Hanmi Financial (NASDAQ:HAFC) Trading Up 7% After Analyst Upgrade

Hanmi Financial Co. (NASDAQ:HAFC)’s share price shot up 7% during mid-day trading on Thursday after Piper Sandler upgraded the stock from a neutral rating to an overweight rating. Piper Sandler now has a $25.50 price target on the stock, up from their previous price target of $20.00. Hanmi Financial traded as high as $23.07 and last traded at $23.07. 191,972 shares were traded during mid-day trading, a decline of 17% from the average session volume of 232,657 shares. The stock had previously closed at $21.56.

HAFC has been the topic of several other research reports. DA Davidson raised their price objective on shares of Hanmi Financial from $20.00 to $22.00 and gave the stock a “neutral” rating in a report on Wednesday. Keefe, Bruyette & Woods raised Hanmi Financial from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Finally, Wedbush reaffirmed a “neutral” rating and set a $21.00 price target on shares of Hanmi Financial in a research note on Wednesday.

Institutional Investors Weigh In On Hanmi Financial

Several hedge funds have recently bought and sold shares of HAFC. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Hanmi Financial in the third quarter worth about $349,000. Assenagon Asset Management S.A. grew its position in shares of Hanmi Financial by 66.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 395,244 shares of the bank’s stock valued at $7,352,000 after purchasing an additional 157,792 shares during the period. CWM LLC increased its stake in Hanmi Financial by 71.8% during the 3rd quarter. CWM LLC now owns 29,184 shares of the bank’s stock worth $543,000 after purchasing an additional 12,193 shares in the last quarter. SG Americas Securities LLC raised its holdings in Hanmi Financial by 49.1% during the 3rd quarter. SG Americas Securities LLC now owns 28,746 shares of the bank’s stock worth $535,000 after buying an additional 9,465 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. lifted its stake in Hanmi Financial by 47.0% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,773 shares of the bank’s stock valued at $63,000 after buying an additional 1,207 shares in the last quarter. 88.66% of the stock is currently owned by institutional investors and hedge funds.

Hanmi Financial Price Performance

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’s fifty day moving average price is $19.26 and its two-hundred day moving average price is $17.52. The company has a market cap of $701.03 million, a price-to-earnings ratio of 8.98 and a beta of 0.87.

Hanmi Financial (NASDAQ:HAFC) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.49 EPS for the quarter, hitting analysts’ consensus estimates of $0.49. 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 period in the prior year, the business posted $0.62 EPS. On average, equities research analysts forecast that Hanmi Financial Co. will post 1.97 EPS for the current fiscal year.

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.