Principal Financial Group Inc. Boosts Holdings in Hope Bancorp, Inc. (NASDAQ:HOPE)

Principal Financial Group Inc. raised its holdings in shares of Hope Bancorp, Inc. (NASDAQ:HOPE - Free Report) by 4.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 674,643 shares of the financial services provider's stock after acquiring an additional 26,548 shares during the quarter. Principal Financial Group Inc. owned about 0.56% of Hope Bancorp worth $8,291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB increased its holdings in shares of 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 purchasing an additional 848 shares during the period. Quantinno Capital Management LP increased its stake 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 valued at $147,000 after acquiring an additional 919 shares during the last quarter. Intech Investment Management LLC grew its stake in shares of Hope Bancorp by 3.7% during the third quarter. Intech Investment Management LLC now owns 48,464 shares of the financial services provider's stock valued at $609,000 after buying an additional 1,744 shares during the last quarter. KBC Group NV grew its stake in shares of Hope Bancorp by 36.6% during the fourth quarter. KBC Group NV now owns 7,093 shares of the financial services provider's stock valued at $87,000 after buying an additional 1,901 shares during the last quarter. Finally, QRG Capital Management Inc. grew its stake in shares of Hope Bancorp by 13.6% during the third quarter. QRG Capital Management Inc. now owns 21,148 shares of the financial services provider's stock valued at $266,000 after buying an additional 2,534 shares during the last quarter. Hedge funds and other institutional investors own 84.00% of the company's stock.

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Analysts Set New Price Targets

HOPE has been the subject of a number of analyst reports. Piper Sandler dropped their target price on shares of Hope Bancorp from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, January 30th. DA Davidson decreased their target price on shares of Hope Bancorp from $15.50 to $14.50 and set a "buy" rating for the company in a research note on Tuesday, January 28th. Finally, StockNews.com raised shares of Hope Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, December 6th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $12.88.

Hope Bancorp Stock Performance

NASDAQ:HOPE traded down $0.03 during trading hours on Wednesday, reaching $10.47. The company had a trading volume of 866,618 shares, compared to its average volume of 664,888. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. Hope Bancorp, Inc. has a 52 week low of $9.80 and a 52 week high of $14.54. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 12.77 and a beta of 1.15. The firm's 50 day moving average price is $11.67 and its 200-day moving average price is $12.45.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) last issued its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.20 earnings per share 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, analysts forecast that Hope Bancorp, Inc. will post 1.09 EPS for the current year.

Hope Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, February 6th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 5.35%. The ex-dividend date was Thursday, February 6th. Hope Bancorp's payout ratio is currently 68.29%.

Insiders Place Their Bets

In other news, EVP Thomas Stenger sold 4,185 shares of the business's stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $11.83, for a total value of $49,508.55. Following the sale, the executive vice president now directly owns 19,267 shares in the company, valued at $227,928.61. The trade was a 17.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 5.29% of the company's stock.

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.