Foundry Partners LLC Reduces Position in Hope Bancorp, Inc. (HOPE)
Foundry Partners LLC lowered its holdings in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 25.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,350 shares of the financial services provider’s stock after selling 7,725 shares during the period. Foundry Partners LLC’s holdings in Hope Bancorp were worth $396,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Teacher Retirement System of Texas boosted its stake in Hope Bancorp by 0.5% during the second quarter. Teacher Retirement System of Texas now owns 10,308 shares of the financial services provider’s stock worth $192,000 after acquiring an additional 55 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of Hope Bancorp by 8.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 537,822 shares of the financial services provider’s stock worth $10,311,000 after buying an additional 41,209 shares in the last quarter. TD Asset Management Inc. lifted its stake in shares of Hope Bancorp by 7.4% in the second quarter. TD Asset Management Inc. now owns 40,600 shares of the financial services provider’s stock worth $757,000 after buying an additional 2,800 shares in the last quarter. State Street Corp lifted its stake in shares of Hope Bancorp by 9.4% in the first quarter. State Street Corp now owns 4,768,202 shares of the financial services provider’s stock worth $91,409,000 after buying an additional 411,326 shares in the last quarter. Finally, Bridge City Capital LLC bought a new position in shares of Hope Bancorp in the second quarter worth approximately $1,384,000. 76.97% of the stock is currently owned by institutional investors and hedge funds.
HOPE has been the subject of several research reports. Zacks Investment Research raised shares of Hope Bancorp from a “sell” rating to a “buy” rating and set a $21.00 price objective for the company in a report on Wednesday, July 12th. DA Davidson reissued a “buy” rating and set a $21.00 price objective on shares of Hope Bancorp in a report on Monday, September 18th. ValuEngine raised shares of Hope Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, October 26th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $19.00 price objective on shares of Hope Bancorp in a report on Thursday, September 7th. Finally, Raymond James Financial, Inc. reissued a “market perform” rating on shares of Hope Bancorp in a report on Thursday, November 2nd. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $19.58.
In related news, EVP Jason K. Kim sold 3,669 shares of the company’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $18.25, for a total transaction of $66,959.25. Following the completion of the transaction, the executive vice president now owns 67,060 shares in the company, valued at $1,223,845. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jason K. Kim sold 6,000 shares of the company’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $18.97, for a total transaction of $113,820.00. Following the transaction, the executive vice president now owns 70,729 shares of the company’s stock, valued at approximately $1,341,729.13. The disclosure for this sale can be found here. Over the last three months, insiders sold 162,174 shares of company stock valued at $2,808,891. Corporate insiders own 5.20% of the company’s stock.
Shares of Hope Bancorp, Inc. (NASDAQ:HOPE) opened at $17.72 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $2,464.15, a price-to-earnings ratio of 14.91, a PEG ratio of 1.51 and a beta of 1.40. Hope Bancorp, Inc. has a 52 week low of $15.10 and a 52 week high of $22.99.
Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.02. The firm had revenue of $139.51 million during the quarter, compared to analysts’ expectations of $137.93 million. Hope Bancorp had a net margin of 26.16% and a return on equity of 8.74%. During the same period in the prior year, the company posted $0.22 earnings per share. research analysts anticipate that Hope Bancorp, Inc. will post 1.2 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Tuesday, October 31st will be paid a $0.13 dividend. The ex-dividend date is Monday, October 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.93%. Hope Bancorp’s dividend payout ratio (DPR) is presently 43.33%.
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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