Hope Bancorp (NASDAQ:HOPE) Issues Earnings Results

Hope Bancorp (NASDAQ:HOPE - Get Free Report) released its earnings results on Tuesday. The financial services provider reported ($0.22) earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.43), RTT News reports. Hope Bancorp had a net margin of 4.27% and a return on equity of 4.45%. The business had revenue of $94.58 million for the quarter, compared to analysts' expectations of $133.90 million. During the same period last year, the firm earned $0.22 EPS.

Hope Bancorp Stock Down 1.6%

Shares of NASDAQ HOPE traded down $0.18 during trading hours on Thursday, hitting $10.54. The stock had a trading volume of 634,438 shares, compared to its average volume of 930,181. The company has a market capitalization of $1.35 billion, a P/E ratio of 30.07 and a beta of 0.90. The firm's 50-day moving average price is $10.65 and its two-hundred day moving average price is $10.70. Hope Bancorp has a 52 week low of $8.82 and a 52 week high of $14.53. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.96 and a current ratio of 0.94.

Hope Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 1st will be paid a $0.14 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $0.56 annualized dividend and a dividend yield of 5.32%. Hope Bancorp's payout ratio is 160.00%.

Institutional Investors Weigh In On Hope Bancorp

Several large investors have recently made changes to their positions in the company. Millennium Management LLC grew its stake in shares of Hope Bancorp by 147.1% in the 1st quarter. Millennium Management LLC now owns 492,153 shares of the financial services provider's stock valued at $5,153,000 after buying an additional 292,994 shares in the last quarter. Jane Street Group LLC boosted its position in Hope Bancorp by 676.8% during the first quarter. Jane Street Group LLC now owns 227,116 shares of the financial services provider's stock worth $2,378,000 after purchasing an additional 197,877 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Hope Bancorp by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,936 shares of the financial services provider's stock worth $722,000 after purchasing an additional 3,005 shares during the period. Royal Bank of Canada boosted its position in Hope Bancorp by 91.5% during the first quarter. Royal Bank of Canada now owns 32,828 shares of the financial services provider's stock worth $344,000 after purchasing an additional 15,687 shares during the period. Finally, Caxton Associates LLP bought a new stake in Hope Bancorp during the first quarter worth approximately $297,000. Institutional investors own 84.00% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Hope Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, May 12th.

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.