Hope Bancorp (NASDAQ:HOPE) Issues Earnings Results

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

Hope Bancorp Trading Down 4.8 %

Shares of NASDAQ:HOPE traded down $0.63 during mid-day trading on Tuesday, reaching $12.42. The stock had a trading volume of 763,005 shares, compared to its average volume of 693,547. The firm has a market cap of $1.48 billion, a PE ratio of 6.75 and a beta of 1.21. The firm has a 50 day simple moving average of $13.07 and a two-hundred day simple moving average of $13.74. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.71. Hope Bancorp has a twelve month low of $12.16 and a twelve month high of $17.68.

Institutional Trading of Hope Bancorp

A number of hedge funds have recently modified their holdings of HOPE. Goldman Sachs Group Inc. raised its position in shares of Hope Bancorp by 89.7% in the 2nd quarter. Goldman Sachs Group Inc. now owns 2,308,837 shares of the financial services provider’s stock valued at $31,954,000 after acquiring an additional 1,092,042 shares during the period. State Street Corp raised its holdings in Hope Bancorp by 7.2% during the 1st quarter. State Street Corp now owns 7,013,612 shares of the financial services provider’s stock worth $112,779,000 after buying an additional 469,232 shares during the period. Quantedge Capital Pte Ltd acquired a new stake in Hope Bancorp during the 1st quarter worth approximately $1,952,000. AQR Capital Management LLC raised its holdings in Hope Bancorp by 438.2% during the 2nd quarter. AQR Capital Management LLC now owns 141,989 shares of the financial services provider’s stock worth $1,965,000 after buying an additional 115,608 shares during the period. Finally, BlackRock Inc. raised its holdings in Hope Bancorp by 0.6% during the 1st quarter. BlackRock Inc. now owns 17,720,919 shares of the financial services provider’s stock worth $284,954,000 after buying an additional 105,803 shares during the period. 84.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

About Hope Bancorp

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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.

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Earnings History for Hope Bancorp (NASDAQ:HOPE)

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