Maryland State Retirement & Pension System Lowers Holdings in Hope Bancorp, Inc. (NASDAQ:HOPE)

Maryland State Retirement & Pension System trimmed its position in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 3.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 42,054 shares of the financial services provider’s stock after selling 1,598 shares during the period. Maryland State Retirement & Pension System’s holdings in Hope Bancorp were worth $452,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Assenagon Asset Management S.A. lifted its holdings in shares of Hope Bancorp by 232.7% during the second quarter. Assenagon Asset Management S.A. now owns 2,333,798 shares of the financial services provider’s stock valued at $25,065,000 after purchasing an additional 1,632,384 shares in the last quarter. Norges Bank bought a new position in Hope Bancorp during the 4th quarter valued at about $9,960,000. Wellington Management Group LLP purchased a new stake in shares of Hope Bancorp during the 4th quarter valued at about $2,977,000. Hsbc Holdings PLC grew its stake in shares of Hope Bancorp by 455.8% in the fourth quarter. Hsbc Holdings PLC now owns 220,046 shares of the financial services provider’s stock worth $2,683,000 after acquiring an additional 180,458 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Hope Bancorp by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 13,730,473 shares of the financial services provider’s stock worth $165,864,000 after acquiring an additional 115,826 shares during the period. 84.00% of the stock is currently owned by institutional investors.

Insider Activity at Hope Bancorp

In other Hope Bancorp news, Director Steven Koh sold 3,857 shares of Hope Bancorp stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $9.94, for a total transaction of $38,338.58. Following the transaction, the director now owns 3,294,186 shares of the company’s stock, valued at $32,744,208.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Thomas Stenger sold 3,200 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $12.40, for a total transaction of $39,680.00. Following the completion of the sale, the executive vice president now owns 25,952 shares in the company, valued at $321,804.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven Koh sold 3,857 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $9.94, for a total value of $38,338.58. Following the completion of the transaction, the director now directly owns 3,294,186 shares in the company, valued at $32,744,208.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,188 shares of company stock worth $343,276. 5.29% of the stock is owned by company insiders.

Hope Bancorp Stock Performance

HOPE opened at $12.71 on Wednesday. The company’s 50 day moving average is $12.01 and its 200 day moving average is $11.16. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 12.71 and a beta of 1.15. Hope Bancorp, Inc. has a 12-month low of $8.15 and a 12-month high of $13.59.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data on Monday, July 29th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.22. Hope Bancorp had a net margin of 10.02% and a return on equity of 5.85%. The firm had revenue of $116.90 million during the quarter, compared to the consensus estimate of $121.27 million. During the same quarter in the previous year, the firm posted $0.32 EPS. The company’s revenue for the quarter was down 20.9% compared to the same quarter last year. On average, equities research analysts predict that Hope Bancorp, Inc. will post 0.89 EPS for the current year.

Hope Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.41%. Hope Bancorp’s payout ratio is currently 56.00%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on HOPE shares. Keefe, Bruyette & Woods raised their target price on shares of Hope Bancorp from $12.00 to $14.00 and gave the stock a “market perform” rating in a report on Tuesday, July 30th. StockNews.com upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, August 14th.

About Hope Bancorp

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.