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Shares of Hope Bancorp rose nearly 10% Tuesday after the bank holding company posted better-than-expected fourth-quarter earnings and announced plans to buy back stock.
The Los Angeles company reported a quarterly profit of 43 cents a share, up from 23 cents a year earlier and ahead of the 41 cents a share analysts polled by FactSet, on average, were expecting.
Hope also said its board approved the repurchase of up to $50 million of common stock.
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Since 25.01.2022 the stock is consolidating within an area ranging from $17.64 - $15.82.
WHAT DO I EXPECT NEXT?
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I can imagine that the Hope Bancorp stock will continue to consolidate within the range and might break out of its consolidation channel as soon as the entire market has strength. If the stock moves above $17.64 with higher than average volume, it might be beneficial to buy the stock. When the stock price closes below its temporary low at $15.82 the trading scenario is invalid.
What are your thoughts? Leave a comment down below 👇
🚫 No investment advice, I am just displaying my personal opinion which might be wrong!
