Hope Bancorp (NASDAQ:HOPE) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Hope Bancorp (NASDAQ:HOPE) released its earnings results on Monday. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.01, FiscalAI reports. The company had revenue of $147.82 million during the quarter, compared to analyst estimates of $146.50 million. Hope Bancorp had a return on equity of 5.32% and a net margin of 6.56%.

Hope Bancorp Price Performance

Shares of HOPE opened at $13.45 on Monday. Hope Bancorp has a 1-year low of $9.44 and a 1-year high of $14.05. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.17. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 25.87 and a beta of 0.83. The company’s fifty day simple moving average is $13.06 and its 200 day simple moving average is $12.25.

Insider Buying and Selling at Hope Bancorp

In other Hope Bancorp news, Director Daisy Y. Ha sold 12,000 shares of the stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $12.53, for a total transaction of $150,360.00. Following the transaction, the director owned 373,115 shares in the company, valued at $4,675,130.95. This trade represents a 3.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.27% of the company’s stock.

Institutional Investors Weigh In On Hope Bancorp

Large investors have recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in shares of Hope Bancorp by 2.7% during the 3rd quarter. Wellington Management Group LLP now owns 11,335,999 shares of the financial services provider’s stock worth $122,089,000 after acquiring an additional 303,019 shares in the last quarter. State Street Corp increased its stake in shares of Hope Bancorp by 3.3% in the 2nd quarter. State Street Corp now owns 6,494,266 shares of the financial services provider’s stock valued at $69,683,000 after purchasing an additional 209,442 shares during the last quarter. HoldCo Asset Management LP bought a new stake in shares of Hope Bancorp during the 4th quarter worth $32,838,000. Millennium Management LLC boosted its stake in Hope Bancorp by 366.8% in the third quarter. Millennium Management LLC now owns 1,340,635 shares of the financial services provider’s stock valued at $14,439,000 after buying an additional 1,053,434 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Hope Bancorp by 44.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,310,967 shares of the financial services provider’s stock valued at $14,368,000 after acquiring an additional 404,505 shares during the last quarter. 84.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. DA Davidson boosted their target price on Hope Bancorp from $14.50 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Zacks Research upgraded shares of Hope Bancorp from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 31st. Weiss Ratings upgraded Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Brean Capital upgraded Hope Bancorp from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 1st. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Hope Bancorp from $13.00 to $14.00 and gave the stock a “market perform” rating in a research note on Monday, April 6th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $14.50.

About Hope Bancorp

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.