Hope Bancorp (NASDAQ:HOPE) Posts Earnings Results, Hits Expectations

Hope Bancorp (NASDAQ:HOPE) released its quarterly earnings data on Wednesday. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.29, FiscalAI reports. The business had revenue of $157.48 million during the quarter, compared to analyst estimates of $151.34 million. During the same period in the previous year, the business earned $0.25 earnings per share.

Hope Bancorp Stock Performance

HOPE traded down $0.21 on Wednesday, reaching $13.91. The company had a trading volume of 105,670 shares, compared to its average volume of 963,871. The stock has a market cap of $1.78 billion, a P/E ratio of 13.94 and a beta of 0.87. Hope Bancorp has a fifty-two week low of $9.80 and a fifty-two week high of $14.59. The company’s fifty day moving average is $13.76 and its 200 day moving average is $12.79.

Insider Transactions at Hope Bancorp

In other news, Director Daisy Ha sold 26,995 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $14.24, for a total transaction of $384,408.80. Following the transaction, the director owned 346,120 shares in the company, valued at approximately $4,928,748.80. This trade represents a 7.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.27% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on HOPE shares. Weiss Ratings raised Hope Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday. Keefe, Bruyette & Woods increased their price target on Hope Bancorp from $14.00 to $15.00 and gave the company a “hold” rating in a research note on Monday, August 3rd. DA Davidson raised their price target on Hope Bancorp from $15.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, Benchmark raised shares of Hope Bancorp to a “hold” rating in a research report on Wednesday, September 23rd. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $15.50.

About Hope Bancorp

Hope Bancorp, Inc is the holding company for Bank of Hope, a full-service commercial bank headquartered in Los Angeles, California. The bank serves businesses, individuals and communities throughout the United States, with a particular focus on Korean American and other multicultural markets.

Bank of Hope offers a range of banking products and services, including business and consumer deposit accounts, commercial and industrial lending, commercial real estate financing, small business loans, residential mortgage lending and wealth management services.