Wellington Management Group LLP Acquires 1,448,931 Shares of Hope Bancorp, Inc. $HOPE

Wellington Management Group LLP grew its stake 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 and Exchange Commission (SEC). The institutional investor owned 11,438,933 shares of the financial services provider’s stock after acquiring an additional 1,448,931 shares during the period. Wellington Management Group LLP owned 8.95% of Hope Bancorp worth $156,485,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Empowered Funds LLC bought a new stake in shares of Hope Bancorp during the 2nd quarter valued at $6,794,000. Public Employees Retirement System of Ohio bought a new position in Hope Bancorp in the 2nd quarter worth about $362,000. Corient Private Wealth LP purchased a new position in Hope Bancorp during the 2nd quarter valued at about $426,000. Bank of America Corp DE purchased a new position in Hope Bancorp during the 2nd quarter valued at about $12,098,000. Finally, Man Group plc bought a new stake in shares of Hope Bancorp during the second quarter valued at about $545,000. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on HOPE shares. DA Davidson boosted their price objective on shares of Hope Bancorp from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Weiss Ratings upgraded shares of Hope Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Hope Bancorp from $14.00 to $15.00 and gave the company a “hold” rating in a report on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.50.

Hope Bancorp Price Performance

HOPE stock opened at $13.79 on Tuesday. The firm has a 50 day simple moving average of $13.82 and a two-hundred day simple moving average of $12.65. The stock has a market cap of $1.76 billion, a PE ratio of 13.79 and a beta of 0.83. Hope Bancorp, Inc. has a one year low of $9.80 and a one year high of $14.59. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.98 and a quick ratio of 0.97.

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

Hope Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 6th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Thursday, August 6th. Hope Bancorp’s dividend payout ratio is currently 56.00%.

Insiders Place Their Bets

In other Hope Bancorp news, Director Daisy Y. Ha sold 26,995 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $14.24, for a total transaction of $384,408.80. Following the sale, the director owned 346,120 shares in the company, valued at $4,928,748.80. This trade 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 hyperlink. 2.27% of the stock is owned by insiders.

About Hope Bancorp

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.