Ameriprise Financial Inc. Sells 29,216 Shares of Hope Bancorp, Inc. (NASDAQ:HOPE)

Ameriprise Financial Inc. lowered its position in Hope Bancorp, Inc. (NASDAQ:HOPE) by 5.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 463,189 shares of the financial services provider’s stock after selling 29,216 shares during the quarter. Ameriprise Financial Inc. owned 0.38% of Hope Bancorp worth $5,693,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Smartleaf Asset Management LLC raised its holdings in shares of Hope Bancorp by 181.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,407 shares of the financial services provider’s stock worth $29,000 after buying an additional 1,553 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Hope Bancorp by 31.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 3,563 shares of the financial services provider’s stock worth $44,000 after buying an additional 848 shares in the last quarter. Sterling Capital Management LLC raised its holdings in shares of Hope Bancorp by 819.1% in the 4th quarter. Sterling Capital Management LLC now owns 3,713 shares of the financial services provider’s stock worth $46,000 after buying an additional 3,309 shares in the last quarter. KBC Group NV raised its holdings in shares of Hope Bancorp by 36.6% in the 4th quarter. KBC Group NV now owns 7,093 shares of the financial services provider’s stock worth $87,000 after buying an additional 1,901 shares in the last quarter. Finally, Cibc World Markets Corp acquired a new position in shares of Hope Bancorp in the 4th quarter worth approximately $133,000. Institutional investors own 84.00% of the company’s stock.

Wall Street Analysts Forecast Growth

HOPE has been the subject of a number of recent research reports. Wall Street Zen raised Hope Bancorp from a “sell” rating to a “hold” rating in a report on Monday, May 12th. DA Davidson dropped their target price on Hope Bancorp from $15.50 to $14.50 and set a “buy” rating for the company in a report on Tuesday, January 28th. Finally, Piper Sandler dropped their target price on Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, January 30th.

Hope Bancorp Trading Down 0.6%

HOPE stock opened at $10.02 on Friday. The business has a fifty day moving average price of $10.02 and a 200 day moving average price of $11.43. Hope Bancorp, Inc. has a fifty-two week low of $8.83 and a fifty-two week high of $14.54. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of 12.22 and a beta of 0.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.96.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. Hope Bancorp had a return on equity of 4.84% and a net margin of 9.95%. The firm had revenue of $217.17 million during the quarter, compared to analysts’ expectations of $114.97 million. During the same period last year, the firm posted $0.23 EPS. Analysts expect that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 2nd were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, May 2nd. This represents a $0.56 dividend on an annualized basis and a yield of 5.59%. Hope Bancorp’s dividend payout ratio is 71.79%.

Hope Bancorp Company Profile

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides retail and commercial banking services for businesses and individuals in the United States. It accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts. The company also offers loans comprising commercial and industrial loans to businesses for various purposes, such as working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance, other business-related financing, and loans syndication services; commercial real estate loans; residential mortgage loans; small business administration loans; and consumer loans, such as single-family mortgage, home equity, automobile, credit card, and personal loans.