BBCN Bancorp Inc. (HOPE) Shares Down 2.6% After Earnings Miss
BBCN Bancorp Inc. (NASDAQ:HOPE) was down 2.6% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $16.50 and last traded at $16.66, with a volume of 459,869 shares traded. The stock had previously closed at $17.10.
The financial services provider reported $0.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.10. BBCN Bancorp had a return on equity of 10.27% and a net margin of 25.48%. During the same period in the previous year, the firm earned $0.32 EPS.
Separately, Raymond James Financial Inc. reiterated an “outperform” rating and set a $17.00 price target on shares of BBCN Bancorp in a research report on Monday, July 25th.
In related news, Director Steven J. Didion bought 5,000 shares of the company’s stock in a transaction on Thursday, August 4th. The stock was bought at an average cost of $15.40 per share, for a total transaction of $77,000.00. Following the acquisition, the director now directly owns 1,309 shares in the company, valued at $20,158.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.83% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Smith Graham & Co. Investment Advisors LP bought a new stake in shares of BBCN Bancorp during the third quarter valued at about $8,188,000. Bank of Montreal Can bought a new stake in shares of BBCN Bancorp during the third quarter valued at about $3,088,000. Fisher Asset Management LLC bought a new stake in shares of BBCN Bancorp during the third quarter valued at about $2,376,000. Nisa Investment Advisors LLC bought a new stake in shares of BBCN Bancorp during the third quarter valued at about $2,007,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of BBCN Bancorp during the second quarter valued at about $1,324,000. Institutional investors own 92.62% of the company’s stock.
The company has a market capitalization of $1.31 billion, a P/E ratio of 13.83 and a beta of 1.57. The stock’s 50 day moving average is $17.16 and its 200 day moving average is $15.99.
BBCN Bancorp Company Profile
Hope Bancorp, Inc, formerly BBCN Bancorp, Inc, is the holding company of Bank of Hope. Bank of Hope is the regional Korean-American bank in the United States. Bank of Hope operates approximately 85 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama.
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