Louisiana State Employees Retirement System Sells 2,300 Shares of Hope Bancorp, Inc. (NASDAQ:HOPE)

Louisiana State Employees Retirement System cut its stake in Hope Bancorp, Inc. (NASDAQ:HOPE) by 3.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,400 shares of the financial services provider’s stock after selling 2,300 shares during the period. Louisiana State Employees Retirement System’s holdings in Hope Bancorp were worth $734,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. nVerses Capital LLC acquired a new position in shares of Hope Bancorp in the 3rd quarter valued at about $48,000. CWM LLC boosted its stake in shares of Hope Bancorp by 15.7% in the third quarter. CWM LLC now owns 9,109 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 1,238 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Hope Bancorp in the third quarter worth about $508,000. The Manufacturers Life Insurance Company lifted its position in Hope Bancorp by 2.7% during the second quarter. The Manufacturers Life Insurance Company now owns 60,099 shares of the financial services provider’s stock worth $645,000 after buying an additional 1,597 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its stake in Hope Bancorp by 7.8% during the second quarter. Public Sector Pension Investment Board now owns 265,341 shares of the financial services provider’s stock worth $2,850,000 after purchasing an additional 19,113 shares during the period. 84.00% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Hope Bancorp

In other news, Director Jinho Doo sold 10,703 shares of Hope Bancorp stock in a transaction 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 completion of the sale, the director now owns 21,538 shares of the company’s stock, valued at $267,071.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Hope Bancorp news, Director Jinho Doo sold 10,703 shares of Hope Bancorp stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.40, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David P. Malone sold 10,428 shares of Hope Bancorp stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $12.71, for a total value of $132,539.88. Following the completion of the transaction, the director now owns 109,991 shares in the company, valued at $1,397,985.61. The trade was a 0.00 % decrease in their position. 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. Company insiders own 5.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on HOPE. StockNews.com downgraded shares of Hope Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, October 29th. Keefe, Bruyette & Woods raised their price target on Hope Bancorp from $12.00 to $14.00 and gave the company a “market perform” rating in a research note on Tuesday, July 30th.

Hope Bancorp Price Performance

Shares of NASDAQ:HOPE opened at $12.23 on Tuesday. The business’s 50 day simple moving average is $12.58 and its 200-day simple moving average is $11.64. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 14.56 and a beta of 1.13. Hope Bancorp, Inc. has a 12 month low of $9.02 and a 12 month high of $13.59. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.96 and a quick ratio of 0.95.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01). Hope Bancorp had a net margin of 9.81% and a return on equity of 5.52%. The business had revenue of $246.92 million during the quarter, compared to analyst estimates of $121.67 million. During the same period in the previous year, the company posted $0.25 earnings per share. As a group, equities analysts forecast that Hope Bancorp, Inc. will post 0.85 earnings per share for the current fiscal year.

Hope Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.58%. The ex-dividend date is Thursday, November 7th. Hope Bancorp’s dividend payout ratio is presently 66.67%.

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.