Hope Bancorp Inc (HOPE) Position Trimmed by Texas Permanent School Fund
Texas Permanent School Fund lowered its stake in Hope Bancorp Inc (NASDAQ:HOPE) by 6.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,693 shares of the financial services provider’s stock after selling 5,399 shares during the period. Texas Permanent School Fund’s holdings in Hope Bancorp were worth $1,256,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Hartford Investment Management Co. bought a new stake in shares of Hope Bancorp during the 2nd quarter valued at $257,000. Gator Capital Management LLC bought a new stake in shares of Hope Bancorp during the 2nd quarter valued at $267,000. Nisa Investment Advisors LLC boosted its holdings in shares of Hope Bancorp by 47.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 26,654 shares of the financial services provider’s stock valued at $431,000 after buying an additional 8,550 shares in the last quarter. Foundry Partners LLC boosted its holdings in shares of Hope Bancorp by 15.8% during the 2nd quarter. Foundry Partners LLC now owns 25,710 shares of the financial services provider’s stock valued at $458,000 after buying an additional 3,500 shares in the last quarter. Finally, Flinton Capital Management LLC boosted its holdings in shares of Hope Bancorp by 14.2% during the 2nd quarter. Flinton Capital Management LLC now owns 27,098 shares of the financial services provider’s stock valued at $483,000 after buying an additional 3,366 shares in the last quarter. Institutional investors and hedge funds own 89.90% of the company’s stock.
In related news, COO David P. Malone purchased 3,450 shares of the stock in a transaction dated Friday, October 19th. The stock was purchased at an average price of $14.58 per share, with a total value of $50,301.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP David Lee Song sold 5,000 shares of Hope Bancorp stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $17.75, for a total value of $88,750.00. Following the completion of the transaction, the executive vice president now directly owns 4,023 shares of the company’s stock, valued at approximately $71,408.25. The disclosure for this sale can be found here. 5.06% of the stock is owned by insiders.
Hope Bancorp (NASDAQ:HOPE) last posted 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 return on equity of 9.81% and a net margin of 23.43%. Hope Bancorp’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.33 EPS. Sell-side analysts forecast that Hope Bancorp Inc will post 1.45 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 9th. Stockholders of record on Friday, October 26th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend was Thursday, October 25th. Hope Bancorp’s dividend payout ratio is presently 45.90%.
A number of brokerages have recently commented on HOPE. Zacks Investment Research cut shares of Hope Bancorp from a “hold” rating to a “sell” rating in a report on Monday, July 23rd. TheStreet cut shares of Hope Bancorp from a “b-” rating to a “c+” rating in a report on Friday, October 26th. Sandler O’Neill set a $16.00 price target on Hope Bancorp and gave the stock a “hold” rating in a research report on Wednesday, October 17th. Wedbush reaffirmed a “neutral” rating and issued a $18.00 price target (down previously from $19.00) on shares of Hope Bancorp in a research report on Monday, July 16th. Finally, DA Davidson lowered their price target on Hope Bancorp to $16.00 and set a “neutral” rating for the company in a research report on Thursday, October 18th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Hope Bancorp has a consensus rating of “Hold” and an average target price of $18.20.
Hope Bancorp Profile
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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