Massachusetts Financial Services Co. MA Takes Position in Hope Bancorp, Inc. (NASDAQ:HOPE)

Massachusetts Financial Services Co. MA acquired a new position in Hope Bancorp, Inc. (NASDAQ:HOPE) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 54,629 shares of the financial services provider’s stock, valued at approximately $587,000.

Other institutional investors have also recently bought and sold shares of the company. SageView Advisory Group LLC bought a new stake in Hope Bancorp during the 1st quarter worth about $49,000. Fifth Third Bancorp raised its stake in shares of Hope Bancorp by 149.5% during the second quarter. Fifth Third Bancorp now owns 5,279 shares of the financial services provider’s stock worth $57,000 after buying an additional 3,163 shares during the last quarter. CWM LLC raised its stake in shares of Hope Bancorp by 39.1% during the first quarter. CWM LLC now owns 8,939 shares of the financial services provider’s stock worth $103,000 after buying an additional 2,513 shares during the last quarter. Choreo LLC bought a new position in Hope Bancorp in the second quarter valued at approximately $108,000. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in Hope Bancorp by 8.8% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 12,814 shares of the financial services provider’s stock valued at $155,000 after acquiring an additional 1,033 shares during the last quarter. Institutional investors own 84.00% of the company’s stock.

Wall Street Analyst Weigh In

HOPE has been the subject of several recent research reports. Keefe, Bruyette & Woods upped their target price on shares of Hope Bancorp from $12.00 to $14.00 and gave the company a “market perform” rating in a research report on Tuesday, July 30th. StockNews.com upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, August 14th.

Insider Activity

In related news, Director David P. Malone sold 10,428 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $12.71, for a total transaction of $132,539.88. Following the sale, the director now directly owns 109,991 shares in the company, valued at $1,397,985.61. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Thomas Stenger sold 3,200 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $12.40, for a total value of $39,680.00. Following the sale, the executive vice president now directly owns 25,952 shares in the company, valued at $321,804.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David P. Malone sold 10,428 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $12.71, for a total value of $132,539.88. Following the transaction, the director now owns 109,991 shares of the company’s stock, valued at $1,397,985.61. The disclosure for this sale can be found here. Insiders sold 25,831 shares of company stock worth $323,657 over the last quarter. 5.29% of the stock is currently owned by company insiders.

Hope Bancorp Price Performance

HOPE opened at $12.85 on Monday. The stock has a market cap of $1.55 billion, a P/E ratio of 12.85 and a beta of 1.13. Hope Bancorp, Inc. has a 12 month low of $8.15 and a 12 month high of $13.59. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $12.47 and a 200 day simple moving average of $11.29.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Monday, July 29th. The financial services provider reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. Hope Bancorp had a return on equity of 5.85% and a net margin of 10.02%. The company had revenue of $116.90 million for the quarter, compared to analyst estimates of $121.27 million. During the same quarter last year, the firm posted $0.32 earnings per share. Hope Bancorp’s revenue was down 20.9% compared to the same quarter last year. On average, research analysts expect that Hope Bancorp, Inc. will post 0.89 EPS for the current year.

Hope Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date was Thursday, August 8th. Hope Bancorp’s payout ratio is currently 56.00%.

Hope Bancorp 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.