Hope Bancorp (NASDAQ:HOPE) Announces Earnings Results

Hope Bancorp (NASDAQ:HOPEGet Rating) posted its quarterly earnings data on Monday. The financial services provider reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.02), MarketWatch Earnings reports. The business had revenue of $236.35 million during the quarter, compared to analyst estimates of $168.70 million. Hope Bancorp had a return on equity of 10.76% and a net margin of 31.65%. During the same period in the prior year, the firm posted $0.43 EPS.

Hope Bancorp Trading Down 4.8 %

Hope Bancorp stock traded down $0.63 during trading hours on Tuesday, reaching $12.42. 763,005 shares of the company’s stock traded hands, compared to its average volume of 693,547. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.01 and a current ratio of 1.02. Hope Bancorp has a fifty-two week low of $12.16 and a fifty-two week high of $17.68. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 6.75 and a beta of 1.21. The firm’s 50 day moving average is $13.07 and its 200-day moving average is $13.74.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in HOPE. Verition Fund Management LLC raised its position in shares of Hope Bancorp by 44.1% in the 1st quarter. Verition Fund Management LLC now owns 18,059 shares of the financial services provider’s stock valued at $290,000 after acquiring an additional 5,531 shares during the period. Captrust Financial Advisors raised its position in shares of Hope Bancorp by 35.5% in the 1st quarter. Captrust Financial Advisors now owns 17,002 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 4,453 shares during the period. Guggenheim Capital LLC acquired a new stake in shares of Hope Bancorp in the 1st quarter valued at approximately $218,000. Journey Strategic Wealth LLC raised its position in shares of Hope Bancorp by 24.8% in the 1st quarter. Journey Strategic Wealth LLC now owns 12,933 shares of the financial services provider’s stock valued at $208,000 after acquiring an additional 2,567 shares during the period. Finally, Toroso Investments LLC raised its position in shares of Hope Bancorp by 12.5% in the 1st quarter. Toroso Investments LLC now owns 11,543 shares of the financial services provider’s stock valued at $186,000 after acquiring an additional 1,278 shares during the period. 84.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on HOPE shares. DA Davidson upped their price target on Hope Bancorp to $14.00 in a research note on Thursday, October 27th. StockNews.com started coverage on Hope Bancorp in a report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Piper Sandler cut their target price on shares of Hope Bancorp to $15.00 in a research report on Friday, September 30th.

About Hope Bancorp

(Get Rating)

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

Read More

Earnings History for Hope Bancorp (NASDAQ:HOPE)

Receive News & Ratings for Hope Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hope Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.