Wall Street Zen Downgrades Hanmi Financial (NASDAQ:HAFC) to Hold

Hanmi Financial (NASDAQ:HAFC) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

Other research analysts have also issued reports about the company. Keefe, Bruyette & Woods lifted their target price on Hanmi Financial from $29.00 to $30.50 and gave the stock a “market perform” rating in a report on Wednesday, October 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Hanmi Financial in a research report on Monday, December 29th. Finally, Zacks Research cut shares of Hanmi Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Hanmi Financial currently has a consensus rating of “Hold” and a consensus target price of $28.50.

Hanmi Financial Price Performance

Shares of NASDAQ:HAFC opened at $28.97 on Friday. The stock has a market cap of $867.65 million, a price-to-earnings ratio of 12.12 and a beta of 0.72. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.97 and a quick ratio of 0.97. Hanmi Financial has a 12 month low of $19.25 and a 12 month high of $30.20. The stock’s 50 day moving average price is $28.00 and its 200 day moving average price is $26.00.

Hanmi Financial (NASDAQ:HAFC) last issued its quarterly earnings results on Tuesday, October 21st. The bank reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.07. Hanmi Financial had a return on equity of 9.59% and a net margin of 16.53%.The firm had revenue of $70.96 million during the quarter, compared to analyst estimates of $67.80 million. Equities research analysts anticipate that Hanmi Financial will post 2.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hanmi Financial

Several hedge funds have recently bought and sold shares of HAFC. AlphaQuest LLC lifted its position in shares of Hanmi Financial by 201.7% in the third quarter. AlphaQuest LLC now owns 1,792 shares of the bank’s stock worth $44,000 after buying an additional 1,198 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Hanmi Financial by 343.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the bank’s stock valued at $56,000 after acquiring an additional 1,764 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Hanmi Financial by 148.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,414 shares of the bank’s stock valued at $60,000 after acquiring an additional 1,442 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Hanmi Financial by 15.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,038 shares of the bank’s stock worth $100,000 after purchasing an additional 531 shares during the last quarter. Finally, Quantbot Technologies LP boosted its position in Hanmi Financial by 397.2% during the third quarter. Quantbot Technologies LP now owns 8,597 shares of the bank’s stock worth $212,000 after purchasing an additional 6,868 shares during the period. 88.66% of the stock is owned by institutional investors and hedge funds.

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.