Hope Bancorp (NASDAQ:HOPE) Issues Earnings Results

Hope Bancorp (NASDAQ:HOPE) announced its quarterly earnings data on Monday. The financial services provider reported $0.22 earnings per share for the quarter, hitting the consensus estimate 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 during the quarter, compared to analyst estimates of $121.27 million. During the same period last year, the business earned $0.32 EPS. The firm’s revenue for the quarter was down 20.9% compared to the same quarter last year.

Hope Bancorp Price Performance

Shares of HOPE traded down $0.01 during mid-day trading on Wednesday, hitting $13.16. The company’s stock had a trading volume of 902,560 shares, compared to its average volume of 733,486. Hope Bancorp has a fifty-two week low of $8.15 and a fifty-two week high of $13.59. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of 13.16 and a beta of 1.15. The firm has a 50-day moving average price of $10.97 and a 200 day moving average price of $10.98. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.00 and a quick ratio of 1.00.

Hope Bancorp Announces Dividend

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

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Hope Bancorp news, EVP Angelee Harris sold 4,200 shares of the company’s stock in a transaction 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 transaction, the executive vice president now owns 18,527 shares of the company’s stock, valued at $197,868.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Hope Bancorp news, EVP Angelee Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $10.68, for a total transaction of $44,856.00. Following the sale, the executive vice president now directly owns 18,527 shares of the company’s stock, valued at approximately $197,868.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $38,338.58. Following the completion of the sale, the director now directly owns 3,294,186 shares of the company’s stock, valued at approximately $32,744,208.84. The disclosure for this sale can be found here. 5.29% of the stock is currently owned by insiders.

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.