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

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

Hope Bancorp Price Performance

HOPE stock traded up $0.10 during trading hours on Wednesday, hitting $13.27. 171,048 shares of the stock traded hands, compared to its average volume of 728,476. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.43. Hope Bancorp has a one year low of $8.15 and a one year high of $13.59. The company has a market cap of $1.60 billion, a P/E ratio of 13.17 and a beta of 1.15. The stock has a 50-day simple moving average of $10.97 and a 200 day simple moving average of $10.98.

Hope Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 8th will be paid a dividend of $0.14 per share. The ex-dividend date is Thursday, August 8th. This represents a $0.56 annualized dividend and a yield of 4.22%. Hope Bancorp’s dividend payout ratio is currently 56.00%.

Analyst Upgrades and Downgrades

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

Insider Activity at Hope Bancorp

In related news, Director Steven Koh sold 3,857 shares of the 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 transaction, the director now owns 3,294,186 shares in the company, valued at approximately $32,744,208.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Steven Koh sold 3,857 shares of the stock in a transaction dated 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Angelee Harris sold 4,200 shares of the firm’s stock in a transaction dated 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 directly owns 18,527 shares of the company’s stock, valued at $197,868.36. The disclosure for this sale can be found here. 5.29% of the stock is currently owned by corporate 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.