EMC Capital Management Sells 17,238 Shares of Hope Bancorp, Inc. $HOPE

EMC Capital Management cut its holdings in Hope Bancorp, Inc. (NASDAQ:HOPE) by 58.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,328 shares of the financial services provider’s stock after selling 17,238 shares during the period. EMC Capital Management’s holdings in Hope Bancorp were worth $132,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. CKW Financial Group purchased a new stake in shares of Hope Bancorp in the 2nd quarter worth $32,000. Geneos Wealth Management Inc. lifted its position in Hope Bancorp by 294.0% during the first quarter. Geneos Wealth Management Inc. now owns 3,428 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 2,558 shares in the last quarter. GAMMA Investing LLC grew its holdings in Hope Bancorp by 29.3% during the second quarter. GAMMA Investing LLC now owns 5,345 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 1,211 shares during the period. Entropy Technologies LP purchased a new stake in Hope Bancorp in the first quarter worth about $110,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Hope Bancorp in the second quarter worth about $116,000. Hedge funds and other institutional investors own 84.00% of the company’s stock.

Insider Activity at Hope Bancorp

In other news, EVP Angelee Harris sold 3,500 shares of the stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $11.02, for a total value of $38,570.00. Following the sale, the executive vice president directly owned 24,241 shares in the company, valued at approximately $267,135.82. This represents a 12.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 7,202 shares of company stock worth $77,048 over the last quarter. Corporate insiders own 5.16% of the company’s stock.

Wall Street Analysts Forecast Growth

HOPE has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hope Bancorp in a report on Monday. Zacks Research upgraded Hope Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 24th. Finally, DA Davidson set a $14.50 price target on Hope Bancorp in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $13.25.

Hope Bancorp Stock Up 0.5%

NASDAQ HOPE opened at $9.96 on Thursday. The stock has a 50 day moving average price of $10.64 and a 200-day moving average price of $10.61. Hope Bancorp, Inc. has a one year low of $8.82 and a one year high of $14.38. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $1.28 billion, a P/E ratio of 25.54 and a beta of 0.96.

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $0.25 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.01). Hope Bancorp had a net margin of 4.89% and a return on equity of 4.70%. The business had revenue of $142.03 million for the quarter, compared to the consensus estimate of $138.87 million. During the same quarter last year, the business earned $0.21 EPS. As a group, equities analysts predict that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 21st. Investors of record on Friday, November 7th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 5.6%. The ex-dividend date is Friday, November 7th. Hope Bancorp’s dividend payout ratio is presently 143.59%.

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.