FY2019 Earnings Forecast for Hope Bancorp Inc Issued By FIG Partners (HOPE)
Hope Bancorp Inc (NASDAQ:HOPE) – Analysts at FIG Partners increased their FY2019 earnings per share (EPS) estimates for Hope Bancorp in a report released on Wednesday. FIG Partners analyst T. Coffey now forecasts that the financial services provider will earn $1.50 per share for the year, up from their prior forecast of $1.41. FIG Partners has a “Market Perform” rating and a $17.00 price target on the stock.
Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.02. The firm had revenue of $139.51 million for the quarter, compared to analyst estimates of $137.93 million. Hope Bancorp had a net margin of 26.16% and a return on equity of 8.74%. During the same period in the previous year, the firm earned $0.22 EPS.
Several other brokerages have also issued reports on HOPE. Keefe, Bruyette & Woods restated a “hold” rating and issued a $18.50 price objective on shares of Hope Bancorp in a report on Thursday, October 26th. ValuEngine upgraded shares of Hope Bancorp from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Zacks Investment Research upgraded shares of Hope Bancorp from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a report on Tuesday, December 26th. Raymond James Financial restated a “market perform” rating on shares of Hope Bancorp in a report on Thursday, November 2nd. Finally, DA Davidson reaffirmed a “buy” rating and issued a $21.00 target price on shares of Hope Bancorp in a research report on Monday, September 18th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $19.58.
Shares of Hope Bancorp (HOPE) opened at $18.18 on Friday. The stock has a market cap of $2,470.00, a PE ratio of 15.28, a P/E/G ratio of 1.34 and a beta of 1.39. Hope Bancorp has a fifty-two week low of $15.10 and a fifty-two week high of $22.99. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.03 and a quick ratio of 1.03.
In other Hope Bancorp news, CFO Alex Ko sold 40,000 shares of Hope Bancorp stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $18.92, for a total value of $756,800.00. Following the completion of the transaction, the chief financial officer now directly owns 10,088 shares of the company’s stock, valued at approximately $190,864.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP David Lee Song sold 3,000 shares of Hope Bancorp 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. Over the last ninety days, insiders sold 121,981 shares of company stock valued at $2,303,614. 5.20% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. California Public Employees Retirement System grew its position in shares of Hope Bancorp by 4.4% during the third quarter. California Public Employees Retirement System now owns 400,906 shares of the financial services provider’s stock worth $7,100,000 after buying an additional 16,776 shares in the last quarter. Zions Bancorporation acquired a new position in shares of Hope Bancorp during the third quarter worth about $102,000. Maltese Capital Management LLC grew its position in shares of Hope Bancorp by 12.6% during the third quarter. Maltese Capital Management LLC now owns 152,000 shares of the financial services provider’s stock worth $2,692,000 after buying an additional 17,000 shares in the last quarter. NWQ Investment Management Company LLC grew its position in shares of Hope Bancorp by 11.0% during the third quarter. NWQ Investment Management Company LLC now owns 1,677,664 shares of the financial services provider’s stock worth $29,711,000 after buying an additional 165,755 shares in the last quarter. Finally, Pinnacle Associates Ltd. acquired a new position in shares of Hope Bancorp during the third quarter worth about $192,000. 80.56% of the stock is owned by institutional investors.
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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