Wedbush Weighs in on Hope Bancorp, Inc.’s FY2024 Earnings (NASDAQ:HOPE)

Hope Bancorp, Inc. (NASDAQ:HOPE) – Stock analysts at Wedbush issued their FY2024 earnings per share estimates for Hope Bancorp in a research note issued to investors on Tuesday, April 30th. Wedbush analyst D. Chiaverini expects that the financial services provider will post earnings per share of $1.10 for the year. Wedbush currently has a “Neutral” rating and a $11.00 target price on the stock. The consensus estimate for Hope Bancorp’s current full-year earnings is $0.98 per share.

Hope Bancorp (NASDAQ:HOPE) last issued its quarterly 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 during the quarter, compared to analyst estimates of $130.42 million. During the same period in the previous year, the business posted $0.33 earnings per share. The firm’s quarterly revenue was down 14.9% on a year-over-year basis.

A number of other research firms also recently weighed in on HOPE. StockNews.com raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, January 6th. Keefe, Bruyette & Woods cut their target price on Hope Bancorp from $13.00 to $12.00 and set a “market perform” rating on the stock in a research report on Wednesday. Finally, DA Davidson raised Hope Bancorp from a “neutral” rating to a “buy” rating and set a $12.50 price target for the company in a research report on Tuesday, April 30th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Hope Bancorp has an average rating of “Hold” and an average price target of $11.83.

Hope Bancorp Price Performance

HOPE opened at $10.84 on Friday. Hope Bancorp has a 1 year low of $7.42 and a 1 year high of $12.51. The company’s 50 day simple moving average is $10.87 and its 200 day simple moving average is $10.77. The stock has a market capitalization of $1.31 billion, a PE ratio of 10.84 and a beta of 1.15. 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 Dividend Announcement

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

Institutional Trading of Hope Bancorp

Several large investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP acquired a new position in shares of Hope Bancorp during the first quarter worth about $915,000. BNP Paribas Financial Markets lifted its position in Hope Bancorp by 18.9% during the 1st quarter. BNP Paribas Financial Markets now owns 202,012 shares of the financial services provider’s stock worth $2,325,000 after acquiring an additional 32,056 shares in the last quarter. Drive Wealth Management LLC purchased a new position in Hope Bancorp in the 1st quarter worth approximately $116,000. Denali Advisors LLC grew its position in Hope Bancorp by 5.0% in the first quarter. Denali Advisors LLC now owns 297,700 shares of the financial services provider’s stock valued at $3,427,000 after acquiring an additional 14,200 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. raised its stake in shares of Hope Bancorp by 14.6% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 40,595 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 5,184 shares during the period. 84.00% of the stock is currently owned by institutional investors and hedge funds.

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.