Hsbc Holdings PLC Invests $595,000 in Hope Bancorp, Inc. $HOPE

Hsbc Holdings PLC bought a new stake in Hope Bancorp, Inc. (NASDAQ:HOPE) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 54,241 shares of the financial services provider’s stock, valued at approximately $595,000.

A number of other hedge funds have also recently modified their holdings of HOPE. Wellington Management Group LLP lifted its position 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 valued at $122,089,000 after acquiring an additional 303,019 shares during the last quarter. State Street Corp boosted its stake in Hope Bancorp by 3.3% in the second quarter. State Street Corp now owns 6,494,266 shares of the financial services provider’s stock valued at $69,683,000 after acquiring an additional 209,442 shares in the last quarter. HoldCo Asset Management LP purchased a new position in shares of Hope Bancorp during the fourth quarter worth about $32,838,000. UBS Group AG grew its holdings in shares of 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 purchasing an additional 835,814 shares during the last quarter. Finally, Millennium Management LLC increased its position in shares of Hope Bancorp by 366.8% during the third quarter. Millennium Management LLC now owns 1,340,635 shares of the financial services provider’s stock worth $14,439,000 after purchasing an additional 1,053,434 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Hope Bancorp

In other news, Director Daisy Y. Ha sold 12,000 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $12.53, for a total transaction of $150,360.00. Following the completion of the transaction, the director directly owned 373,115 shares of the company’s stock, valued at approximately $4,675,130.95. This represents a 3.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.27% of the company’s stock.

Analyst Ratings Changes

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

Hope Bancorp Stock Up 1.6%

HOPE stock opened at $13.60 on Thursday. The stock has a market capitalization of $1.74 billion, a PE ratio of 26.15 and a beta of 0.83. The company has a fifty day moving average of $12.85 and a 200-day moving average of $12.12. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.96 and a current ratio of 0.96. Hope Bancorp, Inc. has a one year low of $9.44 and a one year high of $14.05.

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

Hope Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were given a dividend of $0.14 per share. The ex-dividend date was Friday, May 8th. This represents a $0.56 annualized dividend and a yield of 4.1%. Hope Bancorp’s payout ratio is presently 107.69%.

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.