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

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

Hope Bancorp (NASDAQ:HOPE) last released its quarterly earnings results on Monday, April 29th. The financial services provider reported $0.21 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.05). The firm had revenue of $123.30 million for the quarter, compared to analysts’ expectations of $130.42 million. Hope Bancorp had a return on equity of 6.43% and a net margin of 10.80%. The company’s quarterly revenue was down 14.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.33 earnings per share.

Several other research analysts have also commented on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Hope Bancorp from $13.00 to $12.00 and set a “market perform” rating for the company in a research note on Wednesday. StockNews.com raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, January 6th. Finally, DA Davidson raised Hope Bancorp from a “neutral” rating to a “buy” rating and set a $12.50 price objective on the stock in a research report on Tuesday, April 30th. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Hope Bancorp has a consensus rating of “Hold” and a consensus price target of $11.83.

Hope Bancorp Stock Performance

Shares of Hope Bancorp stock opened at $10.84 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.00 and a quick ratio of 1.05. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 10.84 and a beta of 1.15. The business has a 50-day moving average of $10.87 and a 200 day moving average of $10.77. Hope Bancorp has a 12 month low of $7.42 and a 12 month high of $12.51.

Hope Bancorp Announces Dividend

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

Institutional Investors Weigh In On Hope Bancorp

A number of large investors have recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC grew its stake in shares of Hope Bancorp by 8.8% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 12,814 shares of the financial services provider’s stock worth $155,000 after purchasing an additional 1,033 shares in the last quarter. Bridge City Capital LLC lifted its holdings in Hope Bancorp by 0.8% during the 1st quarter. Bridge City Capital LLC now owns 167,405 shares of the financial services provider’s stock worth $1,927,000 after buying an additional 1,263 shares during the last quarter. CWM LLC boosted its position in shares of Hope Bancorp by 39.1% during the 1st quarter. CWM LLC now owns 8,939 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 2,513 shares in the last quarter. Swiss National Bank increased its holdings in shares of Hope Bancorp by 1.2% in the 3rd quarter. Swiss National Bank now owns 263,657 shares of the financial services provider’s stock valued at $2,333,000 after acquiring an additional 3,000 shares during the last quarter. Finally, WBI Investments Inc. raised its position in shares of Hope Bancorp by 10.4% during the 3rd quarter. WBI Investments Inc. now owns 37,843 shares of the financial services provider’s stock worth $335,000 after acquiring an additional 3,566 shares in the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

Hope Bancorp Company Profile

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.