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Thursday, September 24, 2020

Hope Bancorp Inc. (NASDAQ:HOPE) is Gaining Momentum on Earnings Catalyst

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The Hope Bancorp Inc. (HOPE) shares are trading at higher $8.97 and the avg recommendation for the stock is Hold. while the current analyst price target stands at $10.40.

To add more color to this target, the company’s high over the last year is $15.51 and the low is $7.06. Over the last 52 weeks, HOPE is down -42.17% while the S&P 500 is up 0.92%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, HOPE reported a profit of $119.29 million. Hope Bancorp Inc. also saw revenues increase to $166.87 million. In addition, HOPE has free cash flow of $70.47 million as of 03-2020.

HOPE booked profit margins of 22.70%, its Return on Equity (ROE) is 7.60%, and its Return on Assets is 1.00%. All told, it is clear that, HOPE needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. HOPE has a short ratio of 3.05 and outstanding shares of 124.30M.

Company Outlook

HOPE has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 1.17 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 1.22. Investors should also keep an eye on sector updates as HOPE has historically followed its peers on positive news.

All told, Hope Bancorp Inc. HOPE has strung together solid data and demonstrated underlying fundamentals. At its current valuation, HOPE represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Hope Bancorp Inc. HOPE is now commanding a market cap of 1.06B and a float of 117.04M. HOPE is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of HOPE stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in HOPE, either long or short, and we have not been compensated for this article.

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