Bank of New York Mellon Corp Has $22.10 Million Position in Hope Bancorp, Inc. (NASDAQ:HOPE)

Bank of New York Mellon Corp raised its stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 15.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,798,213 shares of the financial services provider’s stock after buying an additional 240,192 shares during the period. Bank of New York Mellon Corp owned about 1.49% of Hope Bancorp worth $22,100,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of HOPE. Wellington Management Group LLP boosted its stake 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 period. Assenagon Asset Management S.A. boosted its stake in shares of Hope Bancorp by 47.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,055,151 shares of the financial services provider’s stock valued at $12,968,000 after buying an additional 337,599 shares during the period. Barclays PLC boosted its stake in shares of Hope Bancorp by 109.9% during the 3rd quarter. Barclays PLC now owns 253,437 shares of the financial services provider’s stock valued at $3,183,000 after buying an additional 132,677 shares during the period. State Street Corp boosted its stake 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 period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Hope Bancorp by 12.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 893,172 shares of the financial services provider’s stock valued at $11,218,000 after buying an additional 95,570 shares during the period. Institutional investors and hedge funds own 84.00% of the company’s stock.

Insider Buying and Selling

In related news, EVP Thomas Stenger sold 4,185 shares of Hope Bancorp stock in a transaction 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 in the company, valued at $227,928.61. This trade represents a 17.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 5.29% of the company’s stock.

Hope Bancorp Stock Down 2.9 %

Hope Bancorp stock opened at $10.26 on Tuesday. The company has a market capitalization of $1.24 billion, a P/E ratio of 12.51 and a beta of 1.15. The firm’s fifty day simple moving average is $11.52 and its 200-day simple moving average is $12.40. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. Hope Bancorp, Inc. has a 1-year low of $9.80 and a 1-year high of $14.54.

Hope Bancorp (NASDAQ:HOPE) last announced 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%. Sell-side analysts forecast that Hope Bancorp, Inc. will post 1.09 earnings per share for the current fiscal year.

Hope Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Thursday, February 6th were issued a $0.14 dividend. The ex-dividend date was Thursday, February 6th. This represents a $0.56 annualized dividend and a yield of 5.46%. Hope Bancorp’s dividend payout ratio (DPR) is presently 68.29%.

Analysts Set New Price Targets

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

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.