Hanmi Financial (NASDAQ:HAFC) Posts Quarterly Earnings Results, Hits Expectations

Hanmi Financial (NASDAQ:HAFC) announced its earnings results on Tuesday. The bank reported $0.49 EPS for the quarter, meeting the consensus estimate of $0.49, Yahoo Finance reports. Hanmi Financial had a net margin of 15.84% and a return on equity of 9.66%. 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 company posted $0.62 earnings per share.

Hanmi Financial Stock Up 7.1 %

Hanmi Financial stock opened at $21.56 on Thursday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $655.14 million, a P/E ratio of 8.98 and a beta of 0.87. The firm has a 50 day moving average price of $19.26 and a 200-day moving average price of $17.52. Hanmi Financial has a twelve month low of $13.87 and a twelve month high of $21.64.

Analyst Ratings Changes

A number of brokerages have issued reports on HAFC. DA Davidson upped their price objective on shares of Hanmi Financial from $20.00 to $22.00 and gave the stock a “neutral” rating in a research report on Wednesday. Keefe, Bruyette & Woods raised Hanmi Financial from a “market perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a report on Wednesday, October 2nd. Wedbush reiterated a “neutral” rating and set a $21.00 price target on shares of Hanmi Financial in a report on Wednesday. Finally, Piper Sandler upgraded Hanmi Financial from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $20.00 to $25.50 in a research note on Thursday.

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.