Zacks Investment Research Downgrades Hanmi Financial Corporation (HAFC) to Sell

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 equities research analysts have also recently commented on the stock. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $31.00 target price on shares of Hanmi Financial Corporation in a research report on Wednesday, July 12th. Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of Hanmi Financial Corporation in a research report on Thursday, April 20th. Finally, FBR & Co reaffirmed an “outperform” rating and issued a $34.00 target price (down from $39.00) on shares of Hanmi Financial Corporation in a research report on Wednesday, April 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Hanmi Financial Corporation presently has a consensus rating of “Hold” and a consensus price target of $32.00.

Shares of Hanmi Financial Corporation (NASDAQ HAFC) traded down 0.434% during trading on Thursday, reaching $28.675. 32,979 shares of the company were exchanged. The stock has a 50-day moving average price of $28.57 and a 200-day moving average price of $30.11. Hanmi Financial Corporation has a one year low of $22.76 and a one year high of $35.85. The stock has a market capitalization of $919.84 million, a PE ratio of 16.672 and a beta of 0.79.

Hanmi Financial Corporation (NASDAQ:HAFC) last announced its quarterly earnings results on Tuesday, July 18th. The bank reported $0.45 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.45. The business had revenue of $52.88 million during the quarter, compared to analysts’ expectations of $50.85 million. Hanmi Financial Corporation had a net margin of 24.79% and a return on equity of 10.41%. During the same quarter in the prior year, the company posted $0.44 EPS. Analysts forecast that Hanmi Financial Corporation will post $1.82 EPS for the current year.

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Several hedge funds and other institutional investors have recently modified their holdings of the company. LSV Asset Management raised its position in shares of Hanmi Financial Corporation by 5.1% in the first quarter. LSV Asset Management now owns 949,694 shares of the bank’s stock valued at $29,203,000 after buying an additional 45,657 shares during the last quarter. Great West Life Assurance Co. Can raised its position in shares of Hanmi Financial Corporation by 7.6% in the first quarter. Great West Life Assurance Co. Can now owns 45,193 shares of the bank’s stock valued at $1,387,000 after buying an additional 3,180 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Hanmi Financial Corporation by 0.7% in the first quarter. Wells Fargo & Company MN now owns 208,259 shares of the bank’s stock valued at $6,404,000 after buying an additional 1,550 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Hanmi Financial Corporation by 43.2% in the first quarter. Fisher Asset Management LLC now owns 63,061 shares of the bank’s stock valued at $1,939,000 after buying an additional 19,009 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of Hanmi Financial Corporation by 2.3% in the first quarter. State of Alaska Department of Revenue now owns 3,570 shares of the bank’s stock valued at $109,000 after buying an additional 80 shares during the last quarter. Institutional investors own 88.22% of the company’s stock.

Hanmi Financial Corporation Company Profile

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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