Hope Bancorp, Inc. (HOPE) Position Reduced by Ameriprise Financial Inc.

Ameriprise Financial Inc. cut its position in Hope Bancorp, Inc. (NASDAQ:HOPE) by 8.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,308,895 shares of the financial services provider’s stock after selling 220,713 shares during the period. Ameriprise Financial Inc. owned 1.71% of Hope Bancorp worth $44,261,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in HOPE. Riverhead Capital Management LLC acquired a new stake in shares of Hope Bancorp during the third quarter worth approximately $101,000. Tyers Asset Management LLC acquired a new stake in shares of Hope Bancorp during the fourth quarter worth approximately $143,000. Flinton Capital Management LLC acquired a new stake in shares of Hope Bancorp during the fourth quarter worth approximately $173,000. GW&K Investment Management LLC raised its stake in shares of Hope Bancorp by 15.2% in the first quarter. GW&K Investment Management LLC now owns 10,684 shares of the financial services provider’s stock worth $205,000 after buying an additional 1,410 shares during the last quarter. Finally, Shelton Capital Management acquired a new stake in shares of Hope Bancorp during the fourth quarter worth approximately $222,000. 79.49% of the stock is owned by institutional investors.

Institutional Ownership by Quarter for Hope Bancorp (NASDAQ:HOPE)

Shares of Hope Bancorp, Inc. (HOPE) traded down 0.93% during trading on Friday, reaching $19.20. The company’s stock had a trading volume of 1,031,302 shares. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of 17.83 and a beta of 1.39. The company has a 50-day moving average price of $18.49 and a 200-day moving average price of $20.13. Hope Bancorp, Inc. has a one year low of $13.99 and a one year high of $22.99.

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A number of analysts recently commented on the company. FIG Partners raised Hope Bancorp from a “market perform” rating to an “outperform” rating in a research note on Tuesday, May 2nd. Zacks Investment Research lowered Hope Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, March 28th. Keefe, Bruyette & Woods set a $22.00 price target on Hope Bancorp and gave the stock a “hold” rating in a research note on Tuesday, April 4th. Piper Jaffray Companies lowered their price objective on Hope Bancorp from $21.00 to $20.00 and set a “neutral” rating for the company in a research report on Tuesday, May 30th. Finally, BidaskClub raised Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $21.25.

Hope Bancorp Company Profile

Hope Bancorp, Inc, formerly BBCN Bancorp, Inc, is the holding company of Bank of Hope. Bank of Hope is the regional Korean-American bank in the United States. Bank of Hope operates approximately 85 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama.

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