Wellington Management Group LLP Sells 229,391 Shares of Hope Bancorp, Inc. (NASDAQ:HOPE)

Wellington Management Group LLP trimmed its stake in Hope Bancorp, Inc. (NASDAQ:HOPE) by 5.0% in the 4th quarter, according to 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’s holdings in Hope Bancorp were worth $53,143,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of HOPE. Assenagon Asset Management S.A. lifted its position in Hope Bancorp by 47.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,055,151 shares of the financial services provider’s stock worth $12,968,000 after buying an additional 337,599 shares during the last quarter. Norges Bank bought a new stake in shares of Hope Bancorp in the 4th quarter worth about $4,001,000. American Century Companies Inc. boosted its stake in shares of Hope Bancorp by 12.5% during the 4th quarter. American Century Companies Inc. now owns 2,552,914 shares of the financial services provider’s stock worth $31,375,000 after purchasing an additional 283,514 shares during the period. Bank of New York Mellon Corp grew its holdings in Hope Bancorp by 15.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,798,213 shares of the financial services provider’s stock valued at $22,100,000 after purchasing an additional 240,192 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new stake in Hope Bancorp in the 4th quarter worth about $2,322,000. Hedge funds and other institutional investors own 84.00% of the company’s stock.

Hope Bancorp Stock Performance

Shares of Hope Bancorp stock opened at $9.36 on Friday. The firm has a market capitalization of $1.13 billion, a P/E ratio of 11.41 and a beta of 1.15. Hope Bancorp, Inc. has a 52 week low of $9.04 and a 52 week high of $14.54. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. The company has a 50 day moving average price of $10.90 and a 200 day moving average price of $12.12.

Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.03. Hope Bancorp had a return on equity of 4.84% and a net margin of 9.95%. Sell-side analysts expect that Hope Bancorp, Inc. will post 1.09 EPS for the current year.

Hope Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on HOPE. DA Davidson cut their target price on Hope Bancorp from $15.50 to $14.50 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Piper Sandler cut their price objective on Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Hope Bancorp currently has a consensus rating of “Hold” and an average price target of $12.88.

Insider Activity at Hope Bancorp

In other Hope Bancorp news, EVP Thomas Stenger sold 4,185 shares of Hope Bancorp stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $11.83, for a total transaction of $49,508.55. Following the completion of the transaction, the executive vice president now owns 19,267 shares in the company, valued at approximately $227,928.61. This trade represents a 17.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 5.29% of the stock is currently owned by insiders.

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.