Hope Bancorp, Inc. (HOPE) Shares Sold by Bank of New York Mellon Corp
Bank of New York Mellon Corp lessened its holdings in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 3.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,795,472 shares of the financial services provider’s stock after selling 72,542 shares during the quarter. Bank of New York Mellon Corp owned about 1.33% of Hope Bancorp worth $31,798,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of HOPE. First Interstate Bank boosted its position in shares of Hope Bancorp by 254.3% during the 2nd quarter. First Interstate Bank now owns 6,395 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 4,590 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Hope Bancorp by 1.2% during the 2nd quarter. Bank of Montreal Can now owns 10,232 shares of the financial services provider’s stock valued at $191,000 after acquiring an additional 122 shares during the last quarter. Riverhead Capital Management LLC lifted its position in Hope Bancorp by 100.4% in the 2nd quarter. Riverhead Capital Management LLC now owns 10,221 shares of the financial services provider’s stock worth $191,000 after buying an additional 5,121 shares during the last quarter. Teacher Retirement System of Texas lifted its position in Hope Bancorp by 0.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 10,308 shares of the financial services provider’s stock worth $192,000 after buying an additional 55 shares during the last quarter. Finally, Connable Office Inc. bought a new stake in Hope Bancorp in the 2nd quarter worth approximately $196,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.
Shares of Hope Bancorp, Inc. (HOPE) opened at $18.34 on Friday. The firm has a market capitalization of $2,490.00, a P/E ratio of 15.07, a P/E/G ratio of 1.53 and a beta of 1.39. Hope Bancorp, Inc. has a 12-month low of $15.10 and a 12-month high of $22.99. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.03 and a quick ratio of 1.03.
Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.33 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.02. The business had revenue of $139.51 million for the quarter, compared to analysts’ expectations of $137.93 million. Hope Bancorp had a return on equity of 8.74% and a net margin of 26.16%. During the same period in the previous year, the firm earned $0.22 EPS. analysts expect that Hope Bancorp, Inc. will post 1.2 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st were paid a $0.13 dividend. The ex-dividend date of this dividend was Monday, October 30th. This represents a $0.52 dividend on an annualized basis and a yield of 2.84%. Hope Bancorp’s dividend payout ratio (DPR) is currently 43.70%.
A number of research firms recently weighed in on HOPE. ValuEngine upgraded Hope Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Raymond James Financial restated a “market perform” rating on shares of Hope Bancorp in a research report on Thursday, November 2nd. Zacks Investment Research upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, October 30th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $18.50 target price on shares of Hope Bancorp in a research report on Thursday, October 26th. Finally, DA Davidson restated a “buy” rating and issued a $21.00 target price on shares of Hope Bancorp in a research report on Monday, September 18th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $19.58.
In other Hope Bancorp news, EVP David Lee Song sold 3,000 shares of Hope Bancorp stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $19.25, for a total value of $57,750.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Jason K. Kim sold 6,000 shares of Hope Bancorp stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $18.97, for a total value of $113,820.00. Following the completion of the transaction, the executive vice president now directly owns 70,729 shares in the company, valued at $1,341,729.13. The disclosure for this sale can be found here. Insiders sold a total of 121,981 shares of company stock worth $2,303,614 over the last ninety days. Insiders own 5.20% of the company’s stock.
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About Hope Bancorp
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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