Hope Bancorp (NASDAQ:HOPE) Shares Gap Up on Strong Earnings

Hope Bancorp, Inc. (NASDAQ:HOPE) 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 changing hands.

The financial services provider reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate 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 Analysts Forecast Growth

Separately, StockNews.com raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, December 6th.

Insiders Place Their Bets

In related news, EVP Angelee Harris sold 3,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $14.16, for a total transaction of $42,480.00. Following the completion of the sale, the executive vice president now directly owns 19,795 shares of the company’s stock, valued at approximately $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 accessible through this hyperlink. Also, Director Steven Koh sold 96,620 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now owns 3,167,023 shares in the company, valued at $42,216,416.59. The trade was a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 129,224 shares of company stock valued at $1,737,873 over the last quarter. Insiders own 5.29% of the company’s stock.

Institutional Investors Weigh In On Hope Bancorp

Hedge funds have recently made changes to their positions in the company. AE Wealth Management LLC bought a new position in shares of Hope Bancorp in the second quarter valued at approximately $112,000. Sei Investments Co. increased its position in Hope Bancorp by 10.9% in the 2nd quarter. Sei Investments Co. now owns 210,562 shares of the financial services provider’s stock valued at $2,262,000 after acquiring an additional 20,641 shares in the last quarter. Thrivent Financial for Lutherans raised its position in Hope Bancorp by 82.2% in the 2nd quarter. Thrivent Financial for Lutherans now owns 389,706 shares of the financial services provider’s stock worth $4,186,000 after purchasing an additional 175,788 shares during the last quarter. Public Sector Pension Investment Board raised its position in shares of Hope Bancorp by 7.8% during the second quarter. Public Sector Pension Investment Board now owns 265,341 shares of the financial services provider’s stock worth $2,850,000 after acquiring an additional 19,113 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Hope Bancorp by 2.7% during the second quarter. The Manufacturers Life Insurance Company now owns 60,099 shares of the financial services provider’s stock worth $645,000 after buying an additional 1,597 shares during the last quarter. Institutional investors and hedge funds own 84.00% of the company’s stock.

Hope Bancorp Stock Down 1.9 %

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 firm has a market cap of $1.44 billion, a P/E ratio of 14.12 and a beta of 1.16. The business has a fifty day moving average of $12.72 and a 200 day moving average of $12.64.

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.