Paloma Partners Management Co purchased a new stake in Hope Bancorp, Inc. (NASDAQ:HOPE) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 15,861 shares of the financial services provider’s stock, valued at approximately $304,000.
Other hedge funds have also modified their holdings of the company. 1st Global Advisors Inc. boosted its stake in shares of Hope Bancorp by 1.2% in the first quarter. 1st Global Advisors Inc. now owns 10,429 shares of the financial services provider’s stock valued at $200,000 after buying an additional 122 shares in the last quarter. GW&K Investment Management LLC boosted its stake in shares of Hope Bancorp by 15.2% in the first quarter. GW&K Investment Management LLC now owns 10,684 shares of the financial services provider’s stock valued at $205,000 after buying an additional 1,410 shares during the period. TFS Capital LLC purchased a new stake in shares of Hope Bancorp during the first quarter valued at $208,000. KCG Holdings Inc. purchased a new stake in shares of Hope Bancorp during the first quarter valued at $239,000. Finally, Airain ltd purchased a new stake in shares of Hope Bancorp during the first quarter valued at $243,000. 79.21% of the stock is currently owned by institutional investors and hedge funds.
Hope Bancorp, Inc. (NASDAQ:HOPE) opened at 17.94 on Friday. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 16.66 and a beta of 1.41. Hope Bancorp, Inc. has a 52 week low of $15.00 and a 52 week high of $22.99. The firm has a 50-day moving average of $18.62 and a 200 day moving average of $19.65.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, July 31st will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.90%. This is a positive change from Hope Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, July 27th. Hope Bancorp’s dividend payout ratio is presently 44.44%.
Several analysts recently weighed in on HOPE shares. Zacks Investment Research raised shares of Hope Bancorp from a “sell” rating to a “buy” rating and set a $21.00 target price on the stock in a report on Wednesday, July 12th. Keefe, Bruyette & Woods set a $22.00 target price on shares of Hope Bancorp and gave the company a “hold” rating in a report on Tuesday, April 4th. BidaskClub raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Piper Jaffray Companies reduced their target price on shares of Hope Bancorp from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Monday, April 17th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $20.00 target price on shares of Hope Bancorp in a report on Tuesday, June 27th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Hope Bancorp has an average rating of “Hold” and a consensus target price of $20.00.
About Hope Bancorp
Hope Bancorp, Inc, formerly BBCN Bancorp, Inc, is the holding company of Bank of Hope. Bank of Hope is the regional Korean-American bank in the United States. Bank of Hope operates approximately 85 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama.
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