The Manufacturers Life Insurance Company Buys 1,597 Shares of Hope Bancorp, Inc. (NASDAQ:HOPE)

The Manufacturers Life Insurance Company grew its holdings in Hope Bancorp, Inc. (NASDAQ:HOPE) by 2.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 60,099 shares of the financial services provider’s stock after purchasing an additional 1,597 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Hope Bancorp were worth $645,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP purchased a new position in shares of Hope Bancorp in the fourth quarter worth about $2,977,000. Vanguard Group Inc. lifted its holdings in Hope Bancorp by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 13,730,473 shares of the financial services provider’s stock valued at $165,864,000 after acquiring an additional 115,826 shares during the period. PNC Financial Services Group Inc. boosted its position in Hope Bancorp by 46.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,929 shares of the financial services provider’s stock worth $192,000 after purchasing an additional 5,034 shares in the last quarter. CWM LLC lifted its stake in shares of Hope Bancorp by 39.1% in the 1st quarter. CWM LLC now owns 8,939 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 2,513 shares during the period. Finally, Bridge City Capital LLC boosted its holdings in Hope Bancorp by 0.8% during the first quarter. Bridge City Capital LLC now owns 167,405 shares of the financial services provider’s stock worth $1,927,000 after buying an additional 1,263 shares in the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

Hope Bancorp Stock Performance

NASDAQ:HOPE opened at $13.17 on Wednesday. The company has a market cap of $1.59 billion, a price-to-earnings ratio of 13.17 and a beta of 1.13. The company has a fifty day simple moving average of $12.40 and a two-hundred day simple moving average of $11.46. Hope Bancorp, Inc. has a 52 week low of $8.15 and a 52 week 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.

Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Monday, July 29th. The financial services provider reported $0.22 EPS for the quarter, hitting the consensus estimate of $0.22. The company had revenue of $116.90 million during the quarter, compared to analysts’ expectations of $121.27 million. Hope Bancorp had a net margin of 10.02% and a return on equity of 5.85%. The firm’s revenue was down 20.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.32 EPS. As a group, equities analysts anticipate that Hope Bancorp, Inc. will post 0.87 earnings per share for the current fiscal year.

Hope Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were paid a $0.14 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.56 annualized dividend and a yield of 4.25%. Hope Bancorp’s dividend payout ratio is presently 56.00%.

Insiders Place Their Bets

In related news, Director Jinho Doo sold 10,703 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.40, for a total transaction of $132,717.20. Following the transaction, the director now owns 21,538 shares in the company, valued at $267,071.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director David P. Malone sold 10,428 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $12.71, for a total transaction of $132,539.88. Following the completion of the transaction, the director now directly owns 109,991 shares of the company’s stock, valued at $1,397,985.61. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jinho Doo sold 10,703 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.40, for a total value of $132,717.20. Following the transaction, the director now directly owns 21,538 shares of the company’s stock, valued at approximately $267,071.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,831 shares of company stock valued at $323,657. 5.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Hope Bancorp from $12.00 to $14.00 and gave the company a “market perform” rating in a report on Tuesday, July 30th. StockNews.com upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a report on Monday.

About Hope Bancorp

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.