Hope Bancorp (NASDAQ:HOPE) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Hope Bancorp (NASDAQ:HOPE) issued its earnings results on Monday. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.01, FiscalAI reports. Hope Bancorp had a net margin of 6.56% and a return on equity of 5.32%. The business had revenue of $147.82 million for the quarter, compared to analyst estimates of $146.50 million.

Hope Bancorp Price Performance

Shares of Hope Bancorp stock opened at $13.45 on Monday. The company’s 50 day moving average price is $13.06 and its 200-day moving average price is $12.25. Hope Bancorp has a 52-week low of $9.44 and a 52-week high of $14.05. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 25.87 and a beta of 0.83.

Insider Activity

In other news, Director Daisy Y. Ha sold 12,000 shares of Hope Bancorp stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $12.53, for a total value of $150,360.00. Following the sale, the director directly owned 373,115 shares in the company, valued at approximately $4,675,130.95. This trade represents a 3.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.27% of the stock is owned by insiders.

Institutional Investors Weigh In On Hope Bancorp

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada grew its position in shares of Hope Bancorp by 91.5% in the 1st quarter. Royal Bank of Canada now owns 32,828 shares of the financial services provider’s stock worth $344,000 after buying an additional 15,687 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Hope Bancorp by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,936 shares of the financial services provider’s stock worth $722,000 after buying an additional 3,005 shares in the last quarter. Millennium Management LLC raised its holdings in Hope Bancorp by 147.1% in the 1st quarter. Millennium Management LLC now owns 492,153 shares of the financial services provider’s stock worth $5,153,000 after acquiring an additional 292,994 shares during the last quarter. Caxton Associates LLP purchased a new position in shares of Hope Bancorp in the first quarter worth $297,000. Finally, Jane Street Group LLC lifted its stake in Hope Bancorp by 676.8% during the 1st quarter. Jane Street Group LLC now owns 227,116 shares of the financial services provider’s stock valued at $2,378,000 after acquiring an additional 197,877 shares during the period. 84.00% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on HOPE. Zacks Research upgraded shares of Hope Bancorp from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 31st. Brean Capital upgraded Hope Bancorp from a “neutral” rating to a “buy” rating in a report on Wednesday, April 1st. Keefe, Bruyette & Woods increased their target price on shares of Hope Bancorp from $13.00 to $14.00 and gave the company a “market perform” rating in a report on Monday, April 6th. DA Davidson boosted their target price on Hope Bancorp from $14.50 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings raised shares of Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.50.

Hope Bancorp Company Profile

Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company’s principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.

In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.