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

Hanmi Financial (NASDAQ:HAFC)‘s stock had its “neutral” rating reiterated by equities research analysts at Wedbush in a note issued to investors on Wednesday, Benzinga reports. They presently have a $21.00 price objective on the bank’s stock. Wedbush’s price target suggests a potential downside of 1.32% from the company’s previous close.

HAFC has been the topic of several other reports. DA Davidson boosted their price target on shares of Hanmi Financial from $18.00 to $21.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Keefe, Bruyette & Woods upgraded shares of Hanmi Financial from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $20.00 to $22.00 in a report on Wednesday, October 2nd.

Hanmi Financial Stock Up 5.7 %

Shares of NASDAQ:HAFC traded up $1.15 during midday trading on Wednesday, hitting $21.28. 130,415 shares of the company’s stock were exchanged, compared to its average volume of 230,623. 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 50 day moving average price of $19.20 and a 200-day moving average price of $17.49. The company has a market cap of $646.64 million, a PE ratio of 8.87 and a beta of 0.87. Hanmi Financial has a 12 month low of $13.87 and a 12 month high of $21.56.

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. Hanmi Financial had a net margin of 15.84% and a return on equity of 9.66%. The business had revenue of $108.86 million for the quarter, compared to analysts’ expectations of $59.23 million. During the same period in the previous year, the company earned $0.62 earnings per share. On average, sell-side analysts anticipate that Hanmi Financial will post 1.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Hanmi Financial by 2.6% in the first quarter. Vanguard Group Inc. now owns 2,255,191 shares of the bank’s stock valued at $35,903,000 after acquiring an additional 58,097 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Hanmi Financial by 32.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,072,772 shares of the bank’s stock valued at $17,937,000 after buying an additional 261,545 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Hanmi Financial by 16.5% during the 2nd quarter. American Century Companies Inc. now owns 578,155 shares of the bank’s stock valued at $9,667,000 after buying an additional 82,087 shares in the last quarter. Acadian Asset Management LLC lifted its stake in shares of Hanmi Financial by 71.8% during the 2nd quarter. Acadian Asset Management LLC now owns 482,698 shares of the bank’s stock valued at $8,070,000 after buying an additional 201,789 shares in the last quarter. Finally, Stieven Capital Advisors L.P. lifted its stake in shares of Hanmi Financial by 19.2% during the 2nd quarter. Stieven Capital Advisors L.P. now owns 473,553 shares of the bank’s stock valued at $7,918,000 after buying an additional 76,198 shares in the last quarter. 88.66% of the stock is currently owned by hedge funds and other institutional investors.

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.