Pinnacle Holdings LLC Makes New Investment in Hope Bancorp, Inc. $HOPE

Pinnacle Holdings LLC acquired a new position in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 67,965 shares of the financial services provider’s stock, valued at approximately $930,000. Pinnacle Holdings LLC owned 0.05% of Hope Bancorp at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in HOPE. Global Retirement Partners LLC acquired a new stake in Hope Bancorp during the fourth quarter valued at $28,000. International Assets Investment Management LLC purchased a new position in Hope Bancorp in the fourth quarter valued at $29,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Hope Bancorp in the second quarter worth about $36,000. Geneos Wealth Management Inc. raised its position in shares of Hope Bancorp by 294.0% in the first quarter. Geneos Wealth Management Inc. now owns 3,428 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 2,558 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its stake in shares of Hope Bancorp by 375.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 3,625 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 2,862 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

Hope Bancorp Stock Performance

NASDAQ:HOPE opened at $13.97 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.97 and a current ratio of 0.98. The stock has a market capitalization of $1.79 billion, a PE ratio of 13.97 and a beta of 0.83. Hope Bancorp, Inc. has a fifty-two week low of $9.80 and a fifty-two week high of $14.59. The company has a fifty day moving average of $13.70 and a two-hundred day moving average of $12.59.

Hope Bancorp (NASDAQ:HOPE) last released its earnings results on Monday, July 27th. The financial services provider reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. Hope Bancorp had a net margin of 12.53% and a return on equity of 5.71%. The business had revenue of $147.82 million during the quarter, compared to analysts’ expectations of $146.50 million. During the same quarter in the previous year, the company earned ($0.22) earnings per share. As a group, research analysts forecast that Hope Bancorp, Inc. will post 1.13 earnings per share for the current fiscal year.

Hope Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 4.0%. The ex-dividend date was Thursday, August 6th. Hope Bancorp’s payout ratio is 56.00%.

Insider Buying and Selling

In other Hope Bancorp news, Director Daisy Y. Ha sold 26,995 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $14.24, for a total transaction of $384,408.80. Following the completion of the transaction, the director owned 346,120 shares of the company’s stock, valued at $4,928,748.80. This represents a 7.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Weiss Ratings upgraded Hope Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. DA Davidson increased their price target on Hope Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods raised their price objective on Hope Bancorp from $14.00 to $15.00 and gave the company a “hold” rating in a report on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $15.50.

Hope Bancorp Profile

Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company’s principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.

In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.