DA Davidson Comments on Hope Bancorp, Inc.’s FY2017 Earnings (HOPE)
Hope Bancorp, Inc. (NASDAQ:HOPE) – Analysts at DA Davidson boosted their FY2017 earnings per share (EPS) estimates for shares of Hope Bancorp in a research report issued to clients and investors on Thursday. DA Davidson analyst G. Tenner now anticipates that the financial services provider will earn $1.19 per share for the year, up from their prior forecast of $1.17. DA Davidson currently has a “Buy” rating and a $21.00 target price on the stock.
Other analysts have also recently issued reports about the stock. ValuEngine raised shares of Hope Bancorp from a “hold” rating to a “buy” rating in a report on Thursday. Zacks Investment Research raised shares of Hope Bancorp from a “sell” rating to a “buy” rating and set a $21.00 target price on the stock in a report on Wednesday, July 12th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $19.00 target price on shares of Hope Bancorp in a report on Thursday, September 7th. Finally, FIG Partners cut shares of Hope Bancorp from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $20.00 to $17.00 in a report on Friday, September 15th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $19.58.
Hope Bancorp (NASDAQ:HOPE) opened at 18.92 on Monday. The firm has a 50-day moving average of $17.35 and a 200-day moving average of $17.82. Hope Bancorp has a 1-year low of $15.10 and a 1-year high of $22.99. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 17.28 and a beta of 1.41.
Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. The company 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 business posted $0.22 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st will be issued a $0.13 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.75%. Hope Bancorp’s dividend payout ratio (DPR) is presently 43.33%.
In related news, EVP Jason K. Kim sold 6,000 shares of the stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $18.97, for a total value of $113,820.00. Following the sale, the executive vice president now owns 70,729 shares of the company’s stock, valued at approximately $1,341,729.13. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Donald Byun sold 101,026 shares of the stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $16.45, for a total transaction of $1,661,877.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 109,776 shares of company stock worth $1,824,373. Corporate insiders own 5.20% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in HOPE. First Interstate Bank increased its holdings in shares of Hope Bancorp by 254.3% in the 2nd quarter. First Interstate Bank now owns 6,395 shares of the financial services provider’s stock worth $119,000 after acquiring an additional 4,590 shares during the period. Bank of Montreal Can increased its holdings in shares of Hope Bancorp by 1.2% in the 2nd quarter. Bank of Montreal Can now owns 10,232 shares of the financial services provider’s stock worth $191,000 after acquiring an additional 122 shares during the period. Riverhead Capital Management LLC increased its holdings in shares of Hope Bancorp by 100.4% in the 2nd quarter. Riverhead Capital Management LLC now owns 10,221 shares of the financial services provider’s stock worth $191,000 after acquiring an additional 5,121 shares during the period. Teacher Retirement System of Texas increased its holdings in shares of Hope Bancorp by 0.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 10,308 shares of the financial services provider’s stock worth $192,000 after acquiring an additional 55 shares during the period. Finally, Connable Office Inc. acquired a new stake in shares of Hope Bancorp in the 2nd quarter worth about $196,000. 78.54% of the stock is currently owned by institutional investors and hedge funds.
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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