Hope Bancorp, Inc. (NASDAQ:HOPE) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 15.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,798,213 shares of the financial services provider's stock after acquiring an additional 240,192 shares during the period. Bank of New York Mellon Corp owned approximately 1.49% of Hope Bancorp worth $22,100,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in HOPE. MassMutual Private Wealth & Trust FSB raised its stake in Hope Bancorp by 31.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 3,563 shares of the financial services provider's stock worth $44,000 after buying an additional 848 shares in the last quarter. Quantbot Technologies LP bought a new position in Hope Bancorp in the third quarter worth about $58,000. KBC Group NV grew its holdings in Hope Bancorp by 36.6% in the fourth quarter. KBC Group NV now owns 7,093 shares of the financial services provider's stock worth $87,000 after purchasing an additional 1,901 shares during the period. Quantinno Capital Management LP grew its holdings in Hope Bancorp by 8.5% in the third quarter. Quantinno Capital Management LP now owns 11,729 shares of the financial services provider's stock worth $147,000 after purchasing an additional 919 shares during the period. Finally, Paloma Partners Management Co purchased a new stake in Hope Bancorp in the third quarter worth about $151,000. 84.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. StockNews.com upgraded shares of Hope Bancorp from a "sell" rating to a "hold" rating in a report on Friday, December 6th. Piper Sandler dropped their price target on shares of Hope Bancorp from $13.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Finally, DA Davidson reduced their price target on shares of Hope Bancorp from $15.50 to $14.50 and set a "buy" rating for the company in a report on Tuesday, January 28th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Hope Bancorp presently has an average rating of "Hold" and a consensus price target of $12.88.

Remove Ads

Hope Bancorp Price Performance

Shares of NASDAQ HOPE traded up $0.23 during mid-day trading on Friday, reaching $10.49. The company's stock had a trading volume of 657,742 shares, compared to its average volume of 674,582. The stock has a 50-day moving average of $11.44 and a two-hundred day moving average of $12.36. The stock has a market capitalization of $1.27 billion, a P/E ratio of 12.79 and a beta of 1.15. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 0.97. Hope Bancorp, Inc. has a 1-year low of $9.80 and a 1-year high of $14.54.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last released its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.03. Hope Bancorp had a net margin of 9.95% and a return on equity of 4.84%. On average, 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 declared a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, February 6th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.34%. The ex-dividend date of this dividend was Thursday, February 6th. Hope Bancorp's dividend payout ratio is presently 68.29%.

Insider Buying and Selling at Hope Bancorp

In related news, EVP Thomas Stenger sold 4,185 shares of Hope Bancorp stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $11.83, for a total value of $49,508.55. Following the completion of the transaction, the executive vice president now owns 19,267 shares in the company, valued at $227,928.61. The trade was a 17.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.29% of the company's stock.

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.