Proficio Capital Partners LLC Acquires Shares of 20,659 Hope Bancorp, Inc. (NASDAQ:HOPE)

Proficio Capital Partners LLC bought a new position in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) during the fourth quarter, HoldingsChannel.com reports. The firm bought 20,659 shares of the financial services provider’s stock, valued at approximately $254,000.

Several other hedge funds also recently made changes to their positions in the business. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Hope Bancorp by 31.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 3,563 shares of the financial services provider’s stock valued at $44,000 after buying an additional 848 shares during the period. Quantinno Capital Management LP raised its holdings in Hope Bancorp by 8.5% in the 3rd quarter. Quantinno Capital Management LP now owns 11,729 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 919 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Hope Bancorp by 181.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,407 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 1,553 shares during the period. Intech Investment Management LLC lifted its position in shares of Hope Bancorp by 3.7% during the 3rd quarter. Intech Investment Management LLC now owns 48,464 shares of the financial services provider’s stock valued at $609,000 after acquiring an additional 1,744 shares during the period. Finally, KBC Group NV grew its holdings in shares of Hope Bancorp by 36.6% during 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. 84.00% of the stock is owned by institutional investors.

Hope Bancorp Stock Performance

NASDAQ:HOPE opened at $10.66 on Thursday. Hope Bancorp, Inc. has a twelve month low of $9.80 and a twelve month 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 stock’s 50-day simple moving average is $11.17 and its 200 day simple moving average is $12.22. The firm has a market capitalization of $1.29 billion, a PE ratio of 13.00 and a beta of 1.15.

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 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%. On average, analysts anticipate that Hope Bancorp, Inc. will post 1.09 EPS for the current fiscal year.

Hope Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, February 6th were given a $0.14 dividend. The ex-dividend date was Thursday, February 6th. This represents a $0.56 dividend on an annualized basis and a yield of 5.25%. Hope Bancorp’s dividend payout ratio is currently 68.29%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. DA Davidson dropped their price target on Hope Bancorp from $15.50 to $14.50 and set a “buy” rating for the company in a research note on Tuesday, January 28th. StockNews.com raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a report on Friday, December 6th. Finally, Piper Sandler decreased their price objective on shares of Hope Bancorp from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $12.88.

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 stock was sold at an average price of $11.83, for a total transaction of $49,508.55. Following the sale, the executive vice president now owns 19,267 shares of the company’s stock, valued at $227,928.61. This trade represents a 17.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 5.29% of the company’s stock.

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.