PNC Financial Services Group Inc. Grows Position in Hope Bancorp, Inc. (NASDAQ:HOPE)

PNC Financial Services Group Inc. grew its holdings in Hope Bancorp, Inc. (NASDAQ:HOPE) by 46.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,929 shares of the financial services provider’s stock after buying an additional 5,034 shares during the period. PNC Financial Services Group Inc.’s holdings in Hope Bancorp were worth $192,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank acquired a new stake in Hope Bancorp in the 4th quarter valued at about $9,960,000. AQR Capital Management LLC lifted its position in Hope Bancorp by 70.5% during the third quarter. AQR Capital Management LLC now owns 764,007 shares of the financial services provider’s stock worth $6,761,000 after buying an additional 315,935 shares in the last quarter. Wellington Management Group LLP acquired a new position in Hope Bancorp during the fourth quarter worth $2,977,000. Hsbc Holdings PLC grew its holdings in Hope Bancorp by 455.8% in the 4th quarter. Hsbc Holdings PLC now owns 220,046 shares of the financial services provider’s stock valued at $2,683,000 after buying an additional 180,458 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Hope Bancorp by 28.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 773,619 shares of the financial services provider’s stock worth $9,345,000 after acquiring an additional 170,985 shares during the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Steven Koh sold 3,857 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $9.94, for a total transaction of $38,338.58. Following the transaction, the director now owns 3,294,186 shares of the company’s stock, valued at approximately $32,744,208.84. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Hope Bancorp news, Director Steven Koh sold 3,857 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $9.94, for a total value of $38,338.58. Following the completion of the transaction, the director now owns 3,294,186 shares of the company’s stock, valued at approximately $32,744,208.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Angelee Harris sold 4,200 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $10.68, for a total value of $44,856.00. Following the sale, the executive vice president now directly owns 18,527 shares in the company, valued at approximately $197,868.36. The disclosure for this sale can be found here. Insiders own 5.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HOPE. DA Davidson raised shares of Hope Bancorp from a “neutral” rating to a “buy” rating and set a $12.50 price objective for the company in a report on Tuesday, April 30th. Keefe, Bruyette & Woods dropped their price target on shares of Hope Bancorp from $13.00 to $12.00 and set a “market perform” rating for the company in a research note on Wednesday, May 1st. Finally, Wedbush reduced their price target on shares of Hope Bancorp from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 30th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Hope Bancorp currently has an average rating of “Hold” and a consensus price target of $11.83.

Hope Bancorp Stock Up 0.8 %

Shares of HOPE opened at $10.71 on Wednesday. The company’s 50-day moving average price is $10.45 and its 200 day moving average price is $10.97. Hope Bancorp, Inc. has a 12-month low of $8.14 and a 12-month high of $12.51. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.43. The firm has a market cap of $1.29 billion, a P/E ratio of 10.71 and a beta of 1.15.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Monday, April 29th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.05). The company had revenue of $123.30 million during the quarter, compared to analysts’ expectations of $130.42 million. Hope Bancorp had a net margin of 10.80% and a return on equity of 6.43%. Hope Bancorp’s revenue was down 14.9% on a year-over-year basis. During the same period last year, the firm posted $0.33 earnings per share. On average, sell-side analysts forecast that Hope Bancorp, Inc. will post 0.95 earnings per share for the current year.

Hope Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, May 9th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, May 8th. This represents a $0.56 annualized dividend and a dividend yield of 5.23%. Hope Bancorp’s dividend payout ratio is currently 56.00%.

Hope Bancorp Company Profile

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides retail and commercial banking services for businesses and individuals in the United States. It accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts. The company also offers loans comprising commercial and industrial loans to businesses for various purposes, such as working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance, other business-related financing, and loans syndication services; commercial real estate loans; residential mortgage loans; small business administration loans; and consumer loans, such as single-family mortgage, home equity, automobile, credit card, and personal loans.