Hope Bancorp, Inc. (NASDAQ:HOPE – Free Report) – Investment analysts at DA Davidson raised their FY2023 earnings per share estimates for shares of Hope Bancorp in a research report issued to clients and investors on Thursday, November 2nd. DA Davidson analyst G. Tenner now forecasts that the financial services provider will post earnings per share of $1.18 for the year, up from their prior forecast of $1.11. DA Davidson has a “Neutral” rating and a $11.00 price target on the stock. The consensus estimate for Hope Bancorp’s current full-year earnings is $1.15 per share. DA Davidson also issued estimates for Hope Bancorp’s Q4 2023 earnings at $0.28 EPS and FY2024 earnings at $1.23 EPS.
Hope Bancorp (NASDAQ:HOPE – Get Free Report) last posted its quarterly earnings data on Monday, October 23rd. The financial services provider reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. The company had revenue of $143.70 million during the quarter, compared to analysts’ expectations of $138.18 million. Hope Bancorp had a return on equity of 7.77% and a net margin of 15.07%. The firm’s revenue for the quarter was down 13.7% on a year-over-year basis. During the same period last year, the firm earned $0.45 EPS.
Hope Bancorp Stock Up 4.5 %
HOPE opened at $9.60 on Monday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.05 and a quick ratio of 1.05. The business has a 50 day simple moving average of $9.05 and a 200-day simple moving average of $9.04. The stock has a market capitalization of $1.15 billion, a P/E ratio of 7.22 and a beta of 1.20. Hope Bancorp has a 12 month low of $7.42 and a 12 month high of $13.98.
Institutional Investors Weigh In On Hope Bancorp
A number of institutional investors have recently added to or reduced their stakes in HOPE. Advisor Group Holdings Inc. lifted its position in shares of Hope Bancorp by 51.3% during the 1st quarter. Advisor Group Holdings Inc. now owns 3,873 shares of the financial services provider’s stock valued at $63,000 after acquiring an additional 1,313 shares during the last quarter. Citigroup Inc. boosted its position in shares of Hope Bancorp by 4.3% in the first quarter. Citigroup Inc. now owns 118,438 shares of the financial services provider’s stock worth $1,904,000 after buying an additional 4,897 shares during the period. Natixis Advisors L.P. boosted its position in shares of Hope Bancorp by 39.8% in the first quarter. Natixis Advisors L.P. now owns 19,861 shares of the financial services provider’s stock worth $319,000 after buying an additional 5,651 shares during the period. Bank of Montreal Can boosted its position in shares of Hope Bancorp by 57.3% in the first quarter. Bank of Montreal Can now owns 70,698 shares of the financial services provider’s stock worth $1,184,000 after buying an additional 25,743 shares during the period. Finally, MetLife Investment Management LLC boosted its position in shares of Hope Bancorp by 70.6% in the first quarter. MetLife Investment Management LLC now owns 61,401 shares of the financial services provider’s stock worth $987,000 after buying an additional 25,417 shares during the period. 83.62% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other news, EVP Thomas Stenger sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $9.34, for a total transaction of $28,020.00. Following the completion of the transaction, the executive vice president now directly owns 32,200 shares of the company’s stock, valued at $300,748. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.05% of the company’s stock.
Hope Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 16th. Investors of record on Thursday, November 2nd will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 5.83%. The ex-dividend date is Wednesday, November 1st. Hope Bancorp’s dividend payout ratio (DPR) is 42.11%.
Hope Bancorp Company Profile
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. It accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts. Its loan products include commercial loans to businesses for various purposes, such as working capital, purchasing inventory, debt refinancing, business acquisitions, and other business-related financing needs; real estate loans; small business administration loans; and consumer loans, such as single-family mortgage, home equity, auto, credit card, and personal loans.
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