 day moving average of $17.81.
Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.02. The company had revenue of $139.51 million during the quarter, compared to analyst estimates of $137.93 million. Hope Bancorp had a return on equity of 8.74% and a net margin of 26.16%. During the same quarter last year, the company earned $0.22 earnings per share. Equities research analysts forecast that Hope Bancorp, Inc. will post $1.21 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.52 dividend on an annualized basis and a yield of 2.75%. Hope Bancorp’s payout ratio is 43.33%.
Hope Bancorp Company 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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