Hotchkis & Wiley Capital Management LLC Reduces Stake in Hope Bancorp, Inc. (NASDAQ:HOPE)

Hotchkis & Wiley Capital Management LLC cut its holdings in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 6.6% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,059,968 shares of the financial services provider’s stock after selling 75,200 shares during the quarter. Hotchkis & Wiley Capital Management LLC’s holdings in Hope Bancorp were worth $13,313,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Assenagon Asset Management S.A. increased its position in Hope Bancorp by 232.7% during the 2nd 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 during the period. Principal Financial Group Inc. increased its position in shares of Hope Bancorp by 9.0% during the third 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. American Century Companies Inc. raised its stake 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 buying an additional 296,469 shares in the last quarter. Denali Advisors LLC lifted its holdings in Hope Bancorp by 17.7% in the second quarter. Denali Advisors LLC now owns 350,400 shares of the financial services provider’s stock worth $3,763,000 after buying an additional 52,700 shares during the period. Finally, Massachusetts Financial Services Co. MA bought a new stake in Hope Bancorp during the 2nd quarter valued at approximately $587,000. Institutional investors own 84.00% of the company’s stock.

Hope Bancorp Trading Down 1.5 %

Shares of NASDAQ HOPE opened at $13.49 on Wednesday. Hope Bancorp, Inc. has a 1 year low of $9.80 and a 1 year high of $14.53. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a 50-day moving average of $13.00 and a 200 day moving average of $12.06. The stock has a market cap of $1.63 billion, a P/E ratio of 16.06 and a beta of 1.15.

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

Hope Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 4.15%. The ex-dividend date was Thursday, November 7th. Hope Bancorp’s dividend payout ratio (DPR) is 66.67%.

Insider Transactions at Hope Bancorp

In other 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Angelee Harris sold 3,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $14.16, for a total transaction of $42,480.00. Following the sale, the executive vice president now owns 19,795 shares in the company, valued at approximately $280,297.20. The trade was a 13.16 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 127,974 shares of company stock valued at $1,720,898. Insiders own 5.29% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com lowered Hope Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st.

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.