Deutsche Bank AG bought a new stake in Hope Bancorp, Inc. (NASDAQ:HOPE – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 150,968 shares of the financial services provider’s stock, valued at approximately $2,065,000.
Other institutional investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its stake in shares of Hope Bancorp by 9.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,647 shares of the financial services provider’s stock worth $128,000 after acquiring an additional 960 shares during the last quarter. Hantz Financial Services Inc. raised its stake in Hope Bancorp by 6.2% during the 4th quarter. Hantz Financial Services Inc. now owns 18,064 shares of the financial services provider’s stock valued at $198,000 after purchasing an additional 1,051 shares during the last quarter. Corient Private Wealth LLC boosted its holdings in Hope Bancorp by 5.1% in the 4th quarter. Corient Private Wealth LLC now owns 22,218 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 1,074 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in Hope Bancorp by 0.4% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 269,046 shares of the financial services provider’s stock valued at $2,950,000 after purchasing an additional 1,152 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Hope Bancorp by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 60,053 shares of the financial services provider’s stock worth $644,000 after purchasing an additional 1,659 shares during the last quarter. 84.00% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research analysts have recently issued reports on the stock. DA Davidson boosted their price objective on shares of Hope Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Keefe, Bruyette & Woods lifted their target price on Hope Bancorp from $14.00 to $15.00 and gave the stock a “hold” rating in a research report on Monday, August 3rd. Finally, Weiss Ratings upgraded Hope Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $15.50.
Insiders Place Their Bets
In other Hope Bancorp news, Director Daisy Y. Ha sold 26,995 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $14.24, for a total transaction of $384,408.80. Following the sale, the director directly owned 346,120 shares of the company’s stock, valued at approximately $4,928,748.80. This represents a 7.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.27% of the company’s stock.
Hope Bancorp Stock Performance
Hope Bancorp stock opened at $13.92 on Friday. The firm has a market capitalization of $1.78 billion, a P/E ratio of 13.92 and a beta of 0.83. The stock has a fifty day moving average price of $13.80 and a two-hundred day moving average price of $12.64. Hope Bancorp, Inc. has a 52-week low of $9.80 and a 52-week high of $14.59. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.98 and a quick ratio of 0.97.
Hope Bancorp (NASDAQ:HOPE – Get Free Report) last posted its earnings results on Monday, July 27th. The financial services provider reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.01. The business had revenue of $147.82 million for the quarter, compared to analyst estimates of $146.50 million. Hope Bancorp had a net margin of 12.53% and a return on equity of 5.71%. During the same quarter in the prior year, the firm earned ($0.22) EPS. As a group, analysts anticipate that Hope Bancorp, Inc. will post 1.13 EPS for the current fiscal year.
Hope Bancorp Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were given a $0.14 dividend. The ex-dividend date was Thursday, August 6th. This represents a $0.56 dividend on an annualized basis and a yield of 4.0%. Hope Bancorp’s payout ratio is 56.00%.
About Hope Bancorp
Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company’s principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.
In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.
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