Principal Financial Group Inc. Purchases 53,587 Shares of Hope Bancorp, Inc. (NASDAQ:HOPE)

Principal Financial Group Inc. boosted its holdings in Hope Bancorp, Inc. (NASDAQ:HOPE) by 9.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 648,095 shares of the financial services provider’s stock after buying an additional 53,587 shares during the quarter. Principal Financial Group Inc. owned approximately 0.54% of Hope Bancorp worth $8,140,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in Hope Bancorp by 3.1% during the second quarter. Dimensional Fund Advisors LP now owns 7,319,095 shares of the financial services provider’s stock worth $78,605,000 after buying an additional 218,302 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Hope Bancorp by 232.7% during the second quarter. Assenagon Asset Management S.A. now owns 2,333,798 shares of the financial services provider’s stock worth $25,065,000 after buying an additional 1,632,384 shares in the last quarter. American Century Companies Inc. boosted its holdings in Hope Bancorp by 17.4% during the second quarter. American Century Companies Inc. now owns 2,000,739 shares of the financial services provider’s stock worth $21,488,000 after purchasing an additional 296,469 shares during the last quarter. Boston Partners grew its holdings in shares of Hope Bancorp by 4.3% in the first quarter. Boston Partners now owns 1,229,582 shares of the financial services provider’s stock valued at $13,994,000 after acquiring an additional 51,207 shares in the last quarter. Finally, Jupiter Asset Management Ltd. raised its stake in shares of Hope Bancorp by 800.0% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 529,195 shares of the financial services provider’s stock worth $5,684,000 after purchasing an additional 470,394 shares during the period. Institutional investors own 84.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on HOPE. Keefe, Bruyette & Woods lifted their target price on shares of Hope Bancorp from $12.00 to $14.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 30th. StockNews.com raised Hope Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th.

Hope Bancorp Price Performance

NASDAQ:HOPE opened at $13.33 on Wednesday. Hope Bancorp, Inc. has a 52-week low of $9.45 and a 52-week high of $14.53. The stock has a fifty day moving average of $12.79 and a 200 day moving average of $11.88. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 15.87 and a beta of 1.13.

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

Hope Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a $0.14 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.56 annualized dividend and a yield of 4.20%. Hope Bancorp’s dividend payout ratio (DPR) is presently 66.67%.

Insider Activity at Hope Bancorp

In other news, Director David P. Malone sold 10,428 shares of Hope Bancorp 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 in the company, valued at approximately $1,397,985.61. The trade was a 8.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daisy Y. Ha sold 27,104 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.83, for a total value of $374,848.32. Following the sale, the director now owns 446,806 shares of the company’s stock, valued at $6,179,326.98. This represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 40,282 shares of company stock valued at $541,733 over the last 90 days. 5.29% of the stock is owned by insiders.

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.