BBCN Bancorp Inc. (HOPE) Shares Down 2.6% After Earnings Miss
Shares of BBCN Bancorp Inc. (NASDAQ:HOPE) fell 2.6% during trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $16.50 and last traded at $16.66, with a volume of 459,869 shares. The stock had previously closed at $17.10.
The financial services provider reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.32 by $0.10. BBCN Bancorp had a net margin of 25.48% and a return on equity of 10.27%. During the same period in the previous year, the company earned $0.32 earnings per share.
Separately, Raymond James Financial Inc. reissued an “outperform” rating and issued a $17.00 price target on shares of BBCN Bancorp in a report on Monday, July 25th.
In other BBCN Bancorp news, Director Steven J. Didion purchased 5,000 shares of BBCN Bancorp stock in a transaction dated Thursday, August 4th. The stock was acquired at an average cost of $15.40 per share, with a total value of $77,000.00. Following the acquisition, the director now directly owns 1,309 shares of the company’s stock, valued at $20,158.60. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 3.83% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of HOPE. Amalgamated Bank purchased a new position in shares of BBCN Bancorp during the second quarter valued at about $220,000. Public Employees Retirement System of Ohio purchased a new position in shares of BBCN Bancorp during the second quarter valued at about $1,324,000. BNP Paribas Arbitrage SA purchased a new position in shares of BBCN Bancorp during the third quarter valued at about $394,000. Foundry Partners LLC purchased a new position in shares of BBCN Bancorp during the third quarter valued at about $416,000. Finally, First Mercantile Trust Co. purchased a new position in shares of BBCN Bancorp during the third quarter valued at about $119,000. 92.62% of the stock is owned by hedge funds and other institutional investors.
The stock has a market capitalization of $1.31 billion, a PE ratio of 13.83 and a beta of 1.57. The stock has a 50-day moving average of $17.16 and a 200 day moving average of $15.99.
BBCN Bancorp Company Profile
Hope Bancorp, Inc, formerly BBCN Bancorp, Inc, is the holding company of Bank of Hope. Bank of Hope is the regional Korean-American bank in the United States. Bank of Hope operates approximately 85 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama.
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