Hanmi Financial Corporation (NASDAQ:HAFC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday, July 20th.
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) “
Several other research firms have also commented on HAFC. Piper Jaffray Companies reaffirmed a “hold” rating and set a $31.00 target price on shares of Hanmi Financial Corporation in a report on Wednesday, July 12th. Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of Hanmi Financial Corporation in a report on Thursday, April 20th. Finally, FBR & Co reaffirmed an “outperform” rating and set a $34.00 target price (down previously from $39.00) on shares of Hanmi Financial Corporation in a report on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $32.00.
Hanmi Financial Corporation (NASDAQ HAFC) traded down 0.35% during mid-day trading on Thursday, hitting $28.65. 88,002 shares of the company’s stock were exchanged. Hanmi Financial Corporation has a 12 month low of $22.76 and a 12 month high of $35.85. The stock has a market cap of $919.03 million, a PE ratio of 16.66 and a beta of 0.80. The stock’s 50 day moving average price is $28.63 and its 200-day moving average price is $30.27.
Hanmi Financial Corporation (NASDAQ:HAFC) last released its earnings results on Tuesday, July 18th. The bank reported $0.45 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.45. Hanmi Financial Corporation had a net margin of 24.79% and a return on equity of 10.41%. The company had revenue of $52.88 million for the quarter, compared to analyst estimates of $50.85 million. During the same quarter last year, the firm earned $0.44 EPS. Equities analysts expect that Hanmi Financial Corporation will post $1.82 EPS for the current fiscal year.
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Large investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Hanmi Financial Corporation by 48,878.9% in the first quarter. BlackRock Inc. now owns 3,983,942 shares of the bank’s stock worth $122,506,000 after buying an additional 3,975,808 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Hanmi Financial Corporation by 3.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,913,681 shares of the bank’s stock worth $58,846,000 after buying an additional 71,097 shares during the period. Vanguard Group Inc. raised its stake in shares of Hanmi Financial Corporation by 5.3% in the first quarter. Vanguard Group Inc. now owns 1,661,914 shares of the bank’s stock worth $51,104,000 after buying an additional 83,123 shares during the period. FMR LLC raised its stake in shares of Hanmi Financial Corporation by 1.4% in the first quarter. FMR LLC now owns 1,350,499 shares of the bank’s stock worth $41,528,000 after buying an additional 18,000 shares during the period. Finally, State Street Corp raised its stake in shares of Hanmi Financial Corporation by 11.6% in the first quarter. State Street Corp now owns 1,014,542 shares of the bank’s stock worth $31,194,000 after buying an additional 105,588 shares during the period. 88.27% of the stock is currently owned by institutional investors and hedge funds.
About Hanmi Financial Corporation
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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