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

Key Points

• Hope Bancorp reported quarterly EPS of $0.23, beating estimates by $0.01, while revenue of $141.02 million fell short of the $145.33 million estimate but rose 21% year-over-year; net margin was 5.81% and return on equity 5.09%.
• Shares traded at $12.65 (down $0.01) with a market cap of $1.62 billion and a P/E of 27.49, and analysts have a consensus rating of "Hold" with a $14.25 target (two Buy, three Hold).
• Insider activity included Director Daisy Y. Ha selling 31,020 shares; insiders own 2.27% of the stock while hedge funds and other institutions hold roughly 84%.

Hope Bancorp (NASDAQ:HOPE - Get Free Report) posted its quarterly earnings data on Tuesday. The financial services provider reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.01, FiscalAI reports. Hope Bancorp had a net margin of 5.81% and a return on equity of 5.09%. The company had revenue of $141.02 million for the quarter, compared to analyst estimates of $145.33 million. During the same period in the prior year, the company posted $0.17 EPS. The firm's revenue for the quarter was up 21.0% on a year-over-year basis.

Hope Bancorp Stock Down 0.0%

HOPE stock traded down $0.01 during trading on Tuesday, hitting $12.65. 310,138 shares of the company's stock traded hands, compared to its average volume of 939,418. The firm has a market capitalization of $1.62 billion, a P/E ratio of 27.49 and a beta of 0.80. The business has a fifty day simple moving average of $11.62 and a two-hundred day simple moving average of $11.32. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.17. Hope Bancorp has a 1 year low of $9.44 and a 1 year high of $12.81.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. DA Davidson reissued a "buy" rating and issued a $14.50 price objective on shares of Hope Bancorp in a research note on Wednesday, January 28th. Keefe, Bruyette & Woods increased their price objective on Hope Bancorp from $13.00 to $14.00 and gave the stock a "market perform" rating in a research note on Monday, April 6th. Zacks Research raised Hope Bancorp from a "strong sell" rating to a "hold" rating in a research note on Tuesday, March 31st. Brean Capital raised Hope Bancorp from a "neutral" rating to a "buy" rating in a research note on Wednesday, April 1st. Finally, Weiss Ratings raised Hope Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $14.25.

Insider Transactions at Hope Bancorp

In related news, Director Daisy Y. Ha sold 31,020 shares of Hope Bancorp stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $12.48, for a total transaction of $387,129.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.27% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hope Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of HOPE. PNC Financial Services Group Inc. lifted its stake in shares of Hope Bancorp by 9.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,647 shares of the financial services provider's stock worth $128,000 after buying an additional 960 shares during the period. Corient Private Wealth LLC lifted its stake in shares of Hope Bancorp by 5.1% during the fourth quarter. Corient Private Wealth LLC now owns 22,218 shares of the financial services provider's stock worth $244,000 after buying an additional 1,074 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Hope Bancorp by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 60,053 shares of the financial services provider's stock worth $644,000 after buying an additional 1,659 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in shares of Hope Bancorp by 1.9% during the third quarter. CANADA LIFE ASSURANCE Co now owns 117,691 shares of the financial services provider's stock worth $1,259,000 after buying an additional 2,162 shares during the period. Finally, Global Retirement Partners LLC acquired a new stake in shares of Hope Bancorp during the fourth quarter worth $28,000. 84.00% of the stock is owned by hedge funds and other institutional investors.

Hope Bancorp Company Profile

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.

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