FY2024 EPS Estimates for Hope Bancorp Lowered by DA Davidson

Hope Bancorp, Inc. (NASDAQ:HOPE) – Equities research analysts at DA Davidson lowered their FY2024 earnings estimates for shares of Hope Bancorp in a report released on Tuesday, October 29th. DA Davidson analyst G. Tenner now anticipates that the financial services provider will post earnings per share of $0.80 for the year, down from their prior estimate of $0.81. The consensus estimate for Hope Bancorp’s current full-year earnings is $0.87 per share. DA Davidson also issued estimates for Hope Bancorp’s Q4 2024 earnings at $0.15 EPS and FY2025 earnings at $1.25 EPS.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.21 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.01). The company had revenue of $246.92 million during the quarter, compared to the consensus estimate of $121.67 million. Hope Bancorp had a net margin of 10.02% and a return on equity of 5.85%. During the same period in the previous year, the company earned $0.25 EPS.

A number of other equities analysts have also recently issued reports on HOPE. Keefe, Bruyette & Woods upped their target price on Hope Bancorp from $12.00 to $14.00 and gave the stock a “market perform” rating in a report on Tuesday, July 30th. StockNews.com downgraded Hope Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday.

Hope Bancorp Stock Down 1.0 %

Shares of HOPE opened at $12.39 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.95 and a current ratio of 0.96. Hope Bancorp has a 52 week low of $8.51 and a 52 week high of $13.59. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 14.75 and a beta of 1.13. The stock has a fifty day moving average of $12.58 and a 200-day moving average of $11.60.

Hope Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 4.52%. The ex-dividend date of this dividend is Thursday, November 7th. Hope Bancorp’s dividend payout ratio is currently 66.67%.

Insider Buying and Selling

In other Hope Bancorp news, Director Jinho Doo sold 10,703 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.40, for a total value of $132,717.20. Following the sale, the director now owns 21,538 shares in the company, valued at approximately $267,071.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Thomas Stenger sold 3,200 shares of Hope Bancorp stock in a transaction on Friday, August 16th. The shares were sold at an average price of $12.40, for a total transaction of $39,680.00. Following the completion of the transaction, the executive vice president now owns 25,952 shares of the company’s stock, valued at $321,804.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jinho Doo sold 10,703 shares of the company’s stock in a transaction on Monday, August 19th. The shares were 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,831 shares of company stock valued at $323,657 in the last three months. Insiders own 5.29% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. State Board of Administration of Florida Retirement System increased its holdings in Hope Bancorp by 117.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 158,626 shares of the financial services provider’s stock worth $1,826,000 after purchasing an additional 85,709 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of Hope Bancorp in the 1st quarter valued at $915,000. Assenagon Asset Management S.A. lifted its position in shares of Hope Bancorp by 232.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 2,333,798 shares of the financial services provider’s stock valued at $25,065,000 after acquiring an additional 1,632,384 shares during the period. American Century Companies Inc. boosted its stake 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 acquiring an additional 296,469 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in Hope Bancorp by 18.9% in the first quarter. BNP Paribas Financial Markets now owns 202,012 shares of the financial services provider’s stock worth $2,325,000 after purchasing an additional 32,056 shares during the period. 84.00% of the stock is owned by institutional investors.

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.