Q2 2024 Earnings Forecast for Hope Bancorp, Inc. Issued By Wedbush (NASDAQ:HOPE)

Hope Bancorp, Inc. (NASDAQ:HOPE) – Investment analysts at Wedbush dropped their Q2 2024 earnings estimates for Hope Bancorp in a report released on Tuesday, April 30th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $0.22 for the quarter, down from their previous forecast of $0.24. Wedbush currently 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 $1.09 per share. Wedbush also issued estimates for Hope Bancorp’s Q3 2024 earnings at $0.28 EPS, Q4 2024 earnings at $0.37 EPS, Q1 2025 earnings at $0.35 EPS, Q2 2025 earnings at $0.37 EPS, Q3 2025 earnings at $0.37 EPS, Q4 2025 earnings at $0.37 EPS and FY2025 earnings at $1.45 EPS.

Other research analysts also recently issued reports about the stock. StockNews.com raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, January 6th. DA Davidson raised Hope Bancorp from a “neutral” rating to a “buy” rating and set a $12.50 price objective for the company in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $11.50.

Hope Bancorp Stock Up 1.0 %

NASDAQ:HOPE opened at $10.02 on Wednesday. Hope Bancorp has a 1-year low of $7.42 and a 1-year high of $12.51. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of 10.02 and a beta of 1.13. The company has a current ratio of 1.00, a quick ratio of 1.05 and a debt-to-equity ratio of 0.43. The business’s fifty day moving average price is $10.92 and its 200 day moving average price is $10.75.

Hope Bancorp (NASDAQ:HOPE) last posted its quarterly earnings data on Monday, April 29th. The financial services provider reported $0.21 earnings per share 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 revenue for the quarter was down 14.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.33 earnings per share.

Hope Bancorp Announces Dividend

The business also recently disclosed 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. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.59%. The ex-dividend date of this dividend is Wednesday, May 8th. Hope Bancorp’s payout ratio is 56.00%.

Institutional Investors Weigh In On Hope Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Drive Wealth Management LLC bought a new position in shares of Hope Bancorp in the first quarter valued at approximately $116,000. Denali Advisors LLC boosted its holdings in Hope Bancorp by 5.0% during the first quarter. Denali Advisors LLC now owns 297,700 shares of the financial services provider’s stock valued at $3,427,000 after acquiring an additional 14,200 shares during the period. Hennion & Walsh Asset Management Inc. increased its stake in shares of Hope Bancorp by 14.6% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 40,595 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 5,184 shares during the period. Bridge City Capital LLC lifted its position in shares of 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 purchasing an additional 1,263 shares during the last quarter. Finally, CWM LLC boosted its stake in Hope Bancorp by 39.1% during the 1st quarter. CWM LLC now owns 8,939 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 2,513 shares during the period. 84.00% of the stock is currently owned by institutional investors and hedge funds.

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.