Wedbush Brokers Reduce Earnings Estimates for Hope Bancorp Inc (NASDAQ:HOPE)

Hope Bancorp Inc (NASDAQ:HOPE) – Equities research analysts at Wedbush decreased their Q4 2019 EPS estimates for Hope Bancorp in a research note issued on Tuesday, October 22nd. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings of $0.31 per share for the quarter, down from their previous forecast of $0.33. Wedbush also issued estimates for Hope Bancorp’s FY2021 earnings at $1.15 EPS.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02. The business had revenue of $129.25 million for the quarter, compared to analysts’ expectations of $129.13 million. Hope Bancorp had a net margin of 23.33% and a return on equity of 8.78%. During the same quarter last year, the company earned $0.36 EPS.

A number of other equities research analysts have also recently commented on HOPE. ValuEngine cut shares of Hope Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 17th. Zacks Investment Research cut shares of Hope Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, September 20th.

Shares of NASDAQ HOPE opened at $14.18 on Thursday. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 9.85 and a beta of 1.54. Hope Bancorp has a 12 month low of $11.37 and a 12 month high of $15.40. The firm’s 50 day simple moving average is $14.25 and its 200-day simple moving average is $13.87. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.03 and a quick ratio of 1.03.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, October 25th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $0.56 dividend on an annualized basis and a yield of 3.95%. Hope Bancorp’s dividend payout ratio is currently 38.89%.

In related news, Director Chung Hyun Lee sold 10,000 shares of Hope Bancorp stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $13.34, for a total value of $133,400.00. Following the sale, the director now owns 237,569 shares of the company’s stock, valued at approximately $3,169,170.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven Koh sold 27,504 shares of Hope Bancorp stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $13.65, for a total transaction of $375,429.60. Following the completion of the sale, the director now directly owns 6,667 shares in the company, valued at approximately $91,004.55. The disclosure for this sale can be found here. Insiders sold a total of 52,827 shares of company stock worth $718,353 in the last three months. 5.59% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. purchased a new position in Hope Bancorp in the 2nd quarter valued at $37,000. Westside Investment Management Inc. purchased a new position in Hope Bancorp in the 2nd quarter valued at $48,000. Atria Investments LLC purchased a new position in Hope Bancorp in the 2nd quarter valued at $610,000. Amundi Pioneer Asset Management Inc. purchased a new position in Hope Bancorp in the 1st quarter valued at $140,000. Finally, Crossmark Global Holdings Inc. lifted its holdings in Hope Bancorp by 7.4% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 12,427 shares of the financial services provider’s stock valued at $171,000 after purchasing an additional 860 shares in the last quarter. 85.46% of the stock is currently owned by hedge funds and other institutional investors.

Hope Bancorp Company Profile

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides banking services to small and medium-sized businesses and individuals in the United States. The company offers personal and business checking, money market, savings, time deposit, and individual retirement accounts.

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Earnings History and Estimates for Hope Bancorp (NASDAQ:HOPE)

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