Bank of New York Mellon Corp increased its stake in shares of Hope Bancorp Inc (NASDAQ:HOPE) by 4.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,879,548 shares of the financial services provider’s stock after purchasing an additional 84,076 shares during the quarter. Bank of New York Mellon Corp owned 1.39% of Hope Bancorp worth $34,302,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Zions Bancorporation acquired a new stake in Hope Bancorp in the third quarter valued at $102,000. Commonwealth Equity Services Inc acquired a new stake in Hope Bancorp in the third quarter valued at $183,000. Hotchkis & Wiley Capital Management LLC acquired a new stake in Hope Bancorp in the third quarter valued at $187,000. Pinnacle Associates Ltd. acquired a new stake in Hope Bancorp in the third quarter valued at $192,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in Hope Bancorp in the fourth quarter valued at $214,000. 83.39% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have commented on HOPE. Zacks Investment Research raised Hope Bancorp from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Tuesday, December 26th. ValuEngine downgraded Hope Bancorp from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $22.00 target price on shares of Hope Bancorp in a report on Tuesday, January 9th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $19.92.
In related news, EVP Jason K. Kim sold 10,518 shares of Hope Bancorp stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $18.83, for a total transaction of $198,053.94. Following the completion of the sale, the executive vice president now owns 42,964 shares in the company, valued at approximately $809,012.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jason K. Kim sold 10,406 shares of Hope Bancorp stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $18.29, for a total value of $190,325.74. Following the sale, the executive vice president now owns 42,964 shares of the company’s stock, valued at approximately $785,811.56. The disclosure for this sale can be found here. Company insiders own 5.20% of the company’s stock.
Hope Bancorp stock opened at $18.97 on Thursday. Hope Bancorp Inc has a 52-week low of $17.14 and a 52-week high of $19.86. The firm has a market capitalization of $2,572.25, a price-to-earnings ratio of 15.43, a PEG ratio of 1.21 and a beta of 1.37. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 1.06.
Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. Hope Bancorp had a return on equity of 8.71% and a net margin of 21.96%. The business had revenue of $142.84 million during the quarter, compared to analysts’ expectations of $139.26 million. During the same quarter last year, the business posted $0.31 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. sell-side analysts forecast that Hope Bancorp Inc will post 1.57 EPS for the current year.
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Hope Bancorp 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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