Hanmi Financial (NASDAQ:HAFC) Price Target Lowered to $32.00 at Piper Sandler

Hanmi Financial (NASDAQ:HAFC) had its price objective decreased by equities researchers at Piper Sandler from $34.00 to $32.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Piper Sandler’s target price indicates a potential upside of 22.65% from the company’s current price.

Several other research analysts have also recently weighed in on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Hanmi Financial in a research report on Monday, December 29th. DA Davidson reiterated a “neutral” rating and issued a $29.50 price objective on shares of Hanmi Financial in a research report on Thursday, January 29th. Zacks Research cut Hanmi Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Finally, Wall Street Zen downgraded Hanmi Financial from a “buy” rating to a “hold” rating in a research report on Saturday, January 24th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Hanmi Financial has an average rating of “Hold” and an average price target of $30.67.

Hanmi Financial Stock Down 1.9%

Shares of NASDAQ HAFC opened at $26.09 on Thursday. Hanmi Financial has a 12-month low of $19.25 and a 12-month high of $30.20. The firm’s 50-day simple moving average is $26.63 and its 200 day simple moving average is $26.71. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.35. The company has a market cap of $779.86 million, a price-to-earnings ratio of 10.39 and a beta of 0.68.

Hanmi Financial (NASDAQ:HAFC) last posted its quarterly earnings data on Tuesday, January 27th. The bank reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.01). Hanmi Financial had a net margin of 17.10% and a return on equity of 9.85%. The company had revenue of $71.20 million during the quarter, compared to analyst estimates of $71.40 million. On average, research analysts expect that Hanmi Financial will post 2.6 earnings per share for the current fiscal year.

Institutional Trading of Hanmi Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. Virtu Financial LLC bought a new position in shares of Hanmi Financial in the 4th quarter worth $234,000. Mercer Global Advisors Inc. ADV acquired a new position in Hanmi Financial in the fourth quarter valued at about $265,000. State of Tennessee Department of Treasury lifted its stake in Hanmi Financial by 559.9% in the fourth quarter. State of Tennessee Department of Treasury now owns 49,633 shares of the bank’s stock valued at $1,319,000 after buying an additional 42,112 shares during the period. EP Wealth Advisors LLC bought a new position in Hanmi Financial during the fourth quarter worth about $320,000. Finally, XTX Topco Ltd grew its position in shares of Hanmi Financial by 20.6% during the 4th quarter. XTX Topco Ltd now owns 19,888 shares of the bank’s stock worth $538,000 after buying an additional 3,399 shares during the period. Institutional investors own 88.66% of the company’s stock.

About Hanmi Financial

Hanmi Financial Corporation is a bank holding company based in California, primarily operating through its wholly owned subsidiary, Hanmi Bank. Established in 1982 to serve the Korean?American community in Los Angeles, the company has expanded its footprint to include branch locations throughout California as well as markets in Illinois, Texas and Washington State. Hanmi Bank offers a comprehensive suite of commercial and consumer banking products designed to meet the needs of small and medium?sized businesses, professionals and individual clients.

On the commercial banking side, Hanmi Bank provides business checking and savings accounts, lines of credit, commercial real estate lending and SBA?guaranteed loans.