Analysts expect Hope Bancorp Inc (NASDAQ:HOPE) to post sales of $140.38 million for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Hope Bancorp’s earnings, with estimates ranging from $138.60 million to $142.10 million. Hope Bancorp posted sales of $132.51 million in the same quarter last year, which suggests a positive year over year growth rate of 5.9%. The business is expected to issue its next earnings results on Thursday, April 26th.
On average, analysts expect that Hope Bancorp will report full-year sales of $140.38 million for the current year, with estimates ranging from $569.70 million to $581.50 million. For the next fiscal year, analysts forecast that the company will report sales of $604.03 million per share, with estimates ranging from $593.40 million to $612.30 million. Zacks’ sales averages are a mean average based on a survey of research analysts that that provide coverage for Hope Bancorp.
Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.01. The firm had revenue of $142.84 million for the quarter, compared to the consensus estimate of $139.26 million. Hope Bancorp had a net margin of 21.96% and a return on equity of 8.71%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period last year, the firm posted $0.31 earnings per share.
HOPE has been the topic of several research reports. ValuEngine raised shares of Hope Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, October 26th. Piper Jaffray Companies reissued a “hold” rating and issued a $22.00 price target on shares of Hope Bancorp in a research note on Tuesday, January 9th. Zacks Investment Research raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, October 30th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $18.50 price target on shares of Hope Bancorp in a research note on Thursday, October 26th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Hope Bancorp in a research note on Thursday, November 2nd. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Hope Bancorp presently has an average rating of “Hold” and an average price target of $19.92.
In related news, EVP David Lee Song sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $19.25, for a total transaction of $57,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven Koh sold 47,833 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $19.22, for a total transaction of $919,350.26. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 81,757 shares of company stock valued at $1,544,980. 5.20% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in HOPE. New York State Common Retirement Fund increased its position in Hope Bancorp by 15.5% during the second quarter. New York State Common Retirement Fund now owns 182,688 shares of the financial services provider’s stock worth $3,407,000 after purchasing an additional 24,548 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Hope Bancorp by 1.2% during the second quarter. Vanguard Group Inc. now owns 12,011,407 shares of the financial services provider’s stock valued at $224,013,000 after acquiring an additional 145,101 shares during the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Hope Bancorp by 15.3% during the second quarter. Parametric Portfolio Associates LLC now owns 213,092 shares of the financial services provider’s stock valued at $3,974,000 after acquiring an additional 28,352 shares during the last quarter. Voya Investment Management LLC increased its position in shares of Hope Bancorp by 10.0% during the second quarter. Voya Investment Management LLC now owns 57,062 shares of the financial services provider’s stock valued at $1,064,000 after acquiring an additional 5,211 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Hope Bancorp by 5.6% during the second quarter. Goldman Sachs Group Inc. now owns 134,875 shares of the financial services provider’s stock valued at $2,516,000 after acquiring an additional 7,179 shares during the last quarter. Hedge funds and other institutional investors own 80.97% of the company’s stock.
Hope Bancorp (NASDAQ:HOPE) traded up $0.23 during trading hours on Friday, hitting $18.76. 576,449 shares of the stock traded hands, compared to its average volume of 614,290. The company has a current ratio of 1.07, a quick ratio of 1.06 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $2,542.21, a P/E ratio of 18.21, a P/E/G ratio of 1.19 and a beta of 1.38. Hope Bancorp has a 12-month low of $15.10 and a 12-month high of $22.24.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 19th. Investors of record on Monday, February 5th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Friday, February 2nd. Hope Bancorp’s payout ratio is currently 50.49%.
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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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