$138.53 Million in Sales Expected for Hope Bancorp, Inc. (NASDAQ:HOPE) This Quarter

Equities research analysts expect that Hope Bancorp, Inc. (NASDAQ:HOPE) will announce $138.53 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Hope Bancorp’s earnings, with the lowest sales estimate coming in at $136.30 million and the highest estimate coming in at $140.30 million. Hope Bancorp reported sales of $135.15 million during the same quarter last year, which would suggest a positive year over year growth rate of 2.5%. The firm is expected to announce its next earnings results after the market closes on Monday, October 25th.

According to Zacks, analysts expect that Hope Bancorp will report full-year sales of $545.50 million for the current financial year, with estimates ranging from $540.50 million to $549.00 million. For the next fiscal year, analysts anticipate that the firm will report sales of $556.70 million, with estimates ranging from $547.40 million to $570.00 million. Zacks’ sales averages are an average based on a survey of research firms that cover Hope Bancorp.

Separately, Zacks Investment Research upgraded Hope Bancorp from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Thursday, September 30th.

In other news, EVP Thomas Stenger sold 3,694 shares of the business’s stock in a transaction that occurred on Tuesday, August 24th. The stock was sold at an average price of $13.93, for a total transaction of $51,457.42. Following the completion of the transaction, the executive vice president now directly owns 2,755 shares in the company, valued at $38,377.15. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.29% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of HOPE. First Trust Advisors LP boosted its position in shares of Hope Bancorp by 9.3% during the first quarter. First Trust Advisors LP now owns 453,576 shares of the financial services provider’s stock worth $5,933,000 after buying an additional 38,549 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Hope Bancorp during the first quarter worth approximately $140,000. Teacher Retirement System of Texas boosted its position in shares of Hope Bancorp by 22.1% during the first quarter. Teacher Retirement System of Texas now owns 13,845 shares of the financial services provider’s stock worth $209,000 after buying an additional 2,506 shares during the period. Geode Capital Management LLC raised its holdings in Hope Bancorp by 11.9% during the first quarter. Geode Capital Management LLC now owns 2,116,118 shares of the financial services provider’s stock worth $31,868,000 after purchasing an additional 225,659 shares in the last quarter. Finally, Citigroup Inc. raised its holdings in Hope Bancorp by 21.6% during the first quarter. Citigroup Inc. now owns 127,170 shares of the financial services provider’s stock worth $1,915,000 after purchasing an additional 22,579 shares in the last quarter. Institutional investors and hedge funds own 83.93% of the company’s stock.

Shares of HOPE stock opened at $14.83 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The business has a 50 day moving average of $13.99 and a two-hundred day moving average of $14.40. Hope Bancorp has a 52 week low of $7.62 and a 52 week high of $16.61. The company has a market cap of $1.82 billion, a P/E ratio of 11.77 and a beta of 1.66.

Hope Bancorp Company Profile

Hope Bancorp, Inc is a bank holding company, which engages in the provision of financial services through its subsidiary, Bank of Hope. The firm offers core business banking products for small and medium-sized businesses and individuals. Its products and services include certificate of deposit, online banking, bill payment, mobile banking, credits card, and mortgage loans.

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

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