Q3 2024 EPS Estimates for Hope Bancorp, Inc. Increased by DA Davidson (NASDAQ:HOPE)

Hope Bancorp, Inc. (NASDAQ:HOPE) – Analysts at DA Davidson raised their Q3 2024 EPS estimates for Hope Bancorp in a research report issued on Thursday, October 3rd. DA Davidson analyst G. Tenner now expects that the financial services provider will post earnings of $0.23 per share for the quarter, up from their previous forecast of $0.22. The consensus estimate for Hope Bancorp’s current full-year earnings is $0.89 per share. DA Davidson also issued estimates for Hope Bancorp’s FY2024 earnings at $0.81 EPS and FY2025 earnings at $1.33 EPS.

Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings results on Monday, July 29th. The financial services provider reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. Hope Bancorp had a return on equity of 5.85% and a net margin of 10.02%. The business had revenue of $116.90 million during the quarter, compared to analysts’ expectations of $121.27 million. During the same period last year, the firm earned $0.32 EPS. The company’s quarterly revenue was down 20.9% compared to the same quarter last year.

Other research analysts have also issued reports about the stock. StockNews.com upgraded shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, August 14th. Keefe, Bruyette & Woods boosted their price target on Hope Bancorp from $12.00 to $14.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 30th.

Hope Bancorp Price Performance

Shares of NASDAQ HOPE opened at $12.34 on Friday. The company’s fifty day moving average is $12.43 and its two-hundred day moving average is $11.37. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a market capitalization of $1.49 billion, a P/E ratio of 12.34 and a beta of 1.13. Hope Bancorp has a one year low of $8.15 and a one year high of $13.59.

Hope Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were paid a $0.14 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.56 dividend on an annualized basis and a yield of 4.54%. Hope Bancorp’s payout ratio is 56.00%.

Insiders Place Their Bets

In other news, Director Jinho Doo sold 10,703 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.40, for a total value of $132,717.20. Following the sale, the director now directly owns 21,538 shares in the company, valued at $267,071.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Hope Bancorp news, Director David P. Malone sold 10,428 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $12.71, for a total value of $132,539.88. Following the transaction, the director now directly owns 109,991 shares in the company, valued at approximately $1,397,985.61. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jinho Doo sold 10,703 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.40, for a total transaction of $132,717.20. Following the sale, the director now directly owns 21,538 shares in the company, valued at $267,071.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,831 shares of company stock worth $323,657. Insiders own 5.29% of the company’s stock.

Hedge Funds Weigh In On Hope Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. grew its stake in Hope Bancorp by 232.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,333,798 shares of the financial services provider’s stock worth $25,065,000 after acquiring an additional 1,632,384 shares during the period. Norges Bank purchased a new stake in shares of Hope Bancorp in the fourth quarter valued at $9,960,000. Jupiter Asset Management Ltd. increased its stake in Hope Bancorp by 800.0% in the second quarter. Jupiter Asset Management Ltd. now owns 529,195 shares of the financial services provider’s stock valued at $5,684,000 after purchasing an additional 470,394 shares during the last quarter. American Century Companies Inc. lifted its position in Hope Bancorp by 17.4% during the second quarter. American Century Companies Inc. now owns 2,000,739 shares of the financial services provider’s stock worth $21,488,000 after buying an additional 296,469 shares during the period. Finally, Wellington Management Group LLP acquired a new stake in Hope Bancorp in the 4th quarter worth about $2,977,000. Hedge funds and other institutional investors own 84.00% of the company’s stock.

About Hope Bancorp

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides retail and commercial banking services for businesses and individuals in the United States. It accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts. The company also offers loans comprising commercial and industrial loans to businesses for various purposes, such as working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance, other business-related financing, and loans syndication services; commercial real estate loans; residential mortgage loans; small business administration loans; and consumer loans, such as single-family mortgage, home equity, automobile, credit card, and personal loans.