Hope Bancorp, Inc. (HOPE) Posts Earnings Results, Beats Expectations By $0.02 EPS
Hope Bancorp, Inc. (NASDAQ:HOPE) posted its quarterly earnings data on Tuesday. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.02, Bloomberg Earnings reports. Hope Bancorp had a net margin of 24.38% and a return on equity of 8.45%. During the same period in the prior year, the firm earned $0.22 EPS.
Hope Bancorp (HOPE) traded up 0.17% during trading on Tuesday, hitting $18.03. 532,024 shares of the company traded hands. The firm has a market capitalization of $2.44 billion, a P/E ratio of 16.47 and a beta of 1.41. Hope Bancorp has a 12-month low of $15.10 and a 12-month high of $22.99. The stock has a 50-day moving average price of $17.08 and a 200-day moving average price of $17.80.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st will be paid a $0.13 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.52 annualized dividend and a dividend yield of 2.88%. Hope Bancorp’s dividend payout ratio is presently 47.71%.
In related news, EVP Jason K. Kim sold 2,750 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $17.70, for a total value of $48,675.00. Following the completion of the sale, the executive vice president now directly owns 70,729 shares of the company’s stock, valued at approximately $1,251,903.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Donald Byun sold 101,026 shares of the stock in a transaction on Friday, August 25th. The shares were sold at an average price of $16.45, for a total value of $1,661,877.70. The disclosure for this sale can be found here. 5.20% of the stock is owned by corporate insiders.
HOPE has been the topic of a number of recent research reports. FIG Partners downgraded shares of Hope Bancorp from an “outperform” rating to a “market-perform” rating in a report on Wednesday, July 26th. Wedbush reiterated a “neutral” rating and issued a $20.00 price objective on shares of Hope Bancorp in a report on Tuesday, June 27th. Zacks Investment Research upgraded shares of Hope Bancorp from a “sell” rating to a “buy” rating and set a $21.00 price objective on the stock in a report on Wednesday, July 12th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $19.00 price objective on shares of Hope Bancorp in a report on Thursday, September 7th. Finally, DA Davidson reiterated a “buy” rating and issued a $21.00 price objective on shares of Hope Bancorp in a report on Monday, September 18th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $19.42.
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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