Hope Bancorp, Inc. (NASDAQ:HOPE – Get Rating) – Investment analysts at Wedbush reduced their FY2022 earnings estimates for Hope Bancorp in a research report issued to clients and investors on Wednesday, September 28th. Wedbush analyst D. Chiaverini now expects that the financial services provider will earn $1.87 per share for the year, down from their prior estimate of $1.90. The consensus estimate for Hope Bancorp's current full-year earnings is $1.84 per share. Wedbush also issued estimates for Hope Bancorp's Q4 2022 earnings at $0.47 EPS, Q1 2023 earnings at $0.44 EPS, Q2 2023 earnings at $0.48 EPS, Q3 2023 earnings at $0.51 EPS, Q4 2023 earnings at $0.52 EPS and FY2023 earnings at $1.95 EPS.
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A number of other research analysts also recently commented on HOPE. StockNews.com upgraded Hope Bancorp from a "hold" rating to a "buy" rating in a research note on Thursday, June 23rd. Piper Sandler reduced their price target on shares of Hope Bancorp to $15.00 in a report on Friday.
Hope Bancorp Price Performance
Shares of Hope Bancorp stock opened at $12.64 on Monday. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 6.98 and a beta of 1.24. Hope Bancorp has a twelve month low of $12.48 and a twelve month high of $17.68. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.45. The business's 50 day simple moving average is $14.58 and its 200-day simple moving average is $14.69.
Hope Bancorp (NASDAQ:HOPE – Get Rating) last released its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. Hope Bancorp had a net margin of 34.35% and a return on equity of 10.72%. The firm had revenue of $154.28 million for the quarter, compared to analyst estimates of $150.08 million. During the same quarter in the prior year, the business earned $0.43 earnings per share. Hope Bancorp's quarterly revenue was up 12.1% on a year-over-year basis.
Hedge Funds Weigh In On Hope Bancorp
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC raised its position in shares of Hope Bancorp by 152.6% during the 1st quarter. CWM LLC now owns 2,950 shares of the financial services provider's stock worth $47,000 after buying an additional 1,782 shares in the last quarter. Advisor Group Holdings Inc. raised its holdings in Hope Bancorp by 51.3% during the first quarter. Advisor Group Holdings Inc. now owns 3,873 shares of the financial services provider's stock worth $63,000 after purchasing an additional 1,313 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Hope Bancorp in the first quarter worth approximately $75,000. KBC Group NV bought a new position in Hope Bancorp during the 2nd quarter valued at $132,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in shares of Hope Bancorp during the 2nd quarter valued at $142,000. Institutional investors own 86.82% of the company's stock.
Insider Buying and Selling
In other Hope Bancorp news, Director William J. Lewis sold 7,500 shares of Hope Bancorp stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $14.23, for a total transaction of $106,725.00. Following the sale, the director now owns 17,601 shares of the company's stock, valued at approximately $250,462.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.05% of the company's stock.
Hope Bancorp Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Friday, July 29th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, July 28th. This represents a $0.56 annualized dividend and a dividend yield of 4.43%. Hope Bancorp's dividend payout ratio is presently 30.94%.
Hope Bancorp Company Profile
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Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides banking services for small and medium-sized businesses, and individuals in the United States. The company accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts.
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