DA Davidson Equities Analysts Decrease Earnings Estimates for Hope Bancorp, Inc. (HOPE)
Hope Bancorp, Inc. (NASDAQ:HOPE) – Equities researchers at DA Davidson dropped their FY2017 earnings per share (EPS) estimates for shares of Hope Bancorp in a research report issued to clients and investors on Monday. DA Davidson analyst G. Tenner now forecasts that the financial services provider will post earnings per share of $1.17 for the year, down from their prior forecast of $1.18. DA Davidson currently has a “Buy” rating and a $21.00 target price on the stock. DA Davidson also issued estimates for Hope Bancorp’s Q4 2017 earnings at $0.30 EPS and FY2018 earnings at $1.35 EPS.
A number of other equities analysts have also weighed in on HOPE. Zacks Investment Research upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, May 30th. Piper Jaffray Companies reduced their price objective on Hope Bancorp from $21.00 to $20.00 and set a “neutral” rating for the company in a research note on Tuesday, May 30th. BidaskClub raised Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. Wedbush reissued a “neutral” rating and issued a $20.00 price objective on shares of Hope Bancorp in a research note on Tuesday, June 27th. Finally, FIG Partners downgraded Hope Bancorp from an “outperform” rating to a “market-perform” rating in a research note on Wednesday, July 26th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $19.67.
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Hope Bancorp (NASDAQ:HOPE) opened at 16.25 on Tuesday. Hope Bancorp has a 52 week low of $15.10 and a 52 week high of $22.99. The company has a 50-day moving average of $16.47 and a 200 day moving average of $18.22. The firm has a market cap of $2.20 billion, a P/E ratio of 14.84 and a beta of 1.39.
Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.30 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.02). Hope Bancorp had a return on equity of 8.45% and a net margin of 24.38%. The business had revenue of $132.94 million during the quarter, compared to analysts’ expectations of $136.80 million.
Several hedge funds have recently modified their holdings of the stock. Phocas Financial Corp. bought a new position in shares of Hope Bancorp in the 2nd quarter valued at approximately $10,205,000. Dynamic Technology Lab Private Ltd raised its stake in shares of Hope Bancorp by 138.7% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 52,245 shares of the financial services provider’s stock valued at $974,000 after acquiring an additional 30,359 shares in the last quarter. Koch Industries Inc. bought a new position in shares of Hope Bancorp in the 2nd quarter valued at approximately $309,000. Piedmont Investment Advisors LLC bought a new position in shares of Hope Bancorp in the 2nd quarter valued at approximately $513,000. Finally, State Street Corp raised its stake in shares of Hope Bancorp by 0.9% in the 2nd quarter. State Street Corp now owns 4,811,337 shares of the financial services provider’s stock valued at $89,732,000 after acquiring an additional 43,135 shares in the last quarter. 79.39% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Jason K. Kim sold 2,750 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $17.70, for a total transaction of $48,675.00. Following the completion of the sale, the executive vice president now directly owns 70,729 shares of the company’s stock, valued at approximately $1,251,903.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donald Byun sold 101,026 shares of the firm’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $16.45, for a total value of $1,661,877.70. The disclosure for this sale can be found here. 5.20% of the stock is owned by company insiders.
Hope 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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