Corebridge Financial Inc. Sells 4,838 Shares of Hope Bancorp, Inc. (NASDAQ:HOPE)

Corebridge Financial Inc. reduced its stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 7.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,898 shares of the financial services provider’s stock after selling 4,838 shares during the quarter. Corebridge Financial Inc.’s holdings in Hope Bancorp were worth $761,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. LPL Financial LLC increased its position in shares of Hope Bancorp by 11.1% during the fourth quarter. LPL Financial LLC now owns 24,498 shares of the financial services provider’s stock valued at $301,000 after purchasing an additional 2,443 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Hope Bancorp in the 4th quarter valued at $332,000. Sei Investments Co. increased its holdings in Hope Bancorp by 6.2% in the 4th quarter. Sei Investments Co. now owns 249,235 shares of the financial services provider’s stock valued at $3,063,000 after buying an additional 14,509 shares during the period. American Century Companies Inc. raised its stake in shares of Hope Bancorp by 12.5% in the 4th quarter. American Century Companies Inc. now owns 2,552,914 shares of the financial services provider’s stock valued at $31,375,000 after buying an additional 283,514 shares in the last quarter. Finally, Quantbot Technologies LP lifted its holdings in shares of Hope Bancorp by 547.5% during the 4th quarter. Quantbot Technologies LP now owns 30,143 shares of the financial services provider’s stock worth $370,000 after acquiring an additional 25,488 shares during the period. 84.00% of the stock is owned by institutional investors.

Hope Bancorp Price Performance

NASDAQ:HOPE opened at $9.36 on Monday. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.13 billion, a PE ratio of 11.41 and a beta of 0.96. Hope Bancorp, Inc. has a 12 month low of $9.04 and a 12 month high of $14.54. The company’s 50-day moving average price is $10.90 and its two-hundred day moving average price is $12.11.

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 return on equity of 4.84% and a net margin of 9.95%. On average, equities analysts anticipate that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, February 6th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.98%. The ex-dividend date was Thursday, February 6th. Hope Bancorp’s dividend payout ratio is presently 68.29%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on HOPE shares. Piper Sandler lowered their target price on shares of Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. DA Davidson lowered their price objective on Hope Bancorp from $15.50 to $14.50 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $12.88.

Insider Transactions at Hope Bancorp

In related news, EVP Thomas Stenger sold 4,185 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 19,267 shares of the company’s stock, valued at $227,928.61. This trade represents a 17.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 5.29% of the stock is owned by company insiders.

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.