DA Davidson Weighs in on Hope Bancorp, Inc.’s FY2023 Earnings (NASDAQ:HOPE)

Hope Bancorp, Inc. (NASDAQ:HOPE – Get Rating) – Equities researchers at DA Davidson decreased their FY2023 earnings estimates for shares of Hope Bancorp in a research report issued to clients and investors on Wednesday, April 20th. DA Davidson analyst G. Tenner now anticipates that the financial services provider will earn $1.79 per share for the year, down from their previous forecast of $1.83.

Hope Bancorp (NASDAQ:HOPE – Get Rating) last posted its earnings results on Monday, April 18th. The financial services provider reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.11. Hope Bancorp had a return on equity of 9.85% and a net margin of 33.53%. The company had revenue of $146.36 million for the quarter, compared to the consensus estimate of $144.13 million. During the same period in the previous year, the business earned $0.35 earnings per share. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis.

Several other brokerages have also recently issued reports on HOPE. StockNews.com cut Hope Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, April 13th. Zacks Investment Research upgraded Hope Bancorp from a “hold” rating to a “strong-buy” rating and set a $19.00 price objective for the company in a report on Monday, January 31st.

HOPE opened at $15.90 on Friday. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 9.63 and a beta of 1.32. The stock’s 50 day moving average price is $16.30 and its 200-day moving average price is $15.65. Hope Bancorp has a one year low of $12.48 and a one year high of $17.68. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.94 and a current ratio of 0.95.

Several large investors have recently bought and sold shares of the company. Connable Office Inc. lifted its stake in Hope Bancorp by 4.7% in the 3rd quarter. Connable Office Inc. now owns 14,976 shares of the financial services provider’s stock worth $216,000 after purchasing an additional 676 shares in the last quarter. NorthCrest Asset Manangement LLC grew its stake in shares of Hope Bancorp by 1.5% during the first quarter. NorthCrest Asset Manangement LLC now owns 54,640 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 800 shares in the last quarter. Metropolitan Life Insurance Co NY grew its stake in shares of Hope Bancorp by 2.9% during the third quarter. Metropolitan Life Insurance Co NY now owns 30,582 shares of the financial services provider’s stock worth $442,000 after purchasing an additional 870 shares in the last quarter. Shell Asset Management Co. lifted its position in Hope Bancorp by 2.9% in the fourth quarter. Shell Asset Management Co. now owns 42,497 shares of the financial services provider’s stock valued at $625,000 after acquiring an additional 1,183 shares during the last quarter. Finally, Comerica Bank lifted its position in Hope Bancorp by 0.7% in the third quarter. Comerica Bank now owns 176,785 shares of the financial services provider’s stock valued at $2,622,000 after acquiring an additional 1,199 shares during the last quarter. Hedge funds and other institutional investors own 83.94% of the company’s stock.

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 12th. Shareholders of record on Thursday, April 28th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend is Wednesday, April 27th. Hope Bancorp’s dividend payout ratio is currently 33.74%.

About Hope Bancorp (Get Rating)

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides banking services for small and medium-sized businesses, and individuals in the United States. The company accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts.

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