Hope Bancorp, Inc. to Post FY2023 Earnings of $1.15 Per Share, Wedbush Forecasts (NASDAQ:HOPE)

Posted by Defense World Staff on Oct 26th, 2023

Hope Bancorp, Inc. (NASDAQ:HOPE – Free Report) – Analysts at Wedbush cut their FY2023 EPS estimates for Hope Bancorp in a research report issued on Monday, October 23rd. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will earn $1.15 per share for the year, down from their previous forecast of $1.19. Wedbush has a “Neutral” rating and a $9.00 price objective on the stock. The consensus estimate for Hope Bancorp’s current full-year earnings is $1.18 per share. Wedbush also issued estimates for Hope Bancorp’s Q4 2023 earnings at $0.26 EPS, Q1 2024 earnings at $0.28 EPS, Q3 2024 earnings at $0.31 EPS, Q4 2024 earnings at $0.32 EPS and FY2025 earnings at $1.30 EPS.

HOPE has been the topic of a number of other reports. StockNews.com initiated coverage on shares of Hope Bancorp in a research report on Thursday, October 5th. They set a “hold” rating on the stock. DA Davidson raised their price target on Hope Bancorp from $9.50 to $11.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 25th. TheStreet raised Hope Bancorp from a “c+” rating to a “b-” rating in a research note on Monday, August 14th. Finally, Keefe, Bruyette & Woods raised their price target on Hope Bancorp from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 25th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $10.33.

View Our Latest Analysis on HOPE

Hope Bancorp Trading Down 0.4 %

Shares of HOPE opened at $8.30 on Wednesday. The firm’s 50 day simple moving average is $9.14 and its 200 day simple moving average is $9.08. The company has a market capitalization of $996.17 million, a P/E ratio of 6.24 and a beta of 1.21. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.05 and a quick ratio of 1.08. Hope Bancorp has a 1-year low of $7.42 and a 1-year high of $13.98.

Hope Bancorp (NASDAQ:HOPE – Get Free Report) last announced its quarterly earnings results on Monday, October 23rd. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. The firm had revenue of $143.70 million for the quarter, compared to the consensus estimate of $138.18 million. Hope Bancorp had a net margin of 15.07% and a return on equity of 7.77%. The company’s revenue for the quarter was down 13.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 earnings per share.

Hedge Funds Weigh In On Hope Bancorp

Several large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its position in shares of Hope Bancorp by 0.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 137,695 shares of the financial services provider’s stock worth $1,906,000 after buying an additional 830 shares in the last quarter. Captrust Financial Advisors grew its holdings in Hope Bancorp by 6.6% during the second quarter. Captrust Financial Advisors now owns 18,129 shares of the financial services provider’s stock worth $251,000 after acquiring an additional 1,127 shares during the period. Vanguard Personalized Indexing Management LLC grew its holdings in Hope Bancorp by 12.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,321 shares of the financial services provider’s stock valued at $95,000 after purchasing an additional 1,242 shares during the period. ProShare Advisors LLC grew its holdings in Hope Bancorp by 7.4% in the second quarter. ProShare Advisors LLC now owns 18,152 shares of the financial services provider’s stock valued at $153,000 after purchasing an additional 1,249 shares during the period. Finally, Toroso Investments LLC lifted its position in shares of Hope Bancorp by 12.5% in the first quarter. Toroso Investments LLC now owns 11,543 shares of the financial services provider’s stock valued at $186,000 after acquiring an additional 1,278 shares in the last quarter. Institutional investors own 83.62% of the company’s stock.

Insider Activity at Hope Bancorp

In related news, EVP Thomas Stenger sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $9.34, for a total value of $28,020.00. Following the transaction, the executive vice president now directly owns 32,200 shares of the company’s stock, valued at approximately $300,748. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.32% of the stock is currently owned by corporate insiders.

Hope Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 16th. Shareholders of record on Thursday, November 2nd will be paid a dividend of $0.14 per share. The ex-dividend date is Wednesday, November 1st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 6.75%. Hope Bancorp’s dividend payout ratio is currently 42.11%.

About Hope Bancorp

(Get Free Report)

Hope Bancorp, Inc operates as the bank holding company for Bank of Hope that provides banking services for small and medium-sized businesses, and individuals in the United States. It accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts. Its loan products include commercial loans to businesses for various purposes, such as working capital, purchasing inventory, debt refinancing, business acquisitions, and other business-related financing needs; real estate loans; small business administration loans; and consumer loans, such as single-family mortgage, home equity, auto, credit card, and personal loans.