$137.93 Million in Sales Expected for Hope Bancorp, Inc. (HOPE) This Quarter
Brokerages forecast that Hope Bancorp, Inc. (NASDAQ:HOPE) will post sales of $137.93 million for the current quarter, Zacks reports. Four analysts have provided estimates for Hope Bancorp’s earnings. The highest sales estimate is $139.10 million and the lowest is $137.10 million. Hope Bancorp posted sales of $117.62 million in the same quarter last year, which suggests a positive year-over-year growth rate of 17.3%. The firm is scheduled to issue its next earnings report on Tuesday, October 17th.
On average, analysts expect that Hope Bancorp will report full-year sales of $137.93 million for the current financial year, with estimates ranging from $541.90 million to $545.80 million. For the next fiscal year, analysts anticipate that the company will post sales of $583.05 million per share, with estimates ranging from $568.20 million to $592.50 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Hope Bancorp.
Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.02). Hope Bancorp had a net margin of 24.38% and a return on equity of 8.45%. The company had revenue of $132.94 million for the quarter, compared to the consensus estimate of $136.80 million.
HOPE has been the topic of a number of recent analyst reports. DA Davidson reissued a “buy” rating and set a $21.00 price target on shares of Hope Bancorp in a report on Monday. Zacks Investment Research raised Hope Bancorp from a “sell” rating to a “buy” rating and set a $21.00 price target on the stock in a report on Wednesday, July 12th. BidaskClub raised Hope Bancorp from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $19.00 price target on shares of Hope Bancorp in a report on Thursday, September 7th. Finally, ValuEngine cut Hope Bancorp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $19.67.
Hope Bancorp (NASDAQ HOPE) traded up 1.64% during mid-day trading on Tuesday, hitting $16.71. The company had a trading volume of 359,012 shares. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of 15.26 and a beta of 1.39. Hope Bancorp has a 52 week low of $15.10 and a 52 week high of $22.99. The firm’s 50 day moving average is $16.44 and its 200 day moving average is $18.18.
In other news, Director Donald Byun sold 101,026 shares of Hope Bancorp stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $16.45, for a total value of $1,661,877.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Jason K. Kim sold 2,750 shares of Hope Bancorp stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $17.70, for a total value of $48,675.00. Following the completion of the sale, the executive vice president now directly owns 70,729 shares in the company, valued at $1,251,903.30. The disclosure for this sale can be found here. 5.20% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. First Interstate Bank increased its holdings in shares of Hope Bancorp by 254.3% in the second quarter. First Interstate Bank now owns 6,395 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 4,590 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of Hope Bancorp by 1.2% in the second quarter. Bank of Montreal Can now owns 10,232 shares of the financial services provider’s stock worth $191,000 after purchasing an additional 122 shares during the last quarter. Riverhead Capital Management LLC increased its holdings in shares of Hope Bancorp by 100.4% in the second quarter. Riverhead Capital Management LLC now owns 10,221 shares of the financial services provider’s stock worth $191,000 after purchasing an additional 5,121 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Hope Bancorp by 0.5% in the second quarter. Teacher Retirement System of Texas now owns 10,308 shares of the financial services provider’s stock worth $192,000 after purchasing an additional 55 shares during the last quarter. Finally, Connable Office Inc. bought a new stake in shares of Hope Bancorp in the second quarter worth about $196,000. 79.39% of the stock is currently owned by hedge funds and other institutional investors.
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Hope 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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