Wellington Management Group LLP Decreases Holdings in Hope Bancorp, Inc. (NASDAQ:HOPE)

Wellington Management Group LLP reduced its position in Hope Bancorp, Inc. (NASDAQ:HOPE) by 5.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,324,117 shares of the financial services provider’s stock after selling 229,391 shares during the period. Wellington Management Group LLP owned approximately 3.58% of Hope Bancorp worth $53,143,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Smartleaf Asset Management LLC grew its position in Hope Bancorp by 181.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,407 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,553 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in shares of Hope Bancorp by 31.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 3,563 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 848 shares during the period. Quantbot Technologies LP bought a new stake in shares of Hope Bancorp during the 3rd quarter valued at $58,000. KBC Group NV increased its stake in shares of Hope Bancorp by 36.6% in the 4th quarter. KBC Group NV now owns 7,093 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 1,901 shares in the last quarter. Finally, Cibc World Markets Corp bought a new position in Hope Bancorp in the 4th quarter worth $133,000. Institutional investors own 84.00% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Thomas Stenger sold 4,185 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 19,267 shares of the company’s stock, valued at approximately $227,928.61. This trade represents a 17.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on HOPE. Piper Sandler reduced their price target on Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. DA Davidson reduced their target price 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. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $12.88.

Hope Bancorp Trading Down 2.9 %

HOPE stock opened at $9.36 on Friday. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of 11.41 and a beta of 1.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.96. Hope Bancorp, Inc. has a 1-year low of $9.04 and a 1-year high of $14.54. The business has a 50 day simple moving average of $10.90 and a two-hundred day simple moving average of $12.12.

Hope Bancorp (NASDAQ:HOPE) last announced 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%. Research analysts anticipate that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Dividend Announcement

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

Hope Bancorp Company 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.