Hope Bancorp (NASDAQ:HOPE) Posts Earnings Results, Beats Expectations By $0.01 EPS

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

Hope Bancorp Price Performance

Shares of HOPE stock opened at $13.45 on Monday. The stock’s 50 day simple moving average is $13.06 and its 200 day simple moving average is $12.25. Hope Bancorp has a twelve month low of $9.44 and a twelve month high of $14.05. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 25.87 and a beta of 0.83.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Hope Bancorp

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in HOPE. Royal Bank of Canada boosted its holdings in Hope Bancorp by 91.5% in the 1st quarter. Royal Bank of Canada now owns 32,828 shares of the financial services provider’s stock valued at $344,000 after purchasing an additional 15,687 shares during the period. iSAM Funds UK Ltd raised its stake in shares of Hope Bancorp by 23.3% in the fourth quarter. iSAM Funds UK Ltd now owns 27,695 shares of the financial services provider’s stock valued at $304,000 after purchasing an additional 5,231 shares in the last quarter. Caxton Associates LLP acquired a new stake in Hope Bancorp during the first quarter worth $297,000. Man Group plc raised its stake in shares of Hope Bancorp by 76.7% in the 4th quarter. Man Group plc now owns 25,532 shares of the financial services provider’s stock valued at $280,000 after buying an additional 11,082 shares in the last quarter. Finally, Corient Private Wealth LLC increased its stake in Hope Bancorp by 5.1% in the fourth quarter. Corient Private Wealth LLC now owns 22,218 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 1,074 shares during the period. 84.00% of the stock is owned by institutional investors.

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.