Hope Bancorp (NASDAQ:HOPE) Shares Gap Up Following Earnings Beat

Hope Bancorp, Inc. (NASDAQ:HOPE)’s share price gapped up before the market opened on Monday following a better than expected earnings announcement. 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 for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. Hope Bancorp had a net margin of 9.81% and a return on equity of 5.52%.

Analyst Upgrades and Downgrades

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

Insider Activity at Hope Bancorp

In other news, Director Daisy Y. Ha sold 27,104 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $13.83, for a total transaction of $374,848.32. Following the completion of the sale, the director now directly owns 446,806 shares in the company, valued at $6,179,326.98. This represents a 5.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Angelee Harris sold 3,000 shares of Hope Bancorp stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $14.16, for a total value of $42,480.00. Following the completion of the transaction, the executive vice president now directly owns 19,795 shares in the company, valued at $280,297.20. This represents a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of HOPE. AE Wealth Management LLC acquired a new stake in shares of Hope Bancorp during the second quarter worth approximately $112,000. Sei Investments Co. raised its position in shares of Hope Bancorp by 10.9% during 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 boosted its holdings in shares of 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 valued at $4,186,000 after buying an additional 175,788 shares during the period. Public Sector Pension Investment Board increased its position in Hope Bancorp by 7.8% in 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 buying an additional 19,113 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Hope Bancorp by 2.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 60,099 shares of the financial services provider’s stock worth $645,000 after acquiring an additional 1,597 shares during the period. Institutional investors and hedge funds own 84.00% of the company’s stock.

Hope Bancorp Stock Down 1.9 %

The firm’s 50 day simple moving average is $12.72 and its 200 day simple moving average is $12.64. 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 company has a market cap of $1.44 billion, a price-to-earnings ratio of 14.12 and a beta of 1.16.

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.