Rhumbline Advisers Reduces Stock Position in Hope Bancorp, Inc. $HOPE

Rhumbline Advisers cut its holdings in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 5.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 367,348 shares of the financial services provider’s stock after selling 19,493 shares during the quarter. Rhumbline Advisers owned approximately 0.29% of Hope Bancorp worth $3,846,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of HOPE. Wellington Management Group LLP increased its holdings in shares of Hope Bancorp by 43.4% in the 1st quarter. Wellington Management Group LLP now owns 6,201,937 shares of the financial services provider’s stock valued at $64,934,000 after acquiring an additional 1,877,820 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Hope Bancorp by 7.7% in the 1st quarter. American Century Companies Inc. now owns 2,749,086 shares of the financial services provider’s stock valued at $28,783,000 after acquiring an additional 196,172 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Hope Bancorp by 3.9% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 1,144,748 shares of the financial services provider’s stock valued at $11,986,000 after acquiring an additional 43,280 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Hope Bancorp by 3.6% in 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 during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Hope Bancorp by 147.1% in the 1st quarter. Millennium Management LLC now owns 492,153 shares of the financial services provider’s stock valued at $5,153,000 after acquiring an additional 292,994 shares during the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

Hope Bancorp Trading Down 1.9%

Shares of HOPE stock opened at $10.94 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.94 and a current ratio of 0.94. Hope Bancorp, Inc. has a 1 year low of $8.82 and a 1 year high of $14.53. The stock has a fifty day moving average of $10.79 and a two-hundred day moving average of $10.42. The firm has a market capitalization of $1.40 billion, a PE ratio of 31.26 and a beta of 0.97.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.43). Hope Bancorp had a return on equity of 4.45% and a net margin of 4.27%.The business had revenue of $94.58 million for the quarter, compared to analyst estimates of $133.90 million. During the same quarter last year, the firm posted $0.22 EPS. As a group, research analysts expect that Hope Bancorp, Inc. will post 1.09 EPS for the current year.

Hope Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date was Friday, August 1st. Hope Bancorp’s payout ratio is 160.00%.

Insider Transactions at Hope Bancorp

In other Hope Bancorp news, EVP Angelee Harris sold 3,500 shares of the business’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $11.02, for a total transaction of $38,570.00. Following the completion of the transaction, the executive vice president owned 24,241 shares in the company, valued at approximately $267,135.82. The trade was a 12.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 5.16% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Zacks Research downgraded Hope Bancorp from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 26th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $13.25.

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.