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

Hope Bancorp, Inc. (NASDAQ:HOPEGet 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:HOPEGet 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.

See Also

Earnings History and Estimates for Hope Bancorp (NASDAQ:HOPE)

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