Commonwealth Equity Services Inc bought a new stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,385 shares of the financial services provider’s stock, valued at approximately $183,000.
Several other institutional investors also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas grew its position in shares of Hope Bancorp by 0.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 10,308 shares of the financial services provider’s stock valued at $192,000 after acquiring an additional 55 shares during the period. Bank of Montreal Can grew 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 period. Amalgamated Bank grew its position in shares of Hope Bancorp by 1.8% during the 2nd quarter. Amalgamated Bank now owns 17,669 shares of the financial services provider’s stock valued at $330,000 after acquiring an additional 305 shares during the period. Texas Permanent School Fund boosted its holdings in Hope Bancorp by 0.8% in the 2nd quarter. Texas Permanent School Fund now owns 92,823 shares of the financial services provider’s stock worth $1,731,000 after buying an additional 781 shares during the period. Finally, HGK Asset Management Inc. boosted its holdings in Hope Bancorp by 2.8% in the 2nd quarter. HGK Asset Management Inc. now owns 30,222 shares of the financial services provider’s stock worth $564,000 after buying an additional 818 shares during the period. 80.58% of the stock is owned by hedge funds and other institutional investors.
In other Hope Bancorp news, EVP Jason K. Kim sold 6,000 shares of the stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $18.97, for a total value of $113,820.00. Following the sale, the executive vice president now directly owns 70,729 shares in the company, valued at approximately $1,341,729.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David Lee Song sold 3,000 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $19.25, for a total transaction of $57,750.00. 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 quarter. Corporate insiders own 5.20% of the company’s stock.
Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.02. The company had revenue of $139.51 million during the quarter, compared to the consensus estimate 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 last year, the firm earned $0.22 EPS. analysts predict that Hope Bancorp, Inc. will post 1.2 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend was Monday, October 30th. Hope Bancorp’s dividend payout ratio is presently 43.33%.
Several research firms recently commented on HOPE. FIG Partners downgraded shares of Hope Bancorp from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $20.00 to $17.00 in a report on Friday, September 15th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $19.00 price objective on shares of Hope Bancorp in a report on Thursday, September 7th. Raymond James Financial reaffirmed a “market perform” rating on shares of Hope Bancorp in a report on Thursday, November 2nd. ValuEngine raised shares of Hope Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, October 26th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Hope Bancorp in a report on Monday, September 18th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $19.58.
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Hope Bancorp Company 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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