GAMMA Investing LLC Increases Position in Hope Bancorp, Inc. $HOPE

GAMMA Investing LLC lifted its stake in Hope Bancorp, Inc. (NASDAQ:HOPE) by 29.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,345 shares of the financial services provider’s stock after buying an additional 1,211 shares during the period. GAMMA Investing LLC’s holdings in Hope Bancorp were worth $57,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of HOPE. Wellington Management Group LLP grew its position 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 buying an additional 1,877,820 shares during the last quarter. Nuveen LLC purchased a new position in Hope Bancorp during the 1st quarter worth $3,451,000. Voya Investment Management LLC grew its position in Hope Bancorp by 318.8% during the 1st quarter. Voya Investment Management LLC now owns 420,501 shares of the financial services provider’s stock worth $4,403,000 after purchasing an additional 320,091 shares during the last quarter. Millennium Management LLC grew its position in Hope Bancorp by 147.1% during the 1st quarter. Millennium Management LLC now owns 492,153 shares of the financial services provider’s stock worth $5,153,000 after purchasing an additional 292,994 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new position in Hope Bancorp during the 1st quarter worth $2,312,000. 84.00% of the stock is owned by hedge funds and other institutional investors.

Hope Bancorp Stock Up 1.1%

Shares of NASDAQ HOPE opened at $10.78 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. Hope Bancorp, Inc. has a 52 week low of $8.82 and a 52 week high of $14.53. The firm has a 50-day moving average price of $10.68 and a 200 day moving average price of $10.46. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 30.80 and a beta of 0.92.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported ($0.22) EPS for the quarter, missing the consensus estimate of $0.21 by ($0.43). Hope Bancorp had a net margin of 4.27% and a return on equity of 4.45%. The company had revenue of $94.58 million during the quarter, compared to analyst estimates of $133.90 million. During the same quarter last year, the business earned $0.22 EPS. Equities research analysts anticipate that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 1st were paid a $0.14 dividend. The ex-dividend date was Friday, August 1st. This represents a $0.56 annualized dividend and a dividend yield of 5.2%. Hope Bancorp’s dividend payout ratio (DPR) is 160.00%.

Insider Activity at Hope Bancorp

In related news, EVP Angelee Harris sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $11.02, for a total value of $38,570.00. Following the completion of the sale, the executive vice president owned 24,241 shares in the company, valued at $267,135.82. This trade represents a 12.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 7,102 shares of company stock valued at $76,068 in the last ninety days. 5.16% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Zacks Research raised shares of Hope Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 24th. Weiss Ratings reissued a “hold (c-)” rating on shares of Hope Bancorp in a research report on Saturday, September 27th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Hope Bancorp has a consensus rating of “Hold” and a consensus target price 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.