Cim Investment Management Inc. Sells 2,757 Shares of Hope Bancorp, Inc. (NASDAQ:HOPE)

Cim Investment Management Inc. decreased its position in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 19.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,598 shares of the financial services provider’s stock after selling 2,757 shares during the quarter. Cim Investment Management Inc.’s holdings in Hope Bancorp were worth $125,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Hope Bancorp by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 13,730,473 shares of the financial services provider’s stock worth $165,864,000 after purchasing an additional 115,826 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Hope Bancorp by 3.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,319,095 shares of the financial services provider’s stock worth $78,605,000 after purchasing an additional 218,302 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Hope Bancorp by 232.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 2,333,798 shares of the financial services provider’s stock worth $25,065,000 after purchasing an additional 1,632,384 shares during the last quarter. American Century Companies Inc. raised its holdings in Hope Bancorp by 17.4% during the 2nd quarter. American Century Companies Inc. now owns 2,000,739 shares of the financial services provider’s stock worth $21,488,000 after purchasing an additional 296,469 shares during the last quarter. Finally, Boston Partners raised its holdings in Hope Bancorp by 4.3% during the 1st quarter. Boston Partners now owns 1,229,582 shares of the financial services provider’s stock worth $13,994,000 after purchasing an additional 51,207 shares during the last quarter. Institutional investors own 84.00% of the company’s stock.

Hope Bancorp Stock Performance

NASDAQ:HOPE opened at $12.40 on Friday. The company has a fifty day moving average of $12.47 and a 200-day moving average of $11.34. The firm has a market capitalization of $1.50 billion, a P/E ratio of 12.40 and a beta of 1.13. 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, Inc. has a twelve month low of $8.15 and a twelve month high of $13.59.

Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Monday, July 29th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.22. Hope Bancorp had a net margin of 10.02% and a return on equity of 5.85%. The business had revenue of $116.90 million during the quarter, compared to the consensus estimate of $121.27 million. During the same quarter last year, the firm posted $0.32 EPS. Hope Bancorp’s revenue was down 20.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Hope Bancorp, Inc. will post 0.89 EPS for the current year.

Hope Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 4.52%. The ex-dividend date was Thursday, August 8th. Hope Bancorp’s payout ratio is currently 56.00%.

Analyst Ratings Changes

HOPE has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of Hope Bancorp from $12.00 to $14.00 and gave the company a “market perform” rating in a research note 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.

Insider Activity at Hope Bancorp

In related news, EVP Thomas Stenger sold 3,200 shares of Hope Bancorp stock in a transaction on Friday, August 16th. The shares were sold at an average price of $12.40, for a total value of $39,680.00. Following the completion of the sale, the executive vice president now owns 25,952 shares of the company’s stock, valued at approximately $321,804.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Thomas Stenger sold 3,200 shares of Hope Bancorp stock in a transaction on Friday, August 16th. The shares were sold at an average price of $12.40, for a total value of $39,680.00. Following the completion of the sale, the executive vice president now owns 25,952 shares of the company’s stock, valued at approximately $321,804.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jinho Doo sold 10,703 shares of Hope Bancorp stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.40, for a total transaction of $132,717.20. Following the transaction, the director now directly owns 21,538 shares in the company, valued at $267,071.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,831 shares of company stock valued at $323,657. 5.29% of the stock is owned by company insiders.

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.