Principal Financial Group Inc. Purchases 53,587 Shares of Hope Bancorp, Inc. (NASDAQ:HOPE)

Principal Financial Group Inc. lifted its position in shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 9.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 648,095 shares of the financial services provider's stock after acquiring an additional 53,587 shares during the period. Principal Financial Group Inc. owned approximately 0.54% of Hope Bancorp worth $8,140,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in HOPE. Dimensional Fund Advisors LP raised its position in Hope Bancorp by 3.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,319,095 shares of the financial services provider's stock worth $78,605,000 after buying an additional 218,302 shares during the last quarter. State Street Corp grew its position in Hope Bancorp by 1.9% in the 3rd quarter. State Street Corp now owns 6,152,656 shares of the financial services provider's stock worth $77,277,000 after purchasing an additional 112,824 shares during the period. Wellington Management Group LLP raised its stake in Hope Bancorp by 30.1% during the 3rd quarter. Wellington Management Group LLP now owns 4,553,508 shares of the financial services provider's stock valued at $57,192,000 after buying an additional 1,054,124 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Hope Bancorp by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,842,056 shares of the financial services provider's stock valued at $35,703,000 after buying an additional 48,237 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Hope Bancorp by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,346,215 shares of the financial services provider's stock worth $29,468,000 after buying an additional 33,689 shares during the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

Hope Bancorp Price Performance

Shares of HOPE traded up $0.07 during midday trading on Wednesday, hitting $12.29. 584,223 shares of the company traded hands, compared to its average volume of 719,636. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 14.63 and a beta of 1.15. The firm has a 50 day moving average of $13.10 and a 200-day moving average of $12.44. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.96. Hope Bancorp, Inc. has a 52 week low of $9.80 and a 52 week high of $14.53.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last announced its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.22 by ($0.01). Hope Bancorp had a net margin of 9.81% and a return on equity of 5.52%. The firm had revenue of $246.92 million for the quarter, compared to the consensus estimate of $121.67 million. During the same period in the previous year, the company posted $0.25 earnings per share. On average, analysts forecast that Hope Bancorp, Inc. will post 0.85 EPS for the current fiscal year.

Hope Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 4.56%. The ex-dividend date was Thursday, November 7th. Hope Bancorp's dividend payout ratio is presently 66.67%.

Insider Buying and Selling

In other Hope Bancorp news, EVP Angelee Harris sold 3,000 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $14.16, for a total transaction of $42,480.00. Following the sale, the executive vice president now directly owns 19,795 shares of the company's stock, valued at $280,297.20. The trade was a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Steven Koh sold 96,620 shares of the company's stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $13.33, for a total value of $1,287,944.60. Following the sale, the director now owns 3,167,023 shares in the company, valued at approximately $42,216,416.59. This trade represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 129,224 shares of company stock worth $1,737,873. Insiders own 5.29% of the company's stock.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Hope Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, December 6th.

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.