Prudential Financial Inc. trimmed its position in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 5.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,201,011 shares of the financial services provider’s stock after selling 74,010 shares during the period. Prudential Financial Inc. owned approximately 0.89% of Hope Bancorp worth $21,270,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. First Interstate Bank grew its stake in Hope Bancorp by 254.3% during the second quarter. First Interstate Bank now owns 6,395 shares of the financial services provider’s stock worth $119,000 after buying an additional 4,590 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Hope Bancorp by 1.2% in the second quarter. Bank of Montreal Can now owns 10,232 shares of the financial services provider’s stock worth $191,000 after acquiring an additional 122 shares during the last quarter. Riverhead Capital Management LLC lifted its holdings in shares of Hope Bancorp by 100.4% in the second quarter. Riverhead Capital Management LLC now owns 10,221 shares of the financial services provider’s stock worth $191,000 after acquiring an additional 5,121 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Hope Bancorp by 0.5% in the second quarter. Teacher Retirement System of Texas now owns 10,308 shares of the financial services provider’s stock worth $192,000 after acquiring an additional 55 shares during the last quarter. Finally, Connable Office Inc. bought a new position in shares of Hope Bancorp in the second quarter worth about $196,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.
In related news, CFO Alex Ko sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $18.92, for a total value of $756,800.00. Following the completion of the transaction, the chief financial officer now owns 10,088 shares in the company, valued at approximately $190,864.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Jason K. Kim sold 5,739 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $18.17, for a total transaction of $104,277.63. Following the completion of the transaction, the executive vice president now owns 52,709 shares of the company’s stock, valued at approximately $957,722.53. The disclosure for this sale can be found here. In the last quarter, insiders sold 162,174 shares of company stock valued at $2,808,891. 5.20% of the stock is owned by company insiders.
A number of research analysts have recently commented on HOPE shares. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $17.50 target price on shares of Hope Bancorp in a report on Tuesday, October 3rd. Zacks Investment Research raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a report on Monday, October 30th. DA Davidson reissued a “buy” rating and issued a $21.00 target price on shares of Hope Bancorp in a report on Monday, September 18th. ValuEngine cut shares of Hope Bancorp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Raymond James Financial, Inc. reissued a “market perform” rating on shares of Hope Bancorp in a report on Thursday, November 2nd. Eight analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $19.58.
Hope Bancorp, Inc. (NASDAQ HOPE) opened at $17.63 on Friday. The stock has a market cap of $2,354.96, a P/E ratio of 14.25, a P/E/G ratio of 1.45 and a beta of 1.40. Hope Bancorp, Inc. has a fifty-two week low of $17.14 and a fifty-two week high of $17.79. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.58.
Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. The business had revenue of $139.51 million during the quarter, compared to analyst estimates of $137.93 million. Hope Bancorp had a net margin of 26.16% and a return on equity of 8.74%. During the same quarter last year, the business earned $0.22 EPS. equities analysts expect that Hope Bancorp, Inc. will post 1.2 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st were issued a $0.13 dividend. The ex-dividend date was Monday, October 30th. This represents a $0.52 dividend on an annualized basis and a yield of 2.95%. Hope Bancorp’s dividend payout ratio (DPR) is presently 43.33%.
ILLEGAL ACTIVITY WARNING: “Prudential Financial Inc. Has $21.27 Million Holdings in Hope Bancorp, Inc. (HOPE)” was posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this article on another domain, it was illegally copied and republished in violation of U.S. & international copyright laws. The legal version of this article can be accessed at https://ledgergazette.com/2017/11/18/prudential-financial-inc-has-21-27-million-holdings-in-hope-bancorp-inc-hope.html.
Hope Bancorp Profile
Hope Bancorp, Inc, formerly BBCN Bancorp, Inc, is the holding company of Bank of Hope. Bank of Hope is the regional Korean-American bank in the United States. Bank of Hope operates approximately 85 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama.
Want to see what other hedge funds are holding HOPE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hope Bancorp, Inc. (NASDAQ:HOPE).
Receive News & Ratings for Hope Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hope Bancorp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.