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

Hanmi Financial Co. (NASDAQ:HAFC)’s share price rose 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 mid-day 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 research analysts have also recently weighed in on HAFC. DA Davidson lifted their price target on shares of Hanmi Financial from $20.00 to $22.00 and gave the company a “neutral” rating in a research report on Wednesday. Wedbush restated a “neutral” rating and set a $21.00 target price on shares of Hanmi Financial in a report on Wednesday. Finally, 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 report on Wednesday, October 2nd.

Hedge Funds Weigh In On Hanmi Financial

A number of hedge funds have recently bought and sold shares of HAFC. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Hanmi Financial during the third quarter worth $349,000. Assenagon Asset Management S.A. lifted its holdings in Hanmi Financial by 66.5% in the third quarter. Assenagon Asset Management S.A. now owns 395,244 shares of the bank’s stock worth $7,352,000 after acquiring an additional 157,792 shares during the last quarter. CWM LLC lifted its holdings in shares of Hanmi Financial by 71.8% in 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 during the last quarter. SG Americas Securities LLC boosted its position in Hanmi Financial by 49.1% during the 3rd quarter. SG Americas Securities LLC now owns 28,746 shares of the bank’s stock valued at $535,000 after purchasing an additional 9,465 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. grew its stake in Hanmi Financial by 47.0% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,773 shares of the bank’s stock worth $63,000 after buying an additional 1,207 shares during 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 debt-to-equity ratio of 0.60, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $700.12 million, a price-to-earnings ratio of 9.60 and a beta of 0.87. The company has a 50-day simple moving average of $19.35 and a two-hundred day simple moving average of $17.56.

Hanmi Financial (NASDAQ:HAFC) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.49 earnings per share for the quarter, meeting 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 EPS. On average, equities research analysts predict that Hanmi Financial Co. will post 1.97 earnings per share 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.