Hanmi Financial (NASDAQ:HAFC) Upgraded by Janney Montgomery Scott to “Buy” Rating

Hanmi Financial (NASDAQ:HAFC) was upgraded by analysts at Janney Montgomery Scott from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, Marketbeat.com reports.

A number of other brokerages also recently commented on HAFC. DA Davidson lifted their price objective on Hanmi Financial from $20.00 to $22.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods raised Hanmi Financial from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Piper Sandler raised shares of Hanmi Financial from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $20.00 to $25.50 in a research report on Thursday, October 24th. Finally, Wedbush reissued a “neutral” rating and issued a $21.00 price objective on shares of Hanmi Financial in a report on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.63.

Hanmi Financial Price Performance

Shares of NASDAQ HAFC opened at $25.65 on Friday. The firm has a 50-day simple moving average of $20.87 and a 200-day simple moving average of $18.55. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $774.63 million, a price-to-earnings ratio of 12.33 and a beta of 0.84. Hanmi Financial has a 52 week low of $14.45 and a 52 week high of $26.30.

Hanmi Financial (NASDAQ:HAFC) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.49 EPS for the quarter, meeting analysts’ consensus estimates of $0.49. Hanmi Financial had a net margin of 14.80% and a return on equity of 8.87%. The company had revenue of $108.86 million during the quarter, compared to the consensus estimate of $59.23 million. During the same quarter in the prior year, the firm earned $0.62 EPS. On average, equities analysts predict that Hanmi Financial will post 2 earnings per share for the current fiscal year.

Institutional Trading of Hanmi Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Intech Investment Management LLC lifted its position in Hanmi Financial by 1.1% in the third quarter. Intech Investment Management LLC now owns 37,706 shares of the bank’s stock valued at $701,000 after buying an additional 414 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Hanmi Financial by 8.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,568 shares of the bank’s stock valued at $193,000 after acquiring an additional 911 shares during the period. EMC Capital Management lifted its holdings in shares of Hanmi Financial by 8.9% in the 1st quarter. EMC Capital Management now owns 11,768 shares of the bank’s stock worth $187,000 after acquiring an additional 958 shares during the last quarter. Royce & Associates LP boosted its position in shares of Hanmi Financial by 0.6% during the 3rd quarter. Royce & Associates LP now owns 192,802 shares of the bank’s stock worth $3,586,000 after purchasing an additional 1,089 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in Hanmi Financial by 47.0% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,773 shares of the bank’s stock valued at $63,000 after purchasing an additional 1,207 shares during the last quarter. 88.66% of the stock is owned by institutional investors and hedge funds.

About Hanmi Financial

Hanmi Financial Corporation operates as the holding company for Hanmi Bank that provides business banking products and services in the United States. It offers various deposit products, including noninterest-bearing checking accounts, savings accounts, negotiable order of withdrawal accounts, money market accounts, and certificates of deposit.