Hope Bancorp, Inc. (NASDAQ:HOPE) Position Cut by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans decreased its position in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 35.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 253,122 shares of the financial services provider’s stock after selling 136,584 shares during the quarter. Thrivent Financial for Lutherans owned about 0.21% of Hope Bancorp worth $3,179,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP increased its position in Hope Bancorp by 3.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,319,095 shares of the financial services provider’s stock valued at $78,605,000 after acquiring an additional 218,302 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of 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 valued at $25,065,000 after purchasing an additional 1,632,384 shares in the last quarter. American Century Companies Inc. lifted its holdings in Hope Bancorp by 17.4% in 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 period. Boston Partners lifted its holdings in Hope Bancorp by 4.3% in the first quarter. Boston Partners now owns 1,229,582 shares of the financial services provider’s stock worth $13,994,000 after purchasing an additional 51,207 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Hope Bancorp by 9.0% during the 3rd quarter. Principal Financial Group Inc. now owns 648,095 shares of the financial services provider’s stock valued at $8,140,000 after buying an additional 53,587 shares during the period. Institutional investors own 84.00% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on HOPE shares. Keefe, Bruyette & Woods upped their price target 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 downgraded Hope Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st.

Insider Buying and Selling

In related news, Director Steven Koh sold 96,620 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $13.33, for a total value of $1,287,944.60. Following the completion of the sale, the director now owns 3,167,023 shares in the company, valued at approximately $42,216,416.59. This represents a 2.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David P. Malone sold 10,428 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $12.71, for a total transaction of $132,539.88. Following the completion of the transaction, the director now directly owns 109,991 shares of the company’s stock, valued at $1,397,985.61. This represents a 8.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 136,902 shares of company stock worth $1,829,678 in the last three months. 5.29% of the stock is currently owned by insiders.

Hope Bancorp Price Performance

Shares of NASDAQ HOPE opened at $14.02 on Tuesday. Hope Bancorp, Inc. has a twelve month low of $9.45 and a twelve month high of $14.53. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10. The firm has a 50-day moving average of $12.91 and a two-hundred day moving average of $11.96. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 16.69 and a beta of 1.13.

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

Hope Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend was Thursday, November 7th. Hope Bancorp’s dividend payout ratio is presently 66.67%.

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.