Rafferty Asset Management LLC Decreases Stock Position in Hope Bancorp, Inc. (NASDAQ:HOPE)

Rafferty Asset Management LLC reduced its position in Hope Bancorp, Inc. (NASDAQ:HOPE) by 7.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 138,077 shares of the financial services provider’s stock after selling 10,411 shares during the period. Rafferty Asset Management LLC’s holdings in Hope Bancorp were worth $1,697,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. ProShare Advisors LLC raised its holdings in Hope Bancorp by 44.3% in the 4th quarter. ProShare Advisors LLC now owns 35,033 shares of the financial services provider’s stock worth $431,000 after acquiring an additional 10,752 shares during the last quarter. Quantinno Capital Management LP raised its holdings in Hope Bancorp by 15.2% in the 4th quarter. Quantinno Capital Management LP now owns 13,515 shares of the financial services provider’s stock worth $166,000 after acquiring an additional 1,786 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in Hope Bancorp by 1.7% in the 4th quarter. Nuveen Asset Management LLC now owns 329,588 shares of the financial services provider’s stock worth $4,051,000 after acquiring an additional 5,501 shares during the last quarter. Millennium Management LLC raised its holdings in Hope Bancorp by 211.7% in the 4th quarter. Millennium Management LLC now owns 199,159 shares of the financial services provider’s stock worth $2,448,000 after acquiring an additional 135,267 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Hope Bancorp by 3.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,931 shares of the financial services provider’s stock worth $810,000 after acquiring an additional 2,260 shares during the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

Hope Bancorp Price Performance

Shares of HOPE opened at $10.45 on Wednesday. The firm has a market cap of $1.34 billion, a PE ratio of 12.74 and a beta of 0.88. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. The firm has a fifty day simple moving average of $10.05 and a two-hundred day simple moving average of $11.47. Hope Bancorp, Inc. has a 1-year low of $8.83 and a 1-year high of $14.54.

Hope Bancorp (NASDAQ:HOPE) last announced its earnings results on Tuesday, April 22nd. The financial services provider reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $217.17 million during the quarter, compared to analyst estimates of $114.97 million. Hope Bancorp had a net margin of 9.95% and a return on equity of 4.84%. During the same period in the previous year, the business earned $0.23 EPS. On average, equities analysts anticipate that Hope Bancorp, Inc. will post 1.09 EPS for the current year.

Hope Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 2nd were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.36%. The ex-dividend date of this dividend was Friday, May 2nd. Hope Bancorp’s payout ratio is 71.79%.

Wall Street Analyst Weigh In

HOPE has been the subject of a number of research reports. StockNews.com upgraded shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, May 12th. DA Davidson decreased their target price on shares of Hope Bancorp from $15.50 to $14.50 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Finally, Piper Sandler decreased 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.

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.