Zacks Investment Research upgraded shares of Hanmi Financial (NASDAQ:HAFC) from a hold rating to a strong-buy rating in a research note issued to investors on Monday. The firm currently has $35.00 target price on the bank’s stock.
According to Zacks, “Hanmi Financial Corporation is the holding company for Hanmi Bank, one of the leading banks providing services to the multi-ethnic communities of Southern California with full service offices. Hanmi Bank is a business bank conducting a general community banking business, with its primary market encompassing multi-ethnic small business customers. The bank specializes in commercial, SBA, trade finance, and consumer lending and is a recognized community leader serving the diverse communities throughout Southern California. (PRESS RELEASE) “
Other research analysts have also recently issued reports about the stock. ValuEngine upgraded shares of Hanmi Financial from a hold rating to a buy rating in a report on Wednesday, September 27th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $32.00 price objective on shares of Hanmi Financial in a report on Friday, December 22nd. BidaskClub cut shares of Hanmi Financial from a buy rating to a hold rating in a report on Tuesday, December 12th. Finally, Piper Jaffray Companies reiterated a hold rating and issued a $31.00 price objective on shares of Hanmi Financial in a report on Friday, October 6th. Four analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of Buy and an average price target of $33.00.
Hanmi Financial (NASDAQ HAFC) traded down $0.10 during midday trading on Monday, reaching $29.95. 151,800 shares of the company’s stock traded hands, compared to its average volume of 170,700. Hanmi Financial has a 1 year low of $25.45 and a 1 year high of $35.85. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.41. The company has a market cap of $973.90, a PE ratio of 16.73, a price-to-earnings-growth ratio of 1.83 and a beta of 0.79.
Hanmi Financial (NASDAQ:HAFC) last posted its earnings results on Tuesday, October 17th. The bank reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $53.74 million during the quarter, compared to analysts’ expectations of $53.30 million. Hanmi Financial had a net margin of 24.54% and a return on equity of 10.60%. During the same quarter in the prior year, the firm earned $0.41 EPS. equities research analysts anticipate that Hanmi Financial will post 1.81 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its stake in Hanmi Financial by 17.6% during the second quarter. Victory Capital Management Inc. now owns 5,112 shares of the bank’s stock valued at $145,000 after purchasing an additional 765 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Hanmi Financial in the 3rd quarter valued at approximately $218,000. Aperio Group LLC purchased a new stake in shares of Hanmi Financial in the 3rd quarter valued at approximately $233,000. Airain ltd purchased a new stake in shares of Hanmi Financial in the 2nd quarter valued at approximately $226,000. Finally, Janney Capital Management LLC purchased a new stake in shares of Hanmi Financial in the 3rd quarter valued at approximately $258,000. 89.95% of the stock is owned by institutional investors and hedge funds.
About Hanmi Financial
Hanmi Financial Corporation is the holding company for Hanmi Bank (the Bank). The Bank is a community bank conducting general business banking, with its primary market encompassing the Korean-American community, as well as other ethnic communities across California, Colorado, Georgia, Illinois, New York, Texas, Virginia and Washington.
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