Wedge Capital Management L L P NC trimmed its stake in Hope Bancorp Inc (NASDAQ:HOPE) by 4.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 503,768 shares of the financial services provider’s stock after selling 25,841 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Hope Bancorp were worth $8,146,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of HOPE. Ridgewood Investments LLC purchased a new stake in shares of Hope Bancorp in the 3rd quarter worth about $178,000. Hartford Investment Management Co. purchased a new stake in shares of Hope Bancorp in the 2nd quarter worth about $257,000. Gator Capital Management LLC purchased a new stake in shares of Hope Bancorp in the 2nd quarter worth about $267,000. Xact Kapitalforvaltning AB lifted its position in shares of Hope Bancorp by 62.8% in the 1st quarter. Xact Kapitalforvaltning AB now owns 21,769 shares of the financial services provider’s stock worth $396,000 after purchasing an additional 8,400 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in shares of Hope Bancorp by 47.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 26,654 shares of the financial services provider’s stock worth $431,000 after purchasing an additional 8,550 shares during the period. 89.90% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently commented on HOPE shares. DA Davidson dropped their target price on shares of Hope Bancorp to $16.00 and set a “neutral” rating for the company in a research report on Thursday, October 18th. Sandler O’Neill set a $16.00 price target on shares of Hope Bancorp and gave the stock a “hold” rating in a research note on Wednesday, October 17th. ValuEngine lowered shares of Hope Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. TheStreet lowered shares of Hope Bancorp from a “b-” rating to a “c+” rating in a research note on Friday, October 26th. Finally, Wedbush reiterated a “neutral” rating and issued a $18.00 price target (down from $19.00) on shares of Hope Bancorp in a research note on Monday, July 16th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Hope Bancorp presently has a consensus rating of “Hold” and a consensus target price of $18.20.
Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. The company had revenue of $136.60 million during the quarter, compared to analyst estimates of $141.01 million. Hope Bancorp had a net margin of 23.43% and a return on equity of 9.81%. Hope Bancorp’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same period last year, the business earned $0.33 EPS. Equities research analysts expect that Hope Bancorp Inc will post 1.45 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Friday, October 26th will be paid a $0.14 dividend. The ex-dividend date is Thursday, October 25th. This represents a $0.56 annualized dividend and a dividend yield of 3.70%. Hope Bancorp’s payout ratio is 45.90%.
In other news, COO David P. Malone acquired 3,450 shares of Hope Bancorp stock in a transaction on Friday, October 19th. The stock was acquired at an average cost of $14.58 per share, for a total transaction of $50,301.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP David Lee Song sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $17.75, for a total transaction of $88,750.00. Following the sale, the executive vice president now owns 4,023 shares of the company’s stock, valued at $71,408.25. The disclosure for this sale can be found here. 5.06% of the stock is owned by company insiders.
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Hope Bancorp Profile
Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides banking services primarily to small and medium-sized businesses and individuals in the United States. The company offers personal and business checking, money market, savings, time deposit, and individual retirement accounts.
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