Hope Bancorp (NASDAQ:HOPE) Issues Quarterly Earnings Results

Hope Bancorp (NASDAQ:HOPE) posted its quarterly earnings data on Tuesday. The financial services provider reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.01, Zacks reports. Hope Bancorp had a net margin of 4.89% and a return on equity of 4.70%. The company’s revenue for the quarter was up 23.6% on a year-over-year basis. During the same quarter last year, the business earned $0.20 earnings per share.

Hope Bancorp Stock Up 1.8%

Shares of Hope Bancorp stock opened at $11.99 on Tuesday. The firm has a market cap of $1.54 billion, a PE ratio of 31.06 and a beta of 0.86. The business’s 50 day simple moving average is $11.18 and its 200 day simple moving average is $10.86. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.94 and a current ratio of 0.94. Hope Bancorp has a 52-week low of $8.82 and a 52-week high of $12.46.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on HOPE. DA Davidson set a $14.50 price target on shares of Hope Bancorp in a research report on Wednesday, October 29th. Wall Street Zen upgraded shares of Hope Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hope Bancorp in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $13.25.

Insider Activity at Hope Bancorp

In other Hope Bancorp news, Director David P. Malone sold 20,820 shares of Hope Bancorp stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $11.50, for a total value of $239,430.00. Following the sale, the director directly owned 66,658 shares in the company, valued at approximately $766,567. The trade was a 23.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 26,787 shares of company stock valued at $303,917 over the last 90 days. Insiders own 5.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Millennium Management LLC raised its holdings in shares of Hope Bancorp by 366.8% in the 3rd quarter. Millennium Management LLC now owns 1,340,635 shares of the financial services provider’s stock valued at $14,439,000 after purchasing an additional 1,053,434 shares during the period. UBS Group AG lifted its position in shares of Hope Bancorp by 56.3% in the third quarter. UBS Group AG now owns 1,136,902 shares of the financial services provider’s stock valued at $12,244,000 after buying an additional 409,633 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Hope Bancorp by 2.7% during the 3rd quarter. Wellington Management Group LLP now owns 11,335,999 shares of the financial services provider’s stock worth $122,089,000 after acquiring an additional 303,019 shares during the period. Two Sigma Investments LP boosted its position in Hope Bancorp by 24.1% during the third quarter. Two Sigma Investments LP now owns 1,175,440 shares of the financial services provider’s stock worth $12,659,000 after purchasing an additional 227,931 shares during the period. Finally, State Street Corp raised its position in shares of Hope Bancorp by 3.3% in the 2nd quarter. State Street Corp now owns 6,494,266 shares of the financial services provider’s stock valued at $69,683,000 after buying an additional 209,442 shares in the last quarter. 84.00% of the stock is currently owned by institutional investors.

About Hope Bancorp

Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company’s principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.

In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.