Hope Bancorp (NASDAQ:HOPE) Hits New 12-Month Low on Disappointing Earnings

Hope Bancorp, Inc. (NASDAQ:HOPE – Get Rating) shares hit a new 52-week low during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $12.17 and last traded at $12.43, with a volume of 67404 shares traded. The stock had previously closed at $13.05.

The financial services provider reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.02). The company had revenue of $236.35 million during the quarter, compared to analyst estimates of $168.70 million. Hope Bancorp had a net margin of 31.65% and a return on equity of 10.76%. During the same period in the previous year, the company posted $0.43 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on HOPE shares. StockNews.com initiated coverage on Hope Bancorp in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Piper Sandler decreased their target price on Hope Bancorp to $15.00 in a research note on Friday, September 30th. Finally, DA Davidson raised their target price on Hope Bancorp to $14.00 in a research note on Thursday, October 27th.

Institutional Investors Weigh In On Hope Bancorp

Several large investors have recently added to or reduced their stakes in the business. Everhart Financial Group Inc. boosted its holdings in Hope Bancorp by 46.3% in the third quarter. Everhart Financial Group Inc. now owns 16,761 shares of the financial services provider’s stock worth $212,000 after acquiring an additional 5,302 shares in the last quarter. Cubist Systematic Strategies LLC boosted its holdings in Hope Bancorp by 108.7% in the third quarter. Cubist Systematic Strategies LLC now owns 201,852 shares of the financial services provider’s stock worth $2,551,000 after acquiring an additional 105,148 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in Hope Bancorp by 8.8% in the second quarter. State of Alaska Department of Revenue now owns 91,084 shares of the financial services provider’s stock worth $1,260,000 after acquiring an additional 7,370 shares in the last quarter. Mutual of America Capital Management LLC boosted its holdings in Hope Bancorp by 16.9% in the second quarter. Mutual of America Capital Management LLC now owns 20,221 shares of the financial services provider’s stock worth $280,000 after acquiring an additional 2,929 shares in the last quarter. Finally, EMC Capital Management boosted its holdings in Hope Bancorp by 51.3% in the second quarter. EMC Capital Management now owns 20,067 shares of the financial services provider’s stock worth $278,000 after acquiring an additional 6,802 shares in the last quarter. Institutional investors and hedge funds own 84.30% of the company’s stock.

Hope Bancorp Trading Down 4.8 %

The company has a debt-to-equity ratio of 0.71, a current ratio of 1.02 and a quick ratio of 1.01. The firm has a fifty day simple moving average of $13.05 and a 200-day simple moving average of $13.73. The firm has a market cap of $1.48 billion, a P/E ratio of 6.86 and a beta of 1.21.

About Hope Bancorp

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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. The company accepts personal and business checking, money market, savings, time deposit, and individual retirement accounts.