Wall Street brokerages predict that Hope Bancorp, Inc. (NASDAQ:HOPE) will post $0.31 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Hope Bancorp’s earnings. The highest EPS estimate is $0.33 and the lowest is $0.30. Hope Bancorp posted earnings of $0.32 per share in the same quarter last year, which would suggest a negative year over year growth rate of 3.1%. The firm is expected to issue its next earnings results on Tuesday, October 17th.
On average, analysts expect that Hope Bancorp will report full-year earnings of $1.20 per share for the current year, with EPS estimates ranging from $1.18 to $1.24. For the next fiscal year, analysts anticipate that the business will post earnings of $1.36 per share, with EPS estimates ranging from $1.35 to $1.38. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research firms that follow Hope Bancorp.
Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.02). Hope Bancorp had a net margin of 24.38% and a return on equity of 8.45%. The business had revenue of $132.94 million during the quarter, compared to analysts’ expectations of $136.80 million.
HOPE has been the subject of a number of recent analyst reports. FIG Partners lowered Hope Bancorp from an “outperform” rating to a “market perform” rating in a report on Friday. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $19.00 price objective on shares of Hope Bancorp in a report on Thursday, September 7th. ValuEngine lowered Hope Bancorp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research lowered Hope Bancorp from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Finally, Wedbush reissued a “neutral” rating and issued a $20.00 price objective on shares of Hope Bancorp in a report on Tuesday, June 27th. Seven analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and an average target price of $20.00.
In related news, Director Donald Byun sold 101,026 shares of the stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $16.45, for a total value of $1,661,877.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jason K. Kim sold 2,750 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $17.70, for a total value of $48,675.00. Following the completion of the transaction, the executive vice president now directly owns 70,729 shares of the company’s stock, valued at $1,251,903.30. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its holdings in Hope Bancorp by 49,191.5% in the 1st quarter. BlackRock Inc. now owns 15,769,350 shares of the financial services provider’s stock worth $302,299,000 after buying an additional 15,737,358 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in Hope Bancorp by 0.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 10,308 shares of the financial services provider’s stock worth $192,000 after buying an additional 55 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Hope Bancorp by 8.3% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 537,822 shares of the financial services provider’s stock worth $10,311,000 after buying an additional 41,209 shares in the last quarter. State Street Corp boosted its stake in Hope Bancorp by 9.4% during the 1st quarter. State Street Corp now owns 4,768,202 shares of the financial services provider’s stock valued at $91,409,000 after purchasing an additional 411,326 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Hope Bancorp by 45.7% during the 1st quarter. Victory Capital Management Inc. now owns 2,108,798 shares of the financial services provider’s stock valued at $40,426,000 after purchasing an additional 661,045 shares in the last quarter. 79.47% of the stock is owned by institutional investors and hedge funds.
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Hope Bancorp (NASDAQ HOPE) traded down 1.23% during mid-day trading on Friday, hitting $16.02. The company had a trading volume of 1,647,965 shares. Hope Bancorp has a 52-week low of $15.10 and a 52-week high of $22.99. The firm has a market cap of $2.17 billion, a P/E ratio of 14.63 and a beta of 1.39. The stock’s 50 day moving average price is $16.51 and its 200 day moving average price is $18.31.
About Hope Bancorp
Hope Bancorp, Inc, formerly BBCN Bancorp, Inc, is the holding company of Bank of Hope. Bank of Hope is the regional Korean-American bank in the United States. Bank of Hope operates approximately 85 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama.
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