Hanmi Financial (NASDAQ:HAFC) Stock Price Up 7% Following Analyst Upgrade

Shares of Hanmi Financial Co. (NASDAQ:HAFC) were up 7% during 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. Approximately 191,972 shares were traded during trading, a decline of 17% from the average daily volume of 232,657 shares. The stock had previously closed at $21.56.

A number of other equities research analysts have also recently issued reports on the company. DA Davidson boosted their price objective on Hanmi Financial from $20.00 to $22.00 and gave the stock a “neutral” rating in a report on Wednesday. Wedbush reaffirmed a “neutral” rating and issued a $21.00 price objective on shares of Hanmi Financial in a report on Wednesday. Finally, Keefe, Bruyette & Woods upgraded Hanmi Financial from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $20.00 to $22.00 in a research report on Wednesday, October 2nd.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Hanmi Financial by 2.6% during the first quarter. Vanguard Group Inc. now owns 2,255,191 shares of the bank’s stock valued at $35,903,000 after purchasing an additional 58,097 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Hanmi Financial by 113.5% in the first quarter. BNP Paribas Financial Markets now owns 82,130 shares of the bank’s stock valued at $1,308,000 after buying an additional 43,662 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Hanmi Financial by 147.5% during the first quarter. Acadian Asset Management LLC now owns 280,909 shares of the bank’s stock worth $4,471,000 after buying an additional 167,430 shares during the last quarter. Boston Partners acquired a new position in shares of Hanmi Financial during the first quarter worth $596,000. Finally, SG Americas Securities LLC bought a new position in shares of Hanmi Financial in the 2nd quarter valued at $322,000. Institutional investors own 88.66% of the company’s stock.

Hanmi Financial Stock Performance

The company has a fifty day moving average of $19.26 and a two-hundred day moving average of $17.52. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.00 and a current ratio of 1.00. 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 released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.49 earnings per share for the quarter, hitting the consensus estimate of $0.49. The company had revenue of $108.86 million for the quarter, compared to analysts’ expectations of $59.23 million. Hanmi Financial had a return on equity of 9.66% and a net margin of 15.84%. During the same period in the previous year, the business posted $0.62 earnings per share. Equities research analysts anticipate that Hanmi Financial Co. will post 1.97 EPS for the current 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.