Hope Bancorp, Inc. Expected to Post Q2 2024 Earnings of $0.23 Per Share (NASDAQ:HOPE)

Hope Bancorp, Inc. (NASDAQ:HOPE) – Equities research analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for shares of Hope Bancorp in a report released on Wednesday, May 1st. DA Davidson analyst G. Tenner expects that the financial services provider will post earnings of $0.23 per share for the quarter. DA Davidson currently has a “Buy” rating and a $12.50 target price on the stock. The consensus estimate for Hope Bancorp’s current full-year earnings is $1.05 per share.

HOPE has been the subject of several other reports. Keefe, Bruyette & Woods lowered their target price on shares of Hope Bancorp from $13.00 to $12.00 and set a “market perform” rating for the company in a research note on Wednesday. Wedbush decreased their price target on shares of Hope Bancorp from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, StockNews.com upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, January 6th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $11.83.

Hope Bancorp Stock Performance

Hope Bancorp stock opened at $10.84 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.05 and a current ratio of 1.00. Hope Bancorp has a fifty-two week low of $7.42 and a fifty-two week high of $12.51. The stock has a fifty day moving average of $10.87 and a two-hundred day moving average of $10.75. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 10.69 and a beta of 1.15.

Hope Bancorp (NASDAQ:HOPE) last announced its earnings results on Monday, April 29th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.05). Hope Bancorp had a return on equity of 6.43% and a net margin of 10.80%. The business had revenue of $123.30 million for the quarter, compared to analyst estimates of $130.42 million. During the same quarter in the previous year, the firm posted $0.33 EPS. The business’s revenue was down 14.9% on a year-over-year basis.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in HOPE. Norges Bank acquired a new stake in Hope Bancorp during the 4th quarter valued at approximately $9,960,000. AQR Capital Management LLC raised its stake in Hope Bancorp by 70.5% during the third quarter. AQR Capital Management LLC now owns 764,007 shares of the financial services provider’s stock valued at $6,761,000 after buying an additional 315,935 shares in the last quarter. Boston Partners grew its position in shares of Hope Bancorp by 32.5% in the 3rd quarter. Boston Partners now owns 1,216,170 shares of the financial services provider’s stock worth $10,742,000 after acquiring an additional 298,349 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Hope Bancorp in the 4th quarter valued at approximately $2,977,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Hope Bancorp by 58.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 602,634 shares of the financial services provider’s stock valued at $5,333,000 after acquiring an additional 222,506 shares in the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

Hope Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, May 9th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 5.17%. The ex-dividend date is Wednesday, May 8th. Hope Bancorp’s dividend payout ratio (DPR) is presently 56.00%.

Hope Bancorp Company Profile

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.