DA Davidson Comments on Hope Bancorp, Inc.’s Q3 2024 Earnings (NASDAQ:HOPE)

Hope Bancorp, Inc. (NASDAQ:HOPE) – Equities researchers at DA Davidson issued their Q3 2024 EPS estimates for Hope Bancorp in a research report issued to clients and investors on Tuesday, July 30th. DA Davidson analyst G. Tenner expects that the financial services provider will earn $0.22 per share for the quarter. DA Davidson has a “Buy” rating and a $12.50 price target on the stock. The consensus estimate for Hope Bancorp’s current full-year earnings is $0.89 per share. DA Davidson also issued estimates for Hope Bancorp’s FY2024 earnings at $0.84 EPS.

Several other research analysts have also weighed in on the company. Wedbush lowered their price target on Hope Bancorp from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 30th. Keefe, Bruyette & Woods boosted their target price on shares of Hope Bancorp from $12.00 to $14.00 and gave the stock a “market perform” rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Hope Bancorp has a consensus rating of “Hold” and an average target price of $12.50.

Hope Bancorp Stock Performance

HOPE opened at $12.62 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.00 and a current ratio of 0.96. The business’s 50-day simple moving average is $11.07 and its 200 day simple moving average is $11.01. The firm has a market capitalization of $1.52 billion, a PE ratio of 12.62 and a beta of 1.15. Hope Bancorp has a 52-week low of $8.15 and a 52-week high of $13.59.

Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings data on Monday, July 29th. The financial services provider reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. The company had revenue of $116.90 million during the quarter, compared to the consensus estimate of $121.27 million. Hope Bancorp had a net margin of 10.02% and a return on equity of 5.85%. The company’s quarterly revenue was down 20.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.32 EPS.

Hope Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date is Thursday, August 8th. Hope Bancorp’s payout ratio is presently 56.00%.

Insider Activity at Hope Bancorp

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HOPE. Sequoia Financial Advisors LLC grew its stake in shares of Hope Bancorp by 88.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 32,072 shares of the financial services provider’s stock valued at $387,000 after acquiring an additional 15,094 shares in the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of Hope Bancorp during the 4th quarter worth approximately $726,000. Charles Schwab Investment Management Inc. grew its position in shares of Hope Bancorp by 6.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,844,319 shares of the financial services provider’s stock worth $22,279,000 after purchasing an additional 115,543 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Hope Bancorp by 14.5% during the fourth quarter. BNP Paribas Financial Markets now owns 169,956 shares of the financial services provider’s stock worth $2,053,000 after purchasing an additional 21,553 shares during the period. Finally, QRG Capital Management Inc. raised its position in shares of Hope Bancorp by 26.9% in the fourth quarter. QRG Capital Management Inc. now owns 18,934 shares of the financial services provider’s stock valued at $229,000 after buying an additional 4,017 shares in the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

Hope Bancorp Company Profile

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.