Franklin Resources Inc. Boosts Holdings in Hope Bancorp, Inc. (NASDAQ:HOPE)

Franklin Resources Inc. boosted its holdings in shares of Hope Bancorp, Inc. (NASDAQ:HOPE) by 4.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 209,884 shares of the financial services provider’s stock after buying an additional 9,499 shares during the quarter. Franklin Resources Inc.’s holdings in Hope Bancorp were worth $2,722,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in shares of Hope Bancorp by 3.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,319,095 shares of the financial services provider’s stock valued at $78,605,000 after acquiring an additional 218,302 shares during the period. State Street Corp lifted its position in Hope Bancorp by 1.9% during the third quarter. State Street Corp now owns 6,152,656 shares of the financial services provider’s stock valued at $77,277,000 after purchasing an additional 112,824 shares in the last quarter. Wellington Management Group LLP grew its holdings in Hope Bancorp by 30.1% during the third quarter. Wellington Management Group LLP now owns 4,553,508 shares of the financial services provider’s stock valued at $57,192,000 after purchasing an additional 1,054,124 shares during the period. Geode Capital Management LLC grew its holdings in Hope Bancorp by 1.7% during the third quarter. Geode Capital Management LLC now owns 2,842,056 shares of the financial services provider’s stock valued at $35,703,000 after purchasing an additional 48,237 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Hope Bancorp by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,346,215 shares of the financial services provider’s stock worth $29,468,000 after buying an additional 33,689 shares during the period. 84.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Hope Bancorp news, EVP Angelee Harris sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $14.16, for a total transaction of $42,480.00. Following the completion of the transaction, the executive vice president now owns 19,795 shares in the company, valued at $280,297.20. This trade represents a 13.16 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Steven Koh sold 96,620 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $13.33, for a total value of $1,287,944.60. Following the sale, the director now directly owns 3,167,023 shares in the company, valued at $42,216,416.59. This trade represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 129,224 shares of company stock worth $1,737,873 over the last quarter. Insiders own 5.29% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, December 6th.

Hope Bancorp Stock Up 0.3 %

HOPE opened at $12.38 on Thursday. Hope Bancorp, Inc. has a fifty-two week low of $9.80 and a fifty-two week high of $14.53. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 14.74 and a beta of 1.15. The firm’s fifty day moving average is $13.16 and its 200 day moving average is $12.36.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.21 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.01). Hope Bancorp had a net margin of 9.81% and a return on equity of 5.52%. The business had revenue of $246.92 million during the quarter, compared to analysts’ expectations of $121.67 million. During the same quarter in the previous year, the firm earned $0.25 earnings per share. On average, sell-side analysts forecast that Hope Bancorp, Inc. will post 0.85 earnings per share for the current fiscal year.

Hope Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 4.52%. The ex-dividend date of this dividend was Thursday, November 7th. Hope Bancorp’s dividend payout ratio (DPR) is currently 66.67%.

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.