Wellington Management Group LLP Invests $2.98 Million in Hope Bancorp, Inc. (NASDAQ:HOPE)

Wellington Management Group LLP bought a new stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 246,423 shares of the financial services provider’s stock, valued at approximately $2,977,000.

A number of other large investors also recently added to or reduced their stakes in the business. Rafferty Asset Management LLC grew its holdings in Hope Bancorp by 36.7% during the 4th quarter. Rafferty Asset Management LLC now owns 180,128 shares of the financial services provider’s stock valued at $2,176,000 after buying an additional 48,323 shares in the last quarter. Hsbc Holdings PLC grew its stake in Hope Bancorp by 455.8% during the fourth quarter. Hsbc Holdings PLC now owns 220,046 shares of the financial services provider’s stock valued at $2,683,000 after acquiring an additional 180,458 shares in the last quarter. Quest Partners LLC bought a new stake in Hope Bancorp in the 4th quarter valued at $1,117,000. Trexquant Investment LP lifted its stake in Hope Bancorp by 69.1% in the 4th quarter. Trexquant Investment LP now owns 136,100 shares of the financial services provider’s stock worth $1,644,000 after purchasing an additional 55,597 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Hope Bancorp during the 4th quarter valued at about $9,960,000. 84.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on HOPE. DA Davidson raised Hope Bancorp from a “neutral” rating to a “buy” rating and set a $12.50 target price on the stock in a report on Tuesday, April 30th. Wedbush reduced their price objective on Hope Bancorp from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 30th. Finally, Keefe, Bruyette & Woods lowered their target price on Hope Bancorp from $13.00 to $12.00 and set a “market perform” rating for the company in a research report on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $11.83.

Insider Activity

In related news, EVP Angelee Harris sold 4,200 shares of Hope Bancorp stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $10.68, for a total transaction of $44,856.00. Following the completion of the transaction, the executive vice president now directly owns 18,527 shares of the company’s stock, valued at approximately $197,868.36. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Angelee Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $10.68, for a total value of $44,856.00. Following the sale, the executive vice president now directly owns 18,527 shares in the company, valued at $197,868.36. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Steven Koh sold 3,857 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $9.94, for a total value of $38,338.58. Following the transaction, the director now owns 3,294,186 shares of the company’s stock, valued at approximately $32,744,208.84. The disclosure for this sale can be found here. Insiders own 5.29% of the company’s stock.

Hope Bancorp Trading Up 3.3 %

HOPE opened at $10.74 on Monday. Hope Bancorp, Inc. has a 12 month low of $8.14 and a 12 month high of $12.51. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.43. The stock has a 50-day moving average of $10.46 and a 200 day moving average of $10.99. The firm has a market cap of $1.30 billion, a P/E ratio of 10.74 and a beta of 1.15.

Hope Bancorp (NASDAQ:HOPE) last announced its earnings results on Monday, April 29th. The financial services provider reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.05). Hope Bancorp had a return on equity of 6.43% and a net margin of 10.80%. The company had revenue of $123.30 million during the quarter, compared to analysts’ expectations of $130.42 million. During the same quarter last year, the firm posted $0.33 EPS. Hope Bancorp’s revenue for the quarter was down 14.9% compared to the same quarter last year. As a group, research analysts forecast that Hope Bancorp, Inc. will post 0.95 EPS for the current year.

Hope Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 5.21%. The ex-dividend date was Wednesday, May 8th. Hope Bancorp’s dividend payout ratio (DPR) is 56.00%.

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.