Edgestream Partners L.P. Reduces Stock Holdings in Hope Bancorp, Inc. $HOPE

Edgestream Partners L.P. lowered its stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 88.5% during the first quarter, Holdings Channel reports. The firm owned 10,448 shares of the financial services provider’s stock after selling 80,068 shares during the period. Edgestream Partners L.P.’s holdings in Hope Bancorp were worth $117,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in Hope Bancorp by 2.7% during the 3rd quarter. Wellington Management Group LLP now owns 11,335,999 shares of the financial services provider’s stock worth $122,089,000 after acquiring an additional 303,019 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Hope Bancorp by 4.5% during the first quarter. Dimensional Fund Advisors LP now owns 7,367,855 shares of the financial services provider’s stock worth $82,298,000 after purchasing an additional 315,028 shares during the last quarter. State Street Corp grew its holdings in shares of Hope Bancorp by 3.3% during the second quarter. State Street Corp now owns 6,494,266 shares of the financial services provider’s stock worth $69,683,000 after purchasing an additional 209,442 shares during the last quarter. HoldCo Asset Management LP purchased a new stake in shares of Hope Bancorp in the 4th quarter valued at about $32,838,000. Finally, Rhino Investment Partners Inc lifted its holdings in shares of Hope Bancorp by 9.9% in the 1st quarter. Rhino Investment Partners Inc now owns 2,595,281 shares of the financial services provider’s stock valued at $28,989,000 after purchasing an additional 232,783 shares during the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

HOPE has been the topic of several research analyst reports. Keefe, Bruyette & Woods lifted their price target on Hope Bancorp from $14.00 to $15.00 and gave the stock a “hold” rating in a research report on Monday. DA Davidson raised their target price on shares of Hope Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, Weiss Ratings upgraded shares of Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $15.50.

Insider Transactions at Hope Bancorp

In related news, Director Daisy Y. Ha sold 26,995 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $14.24, for a total transaction of $384,408.80. Following the completion of the transaction, the director directly owned 346,120 shares of the company’s stock, valued at $4,928,748.80. This represents a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.27% of the stock is owned by corporate insiders.

Hope Bancorp Price Performance

Shares of NASDAQ HOPE opened at $13.95 on Friday. The stock has a fifty day moving average price of $13.37 and a 200 day moving average price of $12.41. Hope Bancorp, Inc. has a 1-year low of $9.80 and a 1-year high of $14.48. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.98 and a quick ratio of 0.96. The company has a market cap of $1.78 billion, a PE ratio of 13.95 and a beta of 0.83.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.01. The company had revenue of $147.82 million for the quarter, compared to analysts’ expectations of $146.50 million. Hope Bancorp had a net margin of 12.53% and a return on equity of 5.71%. During the same period in the previous year, the company posted ($0.22) EPS. Sell-side analysts forecast that Hope Bancorp, Inc. will post 1.13 EPS for the current year.

Hope Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Thursday, August 6th. Hope Bancorp’s payout ratio is 56.00%.

Hope Bancorp Company Profile

Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company’s principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.

In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.