Hanmi Financial (NASDAQ:HAFC) Stock Rating Reaffirmed by Wedbush

Hanmi Financial (NASDAQ:HAFC)‘s stock had its “neutral” rating reiterated by stock analysts at Wedbush in a note issued to investors on Wednesday, Benzinga reports. They currently have a $21.00 target price on the bank’s stock. Wedbush’s price objective would indicate a potential downside of 8.85% from the company’s current price.

A number of other research analysts have also recently issued reports on HAFC. Keefe, Bruyette & Woods raised Hanmi Financial from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. DA Davidson raised their price target on Hanmi Financial from $18.00 to $21.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th.

Hanmi Financial Stock Performance

Shares of NASDAQ HAFC opened at $23.04 on Wednesday. The stock’s 50-day moving average is $19.35 and its 200 day moving average is $17.56. The stock has a market cap of $700.12 million, a price-to-earnings ratio of 9.60 and a beta of 0.87. Hanmi Financial has a 1-year low of $13.87 and a 1-year high of $23.14. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60.

Hanmi Financial (NASDAQ:HAFC) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.49 EPS for the quarter, hitting the consensus estimate of $0.49. Hanmi Financial had a net margin of 15.84% and a return on equity of 9.66%. The firm had revenue of $108.86 million for the quarter, compared to the consensus estimate of $59.23 million. During the same period last year, the firm posted $0.62 earnings per share. On average, sell-side analysts anticipate that Hanmi Financial will post 1.97 EPS for the current fiscal year.

Hedge Funds Weigh In On Hanmi Financial

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

Hanmi Financial Company Profile

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.