Wedbush Weighs in on Hope Bancorp Inc’s FY2020 Earnings (HOPE)

Hope Bancorp Inc (NASDAQ:HOPE) – Equities researchers at Wedbush cut their FY2020 EPS estimates for shares of Hope Bancorp in a research note issued to investors on Wednesday, March 27th, according to Zacks Investment Research. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $1.44 per share for the year, down from their prior forecast of $1.50.

Hope Bancorp (NASDAQ:HOPE) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.34. Hope Bancorp had a net margin of 24.99% and a return on equity of 9.48%. The firm had revenue of $131.03 million for the quarter, compared to the consensus estimate of $132.40 million. During the same period in the prior year, the firm posted $0.38 earnings per share.

A number of other equities research analysts also recently issued reports on HOPE. Zacks Investment Research raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a report on Friday, January 11th. ValuEngine downgraded shares of Hope Bancorp from a “sell” rating to a “strong sell” rating in a report on Wednesday, March 20th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $16.50.

Shares of Hope Bancorp stock traded down $0.45 on Friday, reaching $13.56. The stock had a trading volume of 995,226 shares, compared to its average volume of 632,508. Hope Bancorp has a 1 year low of $11.37 and a 1 year high of $18.88. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 9.42, a PEG ratio of 1.17 and a beta of 1.50. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.52.

Several hedge funds have recently bought and sold shares of HOPE. FMR LLC raised its stake in shares of Hope Bancorp by 0.8% during the third quarter. FMR LLC now owns 1,619,159 shares of the financial services provider’s stock worth $26,182,000 after acquiring an additional 12,439 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of Hope Bancorp during the third quarter worth approximately $772,000. Shell Asset Management Co. purchased a new position in shares of Hope Bancorp during the third quarter worth approximately $725,000. Dimensional Fund Advisors LP raised its stake in shares of Hope Bancorp by 8.0% during the third quarter. Dimensional Fund Advisors LP now owns 9,953,027 shares of the financial services provider’s stock worth $160,940,000 after acquiring an additional 739,692 shares in the last quarter. Finally, United Services Automobile Association raised its stake in shares of Hope Bancorp by 293.0% during the third quarter. United Services Automobile Association now owns 78,129 shares of the financial services provider’s stock worth $1,263,000 after acquiring an additional 58,250 shares in the last quarter. 89.65% of the stock is currently owned by hedge funds and other institutional investors.

In related news, EVP Jason K. Kim sold 4,750 shares of the firm’s stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $14.71, for a total value of $69,872.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Peter Koh sold 6,000 shares of Hope Bancorp stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $14.92, for a total transaction of $89,520.00. Following the transaction, the executive vice president now directly owns 54,687 shares in the company, valued at $815,930.04. The disclosure for this sale can be found here. Company insiders own 5.06% of the company’s stock.

The business also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Friday, April 26th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend is Thursday, April 25th. Hope Bancorp’s dividend payout ratio is currently 38.89%.

Hope Bancorp Company Profile

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides banking services to small and medium-sized businesses and individuals in the United States. The company offers personal and business checking, money market, savings, time deposit, and individual retirement accounts.

Featured Article: Price to Earnings Ratio (PE)

Get a free copy of the Zacks research report on Hope Bancorp (HOPE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Hope Bancorp (NASDAQ:HOPE)

Receive News & Ratings for Hope Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hope Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.