Hope Bancorp (NASDAQ:HOPE) Posts Quarterly Earnings Results, Hits Estimates

Hope Bancorp (NASDAQ:HOPE) announced its quarterly earnings results on Monday. The financial services provider reported $0.22 EPS for the quarter, meeting analysts’ consensus estimates of $0.22, Briefing.com reports. Hope Bancorp had a net margin of 10.02% and a return on equity of 5.86%. The company had revenue of $116.90 million for the quarter, compared to analysts’ expectations of $121.27 million. During the same period in the prior year, the company posted $0.32 EPS. Hope Bancorp’s revenue was down 20.9% compared to the same quarter last year.

Hope Bancorp Stock Performance

HOPE traded down $0.03 during mid-day trading on Wednesday, reaching $13.14. 108,189 shares of the company traded hands, compared to its average volume of 728,045. Hope Bancorp has a 52-week low of $8.15 and a 52-week high of $13.59. The company’s fifty day moving average price is $10.97 and its 200-day moving average price is $10.98. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $1.58 billion, a P/E ratio of 13.17 and a beta of 1.15.

Hope Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.26%. Hope Bancorp’s dividend payout ratio is presently 56.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods increased their price target on shares of Hope Bancorp from $12.00 to $14.00 and gave the stock a “market perform” rating in a report on Tuesday. DA Davidson raised Hope Bancorp from a “neutral” rating to a “buy” rating and set a $12.50 target price on the stock in a research note on Tuesday, April 30th. Finally, Wedbush dropped their price objective on Hope Bancorp from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, April 30th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $12.50.

Insider Activity

In related news, Director Steven Koh sold 3,857 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $9.94, for a total transaction of $38,338.58. Following the completion of the transaction, the director now directly owns 3,294,186 shares in the company, valued at approximately $32,744,208.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Hope Bancorp news, Director Steven Koh sold 3,857 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $9.94, for a total value of $38,338.58. Following the sale, the director now owns 3,294,186 shares in the company, valued at approximately $32,744,208.84. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Angelee Harris sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $10.68, for a total value of $44,856.00. Following the transaction, the executive vice president now owns 18,527 shares of the company’s stock, valued at approximately $197,868.36. The disclosure for this sale can be found here. Insiders own 5.29% of the company’s stock.

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.