FIG Partners Weighs in on Hope Bancorp Inc’s FY2018 Earnings (HOPE)
Hope Bancorp Inc (NASDAQ:HOPE) – Equities researchers at FIG Partners raised their FY2018 earnings per share (EPS) estimates for Hope Bancorp in a research report issued to clients and investors on Tuesday. FIG Partners analyst T. Coffey now anticipates that the financial services provider will post earnings of $1.59 per share for the year, up from their prior forecast of $1.50. FIG Partners also issued estimates for Hope Bancorp’s FY2019 earnings at $1.69 EPS.
A number of other equities analysts also recently weighed in on the stock. ValuEngine downgraded shares of Hope Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Piper Jaffray Companies reaffirmed 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 “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research note on Tuesday, December 26th. Raymond James Financial reaffirmed a “market perform” rating on shares of Hope Bancorp in a research note on Thursday, November 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $18.50 price target on shares of Hope Bancorp in a research note on Thursday, October 26th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $19.92.
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 Zacks’ consensus estimate of $0.31 by $0.01. Hope Bancorp had a net margin of 21.96% and a return on equity of 8.71%. The business had revenue of $142.84 million for the quarter, compared to the consensus estimate of $139.26 million. During the same period in the prior year, the business posted $0.31 earnings per share. Hope Bancorp’s revenue for the quarter was up 2.4% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, February 19th. Shareholders 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 2.93%. The ex-dividend date of this dividend is Friday, February 2nd. Hope Bancorp’s payout ratio is 50.49%.
In other news, Director Steven Koh sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $17.95, for a total value of $179,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 value of $57,750.00. The disclosure for this sale can be found here. Insiders have sold 60,833 shares of company stock worth $1,156,600 over the last three months. Company insiders own 5.20% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank lifted its stake in shares of Hope Bancorp by 2.5% in the third quarter. Comerica Bank now owns 310,404 shares of the financial services provider’s stock valued at $5,665,000 after buying an additional 7,519 shares during the period. Royal Bank of Canada lifted its stake in shares of Hope Bancorp by 23.8% in the second quarter. Royal Bank of Canada now owns 38,632 shares of the financial services provider’s stock valued at $720,000 after buying an additional 7,428 shares during the period. Pzena Investment Management LLC lifted its stake in shares of Hope Bancorp by 6.3% in the third quarter. Pzena Investment Management LLC now owns 2,429,412 shares of the financial services provider’s stock valued at $43,025,000 after buying an additional 143,907 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Hope Bancorp by 5.6% in 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 buying an additional 7,179 shares during the period. Finally, California Public Employees Retirement System lifted its stake in shares of Hope Bancorp by 4.4% in the third quarter. California Public Employees Retirement System now owns 400,906 shares of the financial services provider’s stock valued at $7,100,000 after buying an additional 16,776 shares during the period. Institutional investors and hedge funds own 80.71% of the company’s stock.
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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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