Hope Bancorp (NASDAQ:HOPE) Releases Quarterly Earnings Results, Hits Estimates

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

Hope Bancorp Stock Down 1.3%

HOPE traded down $0.19 during trading on Wednesday, hitting $13.93. The company’s stock had a trading volume of 228,572 shares, compared to its average volume of 963,871. Hope Bancorp has a twelve month low of $9.80 and a twelve month high of $14.59. The stock’s fifty day moving average price is $13.76 and its 200-day moving average price is $12.79. The firm has a market capitalization of $1.78 billion, a P/E ratio of 13.93 and a beta of 0.87.

Analyst Ratings Changes

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

Insider Activity at Hope Bancorp

In related news, Director Daisy Ha sold 26,995 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were 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 $4,928,748.80. The trade was a 7.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.27% of the stock is currently owned by company insiders.

Hope Bancorp Company Profile

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.