Proficio Capital Partners LLC Takes Position in Hope Bancorp, Inc. (NASDAQ:HOPE)

Proficio Capital Partners LLC purchased a new stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 20,659 shares of the financial services provider’s stock, valued at approximately $254,000.

A number of other institutional investors have also recently made changes to their positions in the company. State Street Corp lifted its position in shares of Hope Bancorp by 1.9% during the 3rd quarter. State Street Corp now owns 6,152,656 shares of the financial services provider’s stock valued at $77,277,000 after buying an additional 112,824 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Hope Bancorp by 30.1% during the 3rd quarter. Wellington Management Group LLP now owns 4,553,508 shares of the financial services provider’s stock valued at $57,192,000 after buying an additional 1,054,124 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Hope Bancorp by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,842,056 shares of the financial services provider’s stock valued at $35,703,000 after buying an additional 48,237 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Hope Bancorp by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,346,215 shares of the financial services provider’s stock valued at $29,468,000 after buying an additional 33,689 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Hope Bancorp by 15.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,798,213 shares of the financial services provider’s stock worth $22,100,000 after purchasing an additional 240,192 shares in the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. DA Davidson dropped their price objective on Hope Bancorp from $15.50 to $14.50 and set a “buy” rating on the stock in a report on Tuesday, January 28th. StockNews.com raised Hope Bancorp from a “sell” rating to a “hold” rating in a report on Friday, December 6th. Finally, Piper Sandler dropped their price objective on Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Hope Bancorp presently has an average rating of “Hold” and an average target price of $12.88.

Insider Buying and Selling at Hope Bancorp

In related news, EVP Thomas Stenger sold 4,185 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $11.83, for a total value of $49,508.55. Following the completion of the sale, the executive vice president now owns 19,267 shares in the company, valued at $227,928.61. The trade was a 17.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 5.29% of the company’s stock.

Hope Bancorp Stock Performance

NASDAQ:HOPE opened at $10.28 on Wednesday. The business’s 50-day moving average price is $11.48 and its two-hundred day moving average price is $12.38. Hope Bancorp, Inc. has a twelve month low of $9.80 and a twelve month high of $14.54. The stock has a market cap of $1.24 billion, a P/E ratio of 12.54 and a beta of 1.15. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.16.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.03. Hope Bancorp had a return on equity of 4.84% and a net margin of 9.95%. As a group, equities analysts predict that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, February 6th were issued a $0.14 dividend. The ex-dividend date of this dividend was Thursday, February 6th. This represents a $0.56 annualized dividend and a dividend yield of 5.45%. Hope Bancorp’s payout ratio is currently 68.29%.

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.