Hanmi Financial (NASDAQ:HAFC) Hits New 12-Month High Following Analyst Upgrade

Hanmi Financial Co. (NASDAQ:HAFC)’s share price reached a new 52-week high during mid-day trading on Wednesday 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 $21.38 and last traded at $21.23, with a volume of 38224 shares. The stock had previously closed at $20.13.

Several other analysts have also weighed in on HAFC. Wedbush reaffirmed a “neutral” rating and set a $21.00 price objective on shares of Hanmi Financial in a report on Wednesday. DA Davidson increased their target price on Hanmi Financial from $20.00 to $22.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods upgraded shares of Hanmi Financial from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $20.00 to $22.00 in a research report on Wednesday, October 2nd.

Institutional Investors Weigh In On Hanmi Financial

Institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC bought a new position in Hanmi Financial in the third quarter valued at approximately $349,000. Assenagon Asset Management S.A. boosted its position in shares of Hanmi Financial by 66.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 395,244 shares of the bank’s stock worth $7,352,000 after purchasing an additional 157,792 shares during the last quarter. CWM LLC grew its stake in shares of Hanmi Financial by 71.8% during the third 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 period. SG Americas Securities LLC increased its holdings in Hanmi Financial by 49.1% in the third 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 last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its stake in Hanmi Financial by 47.0% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,773 shares of the bank’s stock valued at $63,000 after buying an additional 1,207 shares during the period. Institutional investors and hedge funds own 88.66% of the company’s stock.

Hanmi Financial Stock Performance

The stock has a market cap of $700.12 million, a P/E ratio of 9.60 and a beta of 0.87. The stock has a fifty day simple moving average of $19.35 and a 200-day simple moving average of $17.56. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.60.

Hanmi Financial (NASDAQ:HAFC) last released its quarterly earnings data 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 analyst estimates of $59.23 million. During the same quarter last year, the firm earned $0.62 EPS. Equities analysts expect that Hanmi Financial Co. will post 1.97 earnings per share for the current fiscal 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.