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

Principal Financial Group Inc. lowered its stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 4.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 594,508 shares of the financial services provider’s stock after selling 28,599 shares during the quarter. Principal Financial Group Inc. owned approximately 0.49% of Hope Bancorp worth $6,385,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. SageView Advisory Group LLC acquired a new position in Hope Bancorp during the 1st quarter worth $49,000. Fifth Third Bancorp grew its stake in Hope Bancorp by 149.5% in the second quarter. Fifth Third Bancorp now owns 5,279 shares of the financial services provider’s stock worth $57,000 after purchasing an additional 3,163 shares in the last quarter. CWM LLC increased its holdings in Hope Bancorp by 39.1% in the first quarter. CWM LLC now owns 8,939 shares of the financial services provider’s stock valued at $103,000 after buying an additional 2,513 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in Hope Bancorp by 8.8% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 12,814 shares of the financial services provider’s stock valued at $155,000 after buying an additional 1,033 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Hope Bancorp by 46.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,929 shares of the financial services provider’s stock valued at $192,000 after buying an additional 5,034 shares in the last quarter. Institutional investors own 84.00% of the company’s stock.

Insider Buying and Selling

In other Hope Bancorp news, Director Jinho Doo sold 10,703 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.40, for a total transaction of $132,717.20. Following the completion of the transaction, the director now directly owns 21,538 shares of the company’s stock, valued at approximately $267,071.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director David P. Malone sold 10,428 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $12.71, for a total transaction of $132,539.88. Following the transaction, the director now directly owns 109,991 shares of the company’s stock, valued at $1,397,985.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jinho Doo sold 10,703 shares of Hope Bancorp stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.40, for a total transaction of $132,717.20. Following the sale, the director now owns 21,538 shares in the company, valued at $267,071.20. The disclosure for this sale can be found here. Insiders have sold a total of 25,831 shares of company stock valued at $323,657 in the last quarter. Company insiders own 5.29% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on HOPE. Keefe, Bruyette & Woods boosted their price target on Hope Bancorp from $12.00 to $14.00 and gave the company a “market perform” rating in a report on Tuesday, July 30th. StockNews.com upgraded shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, August 14th.

Hope Bancorp Stock Performance

Shares of HOPE stock opened at $12.12 on Tuesday. The company has a market cap of $1.46 billion, a P/E ratio of 12.12 and a beta of 1.13. The business has a 50 day moving average of $12.15 and a two-hundred day moving average of $11.19. Hope Bancorp, Inc. has a 52 week low of $8.15 and a 52 week high of $13.59. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

Hope Bancorp (NASDAQ:HOPE) last released 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 return on equity of 5.85% and a net margin of 10.02%. The business had revenue of $116.90 million during the quarter, compared to analyst estimates of $121.27 million. During the same quarter in the previous year, the firm posted $0.32 EPS. The business’s revenue for the quarter was down 20.9% compared to the same quarter last year. As a group, analysts anticipate that Hope Bancorp, Inc. will post 0.89 EPS for the current year.

Hope Bancorp Dividend Announcement

The company also recently declared 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 annualized dividend and a dividend yield of 4.62%. Hope Bancorp’s dividend payout ratio is currently 56.00%.

Hope Bancorp 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.