State of Alaska Department of Revenue Lowers Holdings in Hope Bancorp, Inc. (NASDAQ:HOPE)

State of Alaska Department of Revenue trimmed its position in Hope Bancorp, Inc. (NASDAQ:HOPE) by 2.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,910 shares of the financial services provider’s stock after selling 1,633 shares during the quarter. State of Alaska Department of Revenue owned 0.06% of Hope Bancorp worth $700,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in HOPE. Deutsche Bank AG lifted its stake in shares of Hope Bancorp by 49.4% during the 4th quarter. Deutsche Bank AG now owns 101,614 shares of the financial services provider’s stock worth $1,249,000 after purchasing an additional 33,585 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Hope Bancorp by 15.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,798,213 shares of the financial services provider’s stock worth $22,100,000 after purchasing an additional 240,192 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Hope Bancorp by 1,245.0% during the 1st quarter. GAMMA Investing LLC now owns 43,283 shares of the financial services provider’s stock worth $4,134,000 after purchasing an additional 40,065 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Hope Bancorp by 211.7% during the 4th quarter. Millennium Management LLC now owns 199,159 shares of the financial services provider’s stock worth $2,448,000 after purchasing an additional 135,267 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Hope Bancorp by 4.1% during the 4th quarter. Principal Financial Group Inc. now owns 674,643 shares of the financial services provider’s stock worth $8,291,000 after purchasing an additional 26,548 shares during the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, May 12th.

Hope Bancorp Trading Down 0.4%

Shares of NASDAQ:HOPE opened at $10.80 on Friday. The business’s 50-day moving average is $10.21 and its 200 day moving average is $10.83. Hope Bancorp, Inc. has a 1 year low of $8.83 and a 1 year high of $14.54. The firm has a market capitalization of $1.38 billion, a P/E ratio of 13.85 and a beta of 0.89. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.96 and a quick ratio of 0.96.

Hope Bancorp (NASDAQ:HOPE) last announced its earnings results on Tuesday, April 22nd. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. Hope Bancorp had a return on equity of 4.60% and a net margin of 9.82%. The company had revenue of $217.17 million for the quarter, compared to analyst estimates of $114.97 million. During the same period in the prior year, the company posted $0.23 EPS. On average, research analysts predict that Hope Bancorp, Inc. will post 1.09 earnings per share for the current fiscal year.

Hope Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 2nd were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 5.19%. The ex-dividend date was Friday, May 2nd. Hope Bancorp’s dividend payout ratio is currently 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.