Raymond James Financial Inc. Takes $912,000 Position in Hope Bancorp, Inc. (NASDAQ:HOPE)

Raymond James Financial Inc. acquired a new position in Hope Bancorp, Inc. (NASDAQ:HOPE) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 74,241 shares of the financial services provider’s stock, valued at approximately $912,000. Raymond James Financial Inc. owned 0.06% of Hope Bancorp as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its holdings in shares of Hope Bancorp by 181.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,407 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,553 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Hope Bancorp by 31.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 3,563 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 848 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Hope Bancorp in the third quarter worth approximately $58,000. KBC Group NV boosted its holdings in shares of Hope Bancorp by 36.6% during the fourth quarter. KBC Group NV now owns 7,093 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 1,901 shares during the period. Finally, Quantinno Capital Management LP grew its position in Hope Bancorp by 8.5% during the third quarter. Quantinno Capital Management LP now owns 11,729 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 919 shares in the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Thomas Stenger sold 4,185 shares of Hope Bancorp stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $11.83, for a total value of $49,508.55. Following the transaction, the executive vice president now owns 19,267 shares of the company’s stock, valued at $227,928.61. This trade represents a 17.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.29% of the company’s stock.

Hope Bancorp Stock Performance

Shares of HOPE opened at $9.36 on Friday. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 11.41 and a beta of 1.15. The company’s fifty day moving average is $10.90 and its 200-day moving average is $12.12. 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, Inc. has a 12 month low of $9.04 and a 12 month high of $14.54.

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

Hope Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Thursday, February 6th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.98%. The ex-dividend date was Thursday, February 6th. Hope Bancorp’s payout ratio is 68.29%.

Wall Street Analysts Forecast Growth

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

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.