Hope Bancorp (NASDAQ:HOPE) Issues Quarterly Earnings Results, Meets Estimates

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

Hope Bancorp Stock Down 1.5%

Shares of NASDAQ:HOPE traded down $0.21 during midday trading on Wednesday, hitting $13.91. The stock had a trading volume of 105,670 shares, compared to its average volume of 963,871. The company has a market cap of $1.78 billion, a P/E ratio of 13.94 and a beta of 0.87. Hope Bancorp has a 12 month low of $9.80 and a 12 month high of $14.59. The business’s 50-day simple moving average is $13.76 and its 200-day simple moving average is $12.79.

Analysts Set New Price Targets

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

Insider Transactions at Hope Bancorp

In other news, Director Daisy Ha sold 26,995 shares of Hope Bancorp stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $14.24, for a total value of $384,408.80. Following the completion of the transaction, the director owned 346,120 shares of the company’s stock, valued at $4,928,748.80. This trade represents a 7.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.27% of the company’s stock.

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.