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

Hope Bancorp (NASDAQ:HOPE) issued its earnings results on Tuesday. The financial services provider reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.01, Zacks reports. Hope Bancorp had a net margin of 4.89% and a return on equity of 4.70%. Hope Bancorp’s revenue for the quarter was up 23.6% on a year-over-year basis. During the same period last year, the company earned $0.20 EPS.

Hope Bancorp Stock Performance

HOPE stock opened at $11.99 on Tuesday. The firm has a market cap of $1.54 billion, a PE ratio of 31.06 and a beta of 0.86. The business has a 50 day moving average of $11.18 and a 200-day moving average of $10.86. Hope Bancorp has a 12-month low of $8.82 and a 12-month high of $12.46. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.06.

Wall Street Analyst Weigh In

Several research analysts have issued reports on HOPE shares. DA Davidson set a $14.50 price target on shares of Hope Bancorp in a report on Wednesday, October 29th. Wall Street Zen raised Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Hope Bancorp in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $13.25.

Insider Activity

In other Hope Bancorp news, Director David P. Malone sold 20,820 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $11.50, for a total value of $239,430.00. Following the completion of the transaction, the director owned 66,658 shares in the company, valued at $766,567. This trade represents a 23.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 26,787 shares of company stock worth $303,917. Insiders own 5.16% of the company’s stock.

Hedge Funds Weigh In On Hope Bancorp

A number of institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its position in shares of Hope Bancorp by 2.7% during the 3rd quarter. Wellington Management Group LLP now owns 11,335,999 shares of the financial services provider’s stock valued at $122,089,000 after purchasing an additional 303,019 shares during the last quarter. State Street Corp lifted its holdings in shares of Hope Bancorp by 3.3% in the 2nd quarter. State Street Corp now owns 6,494,266 shares of the financial services provider’s stock worth $69,683,000 after acquiring an additional 209,442 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Hope Bancorp by 366.8% in the 3rd quarter. Millennium Management LLC now owns 1,340,635 shares of the financial services provider’s stock valued at $14,439,000 after purchasing an additional 1,053,434 shares in the last quarter. Two Sigma Investments LP raised its position in Hope Bancorp by 24.1% in the 3rd quarter. Two Sigma Investments LP now owns 1,175,440 shares of the financial services provider’s stock worth $12,659,000 after purchasing an additional 227,931 shares during the period. Finally, UBS Group AG boosted its position in Hope Bancorp by 56.3% during the third quarter. UBS Group AG now owns 1,136,902 shares of the financial services provider’s stock valued at $12,244,000 after buying an additional 409,633 shares during the period. 84.00% of the stock is currently owned by institutional investors.

About Hope Bancorp

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.