Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its holdings in shares of Hope Bancorp Inc (NASDAQ:HOPE) by 14.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 72,500 shares of the financial services provider’s stock after acquiring an additional 9,200 shares during the quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp owned approximately 0.06% of Hope Bancorp worth $1,293,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Systematic Financial Management LP raised its stake in Hope Bancorp by 11.4% during the second quarter. Systematic Financial Management LP now owns 730,813 shares of the financial services provider’s stock worth $13,030,000 after acquiring an additional 74,574 shares during the period. First Trust Advisors LP grew its position in Hope Bancorp by 4.1% in the 2nd quarter. First Trust Advisors LP now owns 248,870 shares of the financial services provider’s stock worth $4,437,000 after purchasing an additional 9,795 shares during the last quarter. Hartford Investment Management Co. bought a new position in shares of Hope Bancorp in the second quarter valued at approximately $257,000. BlackRock Inc. boosted its holdings in shares of Hope Bancorp by 9.0% in the second quarter. BlackRock Inc. now owns 18,423,426 shares of the financial services provider’s stock valued at $328,490,000 after acquiring an additional 1,527,125 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its holdings in shares of Hope Bancorp by 11.7% in the second quarter. Macquarie Group Ltd. now owns 2,450,766 shares of the financial services provider’s stock valued at $43,697,000 after acquiring an additional 256,255 shares in the last quarter. Hedge funds and other institutional investors own 90.09% of the company’s stock.
NASDAQ:HOPE traded down $0.34 during trading hours on Friday, reaching $15.41. 1,586,142 shares of the company’s stock were exchanged, compared to its average volume of 730,081. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 1.10 and a beta of 1.37. Hope Bancorp Inc has a 12 month low of $14.98 and a 12 month high of $19.86. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.
HOPE has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Hope Bancorp from a “sell” rating to a “buy” rating and set a $19.00 price objective for the company in a report on Wednesday, September 19th. ValuEngine cut shares of Hope Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, September 12th. Finally, Wedbush reiterated a “neutral” rating and issued a $18.00 price objective (down from $19.00) on shares of Hope Bancorp in a report on Monday, July 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $19.50.
In related news, EVP David Lee Song sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $17.75, for a total value of $88,750.00. Following the completion of the sale, the executive vice president now owns 4,023 shares in the company, valued at approximately $71,408.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Donald Byun sold 40,456 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $17.84, for a total transaction of $721,735.04. Following the completion of the sale, the director now owns 35,170 shares of the company’s stock, valued at approximately $627,432.80. The disclosure for this sale can be found here. Company insiders own 5.06% of the company’s stock.
Hope Bancorp Company Profile
Hope Bancorp, Inc is a holding company. Its products and services include certificate of deposit, online banking, bill payment, mobile banking, credits card and mortgage loans. The company was founded in February 2002 and is headquartered in Los Angeles, CA.
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