Martingale Asset Management L P Reduces Holdings in Hope Bancorp, Inc. (NASDAQ:HOPE)

Martingale Asset Management L P trimmed its stake in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 42.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 32,685 shares of the financial services provider’s stock after selling 24,100 shares during the quarter. Martingale Asset Management L P’s holdings in Hope Bancorp were worth $402,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Legal & General Group Plc boosted its stake in shares of Hope Bancorp by 0.5% during the fourth quarter. Legal & General Group Plc now owns 339,560 shares of the financial services provider’s stock valued at $4,173,000 after purchasing an additional 1,560 shares during the period. Invesco Ltd. boosted its position in Hope Bancorp by 72.8% during the 4th 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 during the period. Wells Fargo & Company MN grew its holdings in Hope Bancorp by 24.4% in the 4th quarter. Wells Fargo & Company MN now owns 72,609 shares of the financial services provider’s stock worth $892,000 after acquiring an additional 14,231 shares during the last quarter. Norges Bank purchased a new position in shares of Hope Bancorp in the fourth quarter valued at about $4,001,000. Finally, Loomis Sayles & Co. L P raised its stake in shares of Hope Bancorp by 2.0% during the fourth quarter. Loomis Sayles & Co. L P now owns 776,103 shares of the financial services provider’s stock valued at $9,538,000 after acquiring an additional 15,410 shares during the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

Hope Bancorp Stock Performance

Shares of HOPE opened at $9.11 on Monday. Hope Bancorp, Inc. has a one year low of $8.83 and a one year high of $14.54. The company has a 50-day simple moving average of $10.56 and a two-hundred day simple moving average of $11.95. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.96. The firm has a market capitalization of $1.10 billion, a PE ratio of 11.11 and a beta of 0.96.

Hope Bancorp (NASDAQ:HOPE) last released its earnings results on Monday, January 27th. The financial services provider reported $0.20 EPS for the quarter, beating analysts’ consensus estimates 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, analysts anticipate that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Thursday, February 6th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 6.15%. The ex-dividend date was Thursday, February 6th. Hope Bancorp’s dividend payout ratio is presently 68.29%.

Insider Buying and Selling

In other Hope Bancorp news, EVP Thomas Stenger sold 4,185 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $11.83, for a total value of $49,508.55. Following the sale, the executive vice president now owns 19,267 shares in the company, valued at approximately $227,928.61. This represents a 17.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.29% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on HOPE shares. DA Davidson reduced their price target on Hope Bancorp from $15.50 to $14.50 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Piper Sandler decreased their target price on Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Hope Bancorp presently has a consensus rating of “Hold” and a consensus price target of $12.88.

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.