Hope Bancorp, Inc. (NASDAQ:HOPE – Get Free Report)’s share price gapped up before the market opened on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $12.12, but opened at $12.62. Hope Bancorp shares last traded at $11.86, with a volume of 272,799 shares trading hands.
The financial services provider reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. Hope Bancorp had a return on equity of 5.52% and a net margin of 9.81%.
Wall Street Analyst Weigh In
Separately, StockNews.com upgraded shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, December 6th.
Insider Transactions at Hope Bancorp
In other news, EVP Angelee Harris sold 3,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $14.16, for a total transaction of $42,480.00. Following the transaction, the executive vice president now directly owns 19,795 shares of the company’s stock, valued at $280,297.20. This represents a 13.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven Koh sold 96,620 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $13.33, for a total transaction of $1,287,944.60. Following the sale, the director now owns 3,167,023 shares of the company’s stock, valued at $42,216,416.59. This trade represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,224 shares of company stock valued at $1,737,873. Insiders own 5.29% of the company’s stock.
Hedge Funds Weigh In On Hope Bancorp
Hedge funds have recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB boosted its holdings in Hope Bancorp by 31.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 3,563 shares of the financial services provider’s stock worth $44,000 after buying an additional 848 shares during the period. Quantinno Capital Management LP lifted its position in Hope Bancorp by 8.5% during the third quarter. Quantinno Capital Management LP now owns 11,729 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 919 shares during the last quarter. CWM LLC increased its stake in Hope Bancorp by 15.7% during the third quarter. CWM LLC now owns 9,109 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 1,238 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Hope Bancorp by 2.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 60,099 shares of the financial services provider’s stock valued at $645,000 after purchasing an additional 1,597 shares during the last quarter. Finally, Intech Investment Management LLC raised its stake in shares of Hope Bancorp by 3.7% in the third quarter. Intech Investment Management LLC now owns 48,464 shares of the financial services provider’s stock valued at $609,000 after acquiring an additional 1,744 shares during the period. 84.00% of the stock is currently owned by institutional investors.
Hope Bancorp Stock Performance
The business has a 50 day moving average price of $12.70 and a 200 day moving average price of $12.65. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.10. The stock has a market cap of $1.48 billion, a P/E ratio of 14.58 and a beta of 1.16.
About Hope Bancorp
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.
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