Wall Street brokerages expect Hope Bancorp Inc (NASDAQ:HOPE) to post $131.18 million in sales for the current quarter, according to Zacks. Five analysts have made estimates for Hope Bancorp’s earnings, with the lowest sales estimate coming in at $128.60 million and the highest estimate coming in at $136.90 million. Hope Bancorp reported sales of $136.59 million in the same quarter last year, which indicates a negative year-over-year growth rate of 4%. The business is scheduled to issue its next earnings report on Tuesday, October 15th.
According to Zacks, analysts expect that Hope Bancorp will report full year sales of $523.90 million for the current year, with estimates ranging from $517.30 million to $540.50 million. For the next year, analysts forecast that the company will report sales of $535.10 million, with estimates ranging from $521.60 million to $564.50 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Hope Bancorp.
Hope Bancorp (NASDAQ:HOPE) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.01). The firm had revenue of $129.51 million during the quarter, compared to analyst estimates of $133.30 million. Hope Bancorp had a net margin of 23.98% and a return on equity of 9.12%. During the same period last year, the business posted $0.36 earnings per share.
Separately, Zacks Investment Research cut Hope Bancorp from a “hold” rating to a “sell” rating in a research note on Friday. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Hope Bancorp currently has an average rating of “Hold” and an average price target of $16.00.
Shares of NASDAQ HOPE traded up $0.05 during midday trading on Thursday, hitting $14.56. The stock had a trading volume of 676,653 shares, compared to its average volume of 444,045. The company’s 50-day simple moving average is $13.81 and its 200 day simple moving average is $13.75. The firm has a market cap of $1.84 billion, a P/E ratio of 10.11, a price-to-earnings-growth ratio of 1.37 and a beta of 1.53. Hope Bancorp has a fifty-two week low of $11.37 and a fifty-two week high of $17.11. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.03 and a quick ratio of 1.03.
In other news, Director Chung Hyun Lee sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $13.34, for a total value of $133,400.00. Following the transaction, the director now directly owns 237,569 shares in the company, valued at approximately $3,169,170.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alex Ko sold 13,507 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $14.29, for a total value of $193,015.03. Following the completion of the transaction, the chief financial officer now owns 5,888 shares in the company, valued at $84,139.52. The disclosure for this sale can be found here. Insiders sold a total of 66,334 shares of company stock worth $911,368 over the last 90 days. 5.59% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of the company. Atria Investments LLC bought a new position in Hope Bancorp during the second quarter worth about $610,000. BlackRock Inc. lifted its holdings in Hope Bancorp by 0.6% during the second quarter. BlackRock Inc. now owns 18,299,494 shares of the financial services provider’s stock worth $252,166,000 after acquiring an additional 103,557 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Hope Bancorp by 6.0% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 144,528 shares of the financial services provider’s stock worth $1,992,000 after acquiring an additional 8,241 shares in the last quarter. Royal Bank of Canada lifted its holdings in Hope Bancorp by 107.6% during the second quarter. Royal Bank of Canada now owns 13,088 shares of the financial services provider’s stock worth $180,000 after acquiring an additional 6,785 shares in the last quarter. Finally, Susquehanna International Group LLP bought a new position in Hope Bancorp during the second quarter worth about $780,000. Institutional investors and hedge funds own 85.39% of the company’s stock.
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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