New York State Teachers Retirement System Sells 195,196 Shares of Hope Bancorp, Inc. $HOPE

New York State Teachers Retirement System cut its holdings in Hope Bancorp, Inc. (NASDAQ:HOPE) by 94.7% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 10,971 shares of the financial services provider’s stock after selling 195,196 shares during the quarter. New York State Teachers Retirement System’s holdings in Hope Bancorp were worth $123,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. HoldCo Asset Management LP acquired a new stake in shares of Hope Bancorp during the 4th quarter worth approximately $32,838,000. Millennium Management LLC lifted its position in shares of Hope Bancorp by 366.8% during the 3rd quarter. Millennium Management LLC now owns 1,340,635 shares of the financial services provider’s stock valued at $14,439,000 after acquiring an additional 1,053,434 shares during the period. UBS Group AG boosted its stake in Hope Bancorp by 73.5% during the fourth quarter. UBS Group AG now owns 1,972,716 shares of the financial services provider’s stock worth $21,621,000 after acquiring an additional 835,814 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Hope Bancorp by 44.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,310,967 shares of the financial services provider’s stock worth $14,368,000 after acquiring an additional 404,505 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in Hope Bancorp by 2.7% in the third quarter. Wellington Management Group LLP now owns 11,335,999 shares of the financial services provider’s stock worth $122,089,000 after purchasing an additional 303,019 shares during the period. 84.00% of the stock is currently owned by institutional investors.

Insider Activity at Hope Bancorp

In related news, Director Daisy Y. Ha sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $12.53, for a total transaction of $150,360.00. Following the transaction, the director directly owned 373,115 shares of the company’s stock, valued at $4,675,130.95. This trade represents a 3.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.27% of the stock is currently owned by corporate insiders.

Hope Bancorp Stock Down 0.4%

Shares of NASDAQ:HOPE opened at $13.39 on Wednesday. The business’s 50 day moving average is $12.83 and its 200 day moving average is $12.11. Hope Bancorp, Inc. has a 12-month low of $9.44 and a 12-month high of $14.05. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 25.75 and a beta of 0.83. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.17.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. Hope Bancorp had a return on equity of 5.32% and a net margin of 6.56%.The business had revenue of $133.82 million during the quarter, compared to analyst estimates of $145.30 million. During the same period in the prior year, the firm posted $0.17 EPS. Hope Bancorp’s quarterly revenue was up 21.0% compared to the same quarter last year. On average, sell-side analysts forecast that Hope Bancorp, Inc. will post 1.13 earnings per share for the current fiscal year.

Hope Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 8th were issued a $0.14 dividend. The ex-dividend date was Friday, May 8th. This represents a $0.56 annualized dividend and a dividend yield of 4.2%. Hope Bancorp’s dividend payout ratio is currently 107.69%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on HOPE shares. Brean Capital upgraded shares of Hope Bancorp from a “neutral” rating to a “buy” rating in a report on Wednesday, April 1st. Zacks Research upgraded Hope Bancorp from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 31st. Weiss Ratings raised Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. DA Davidson upped their price target on Hope Bancorp from $14.50 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods upped their price target on Hope Bancorp from $13.00 to $14.00 and gave the stock a “market perform” rating in a research note on Monday, April 6th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $14.50.

Hope Bancorp Company Profile

Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company’s principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.

In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.