Wedbush Research Analysts Reduce Earnings Estimates for Hope Bancorp Inc (HOPE)
Hope Bancorp Inc (NASDAQ:HOPE) – Analysts at Wedbush decreased their FY2018 EPS estimates for Hope Bancorp in a research note issued on Wednesday, April 18th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $1.49 for the year, down from their prior estimate of $1.54. Wedbush also issued estimates for Hope Bancorp’s Q1 2019 earnings at $0.38 EPS, Q2 2019 earnings at $0.39 EPS, Q3 2019 earnings at $0.40 EPS, Q4 2019 earnings at $0.41 EPS and FY2019 earnings at $1.58 EPS.
HOPE has been the subject of several other research reports. ValuEngine downgraded shares of Hope Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, March 23rd. Zacks Investment Research raised shares of Hope Bancorp from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a research note on Tuesday, December 26th. Piper Jaffray reaffirmed a “hold” rating and set a $22.00 price target on shares of Hope Bancorp in a research note on Tuesday, January 9th. Finally, DA Davidson dropped their price target on shares of Hope Bancorp from $22.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $19.75.
Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Tuesday, April 17th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.01. The firm had revenue of $139.92 million during the quarter, compared to the consensus estimate of $140.35 million. Hope Bancorp had a net margin of 23.46% and a return on equity of 9.37%. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.28 earnings per share.
Institutional investors and hedge funds have recently bought and sold shares of the company. Zeke Capital Advisors LLC acquired a new stake in shares of Hope Bancorp during the fourth quarter worth $199,000. Gotham Asset Management LLC acquired a new stake in shares of Hope Bancorp during the fourth quarter worth $203,000. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Hope Bancorp during the fourth quarter worth $214,000. Stone Ridge Asset Management LLC acquired a new stake in shares of Hope Bancorp during the fourth quarter worth $227,000. Finally, Xact Kapitalforvaltning AB acquired a new stake in shares of Hope Bancorp during the fourth quarter worth $244,000. Institutional investors own 83.42% of the company’s stock.
In other news, EVP Jason K. Kim sold 10,518 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $18.83, for a total transaction of $198,053.94. Following the completion of the sale, the executive vice president now directly owns 42,964 shares in the company, valued at $809,012.12. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Jason K. Kim sold 10,406 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $18.29, for a total transaction of $190,325.74. Following the sale, the executive vice president now owns 42,964 shares of the company’s stock, valued at $785,811.56. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 11th. Stockholders of record on Friday, April 27th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Thursday, April 26th. Hope Bancorp’s dividend payout ratio (DPR) is presently 42.62%.
About Hope Bancorp
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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