Piper Sandler Has Lowered Expectations for Hanmi Financial (NASDAQ:HAFC) Stock Price

Hanmi Financial (NASDAQ:HAFC) had its price objective lowered by equities research analysts at Piper Sandler from $34.00 to $32.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Piper Sandler’s target price suggests a potential upside of 20.89% from the company’s current price.

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

Hanmi Financial Price Performance

Shares of NASDAQ HAFC opened at $26.47 on Thursday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.35. Hanmi Financial has a 12 month low of $19.25 and a 12 month high of $30.20. The firm has a market capitalization of $791.27 million, a PE ratio of 10.55 and a beta of 0.68. The firm has a fifty day simple moving average of $26.52 and a two-hundred day simple moving average of $26.72.

Hanmi Financial (NASDAQ:HAFC) last announced its earnings results on Tuesday, January 27th. The bank reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $71.40 million. Equities analysts expect that Hanmi Financial will post 2.6 earnings per share for the current year.

Institutional Trading of Hanmi Financial

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Hanmi Financial by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 2,201,736 shares of the bank’s stock worth $59,513,000 after purchasing an additional 45,511 shares in the last quarter. State Street Corp boosted its holdings in Hanmi Financial by 0.3% in the 4th quarter. State Street Corp now owns 1,349,873 shares of the bank’s stock worth $36,487,000 after buying an additional 4,651 shares during the last quarter. American Century Companies Inc. boosted its holdings in Hanmi Financial by 7.0% in the 3rd quarter. American Century Companies Inc. now owns 932,896 shares of the bank’s stock worth $23,033,000 after buying an additional 60,876 shares during the last quarter. Geode Capital Management LLC increased its stake in Hanmi Financial by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 837,483 shares of the bank’s stock worth $22,641,000 after buying an additional 25,143 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Hanmi Financial by 30.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 786,529 shares of the bank’s stock valued at $21,260,000 after acquiring an additional 181,509 shares during the last quarter. Hedge funds and other 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.