UBS Group AG reduced its stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 55.0% during the first quarter, Holdings Channel reports. The fund owned 13,730 shares of the financial services provider’s stock after selling 16,814 shares during the period. UBS Group AG’s holdings in Hope Bancorp were worth $263,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the stock. 1st Global Advisors Inc. increased its position 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 during the last quarter. GW&K Investment Management LLC increased its position 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 last quarter. TFS Capital LLC acquired a new position in shares of Hope Bancorp during the first quarter valued at approximately $208,000. Airain ltd acquired a new position in shares of Hope Bancorp during the first quarter valued at approximately $243,000. Finally, State of Alaska Department of Revenue increased its position in shares of Hope Bancorp by 2.5% in the first quarter. State of Alaska Department of Revenue now owns 14,090 shares of the financial services provider’s stock valued at $270,000 after buying an additional 350 shares during the last quarter. Institutional investors and hedge funds own 78.24% of the company’s stock.
Hope Bancorp, Inc. (HOPE) traded up 0.45% during midday trading on Friday, hitting $17.72. The company had a trading volume of 410,356 shares. The company has a 50 day moving average price of $18.47 and a 200 day moving average price of $19.40. Hope Bancorp, Inc. has a 1-year low of $15.00 and a 1-year high of $22.99. The firm has a market capitalization of $2.40 billion, a P/E ratio of 16.18 and a beta of 1.39.
Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.02. The company had revenue of $132.94 million during the quarter, compared to analysts’ expectations of $136.80 million. Hope Bancorp had a net margin of 24.38% and a return on equity of 8.45%. Equities research analysts forecast that Hope Bancorp, Inc. will post $1.20 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be paid a $0.13 dividend. The ex-dividend date is Thursday, July 27th. This is a positive change from Hope Bancorp’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a yield of 2.93%. Hope Bancorp’s dividend payout ratio (DPR) is currently 47.71%.
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Several brokerages have recently commented on HOPE. FIG Partners downgraded Hope Bancorp from an “outperform” rating to a “market-perform” rating in a research report on Wednesday, July 26th. Zacks Investment Research downgraded Hope Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Piper Jaffray Companies decreased their target price on Hope Bancorp from $21.00 to $20.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 30th. BidaskClub upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Finally, Wedbush reiterated a “neutral” rating and issued a $20.00 target price on shares of Hope Bancorp in a research report on Tuesday, June 27th. Five investment analysts have rated the stock with a hold rating, The company has a consensus rating of “Hold” and a consensus price target of $20.75.
In related news, EVP Jason K. Kim sold 2,750 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $17.70, for a total value of $48,675.00. Following the transaction, the executive vice president now directly owns 70,729 shares of the company’s stock, valued at approximately $1,251,903.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 5.20% of the company’s stock.
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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