Bank of New York Mellon Corp Reduces Stock Position in Hope Bancorp, Inc. (NASDAQ:HOPE)

Bank of New York Mellon Corp cut its stake in Hope Bancorp, Inc. (NASDAQ:HOPE) by 6.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,691,069 shares of the financial services provider’s stock after selling 107,144 shares during the period. Bank of New York Mellon Corp owned approximately 1.40% of Hope Bancorp worth $17,705,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC purchased a new stake in Hope Bancorp in the 1st quarter worth approximately $105,000. Principal Financial Group Inc. lifted its holdings in shares of Hope Bancorp by 3.6% during the 1st quarter. Principal Financial Group Inc. now owns 699,108 shares of the financial services provider’s stock valued at $7,320,000 after acquiring an additional 24,465 shares in the last quarter. Deutsche Bank AG lifted its holdings 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 valued at $1,249,000 after acquiring an additional 33,585 shares in the last quarter. KBC Group NV lifted its holdings in Hope Bancorp by 16.6% in the 1st quarter. KBC Group NV now owns 8,269 shares of the financial services provider’s stock worth $87,000 after buying an additional 1,176 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Hope Bancorp by 1,245.0% in the 1st quarter. GAMMA Investing LLC now owns 43,283 shares of the financial services provider’s stock worth $4,134,000 after buying an additional 40,065 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

Hope Bancorp Stock Down 0.6%

Shares of NASDAQ:HOPE opened at $11.39 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $1.46 billion, a PE ratio of 14.60 and a beta of 0.90. Hope Bancorp, Inc. has a 52 week low of $8.83 and a 52 week high of $14.54. The firm has a 50 day simple moving average of $10.63 and a 200 day simple moving average of $10.72.

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. The business had revenue of $217.17 million for the quarter, compared to the consensus estimate of $114.97 million. Hope Bancorp had a net margin of 9.82% and a return on equity of 4.60%. During the same quarter last year, the firm earned $0.23 EPS. As a group, research analysts expect that Hope Bancorp, Inc. will post 1.09 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, May 12th.

About Hope Bancorp

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.