Bank of America Corp DE Trims Stake in Hope Bancorp, Inc. (NASDAQ:HOPE)

Bank of America Corp DE reduced its stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 11.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 789,160 shares of the financial services provider’s stock after selling 103,610 shares during the quarter. Bank of America Corp DE owned 0.65% of Hope Bancorp worth $9,699,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its position in Hope Bancorp by 181.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,407 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 1,553 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in Hope Bancorp by 31.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 3,563 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 848 shares in the last quarter. Sterling Capital Management LLC raised its position in Hope Bancorp by 819.1% during the fourth quarter. Sterling Capital Management LLC now owns 3,713 shares of the financial services provider’s stock valued at $46,000 after acquiring an additional 3,309 shares in the last quarter. KBC Group NV raised its position in Hope Bancorp by 36.6% during the fourth quarter. KBC Group NV now owns 7,093 shares of the financial services provider’s stock valued at $87,000 after acquiring an additional 1,901 shares in the last quarter. Finally, Cibc World Markets Corp purchased a new position in Hope Bancorp during the fourth quarter valued at approximately $133,000. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

Hope Bancorp Stock Down 0.6%

Hope Bancorp stock opened at $10.02 on Friday. The stock has a market capitalization of $1.28 billion, a PE ratio of 12.22 and a beta of 0.88. Hope Bancorp, Inc. has a 12 month low of $8.83 and a 12 month high of $14.54. The business has a 50 day simple moving average of $10.02 and a 200-day simple moving average of $11.43. 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 posted its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $217.17 million during the quarter, compared to analysts’ expectations of $114.97 million. Hope Bancorp had a return on equity of 4.84% and a net margin of 9.95%. During the same period in the previous year, the business earned $0.23 earnings per share. On average, analysts anticipate that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 2nd were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.59%. The ex-dividend date was Friday, May 2nd. Hope Bancorp’s dividend payout ratio (DPR) is presently 71.79%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on HOPE shares. Wall Street Zen upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, May 12th. Piper Sandler cut their price objective on Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Finally, DA Davidson cut their price objective on Hope Bancorp from $15.50 to $14.50 and set a “buy” rating for the company in a research report on Tuesday, January 28th.

Hope Bancorp 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.