Hope Bancorp, Inc. (NASDAQ:HOPE) Stock Position Cut by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 3.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 287,400 shares of the financial services provider’s stock after selling 9,200 shares during the quarter. Renaissance Technologies LLC owned about 0.24% of Hope Bancorp worth $3,532,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Geode Capital Management LLC raised its holdings in Hope Bancorp by 1.7% during the third quarter. Geode Capital Management LLC now owns 2,842,056 shares of the financial services provider’s stock worth $35,703,000 after purchasing an additional 48,237 shares in the last quarter. American Century Companies Inc. increased its position in shares of Hope Bancorp by 12.5% during 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 purchasing an additional 283,514 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Hope Bancorp by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,374,629 shares of the financial services provider’s stock worth $29,184,000 after buying an additional 28,414 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Hope Bancorp by 15.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,798,213 shares of the financial services provider’s stock valued at $22,100,000 after buying an additional 240,192 shares during the period. Finally, Invesco Ltd. boosted its stake in Hope Bancorp by 72.8% during the fourth quarter. Invesco Ltd. now owns 1,339,171 shares of the financial services provider’s stock valued at $16,458,000 after buying an additional 564,014 shares in the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

Hope Bancorp Price Performance

NASDAQ HOPE opened at $9.73 on Wednesday. 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 $8.83 and a 1 year high of $14.54. The company has a market cap of $1.18 billion, a PE ratio of 11.87 and a beta of 0.96. The stock’s 50-day moving average price is $10.27 and its two-hundred day moving average price is $11.81.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. Hope Bancorp had a net margin of 9.95% and a return on equity of 4.84%. On average, analysts predict that Hope Bancorp, Inc. will post 1.09 EPS for the current year.

Hope Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Thursday, February 6th were issued a dividend of $0.14 per share. The ex-dividend date was Thursday, February 6th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.76%. Hope Bancorp’s dividend payout ratio is 68.29%.

Wall Street Analysts Forecast Growth

HOPE has been the subject of a number of research analyst reports. DA Davidson cut their price target on shares of Hope Bancorp from $15.50 to $14.50 and set a “buy” rating for the company in a report on Tuesday, January 28th. Piper Sandler cut their target price on shares of Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.88.

Insider Activity at Hope Bancorp

In other Hope Bancorp news, EVP Thomas Stenger sold 4,185 shares of Hope Bancorp stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $11.83, for a total transaction of $49,508.55. Following the transaction, the executive vice president now owns 19,267 shares of the company’s stock, valued at $227,928.61. The trade was a 17.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.29% of the stock is owned by insiders.

About Hope Bancorp

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.