Hanmi Financial (NASDAQ:HAFC) Raised to Buy at Janney Montgomery Scott

Hanmi Financial (NASDAQ:HAFC) was upgraded by equities researchers at Janney Montgomery Scott from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, MarketBeat reports.

HAFC has been the topic of a number of other reports. Piper Sandler raised shares of Hanmi Financial from a “neutral” rating to an “overweight” rating and increased their target price for the company from $20.00 to $25.50 in a research report on Thursday, October 24th. DA Davidson upped their target price on Hanmi Financial from $20.00 to $22.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods raised Hanmi Financial from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $20.00 to $22.00 in a research report on Wednesday, October 2nd. Finally, Wedbush reissued a “neutral” rating and issued a $21.00 price objective on shares of Hanmi Financial in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Hanmi Financial has a consensus rating of “Moderate Buy” and an average price target of $22.63.

Hanmi Financial Stock Performance

Shares of Hanmi Financial stock opened at $25.35 on Friday. Hanmi Financial has a one year low of $14.45 and a one year high of $26.30. The business has a 50-day simple moving average of $20.60 and a 200-day simple moving average of $18.44. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.99 and a current ratio of 1.00. The company has a market cap of $765.57 million, a PE ratio of 12.19 and a beta of 0.84.

Hanmi Financial (NASDAQ:HAFC) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.49 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.49. Hanmi Financial had a return on equity of 8.87% and a net margin of 14.80%. The company had revenue of $108.86 million during the quarter, compared to the consensus estimate of $59.23 million. During the same period in the previous year, the business earned $0.62 EPS. On average, equities research analysts forecast that Hanmi Financial will post 2.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Hanmi Financial

Several institutional investors have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Hanmi Financial by 13.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 72,133 shares of the bank’s stock valued at $1,342,000 after acquiring an additional 8,630 shares in the last quarter. PEAK6 Investments LLC purchased a new stake in Hanmi Financial in the 3rd quarter valued at approximately $309,000. FMR LLC increased its position in Hanmi Financial by 26.1% during the 3rd quarter. FMR LLC now owns 879,979 shares of the bank’s stock worth $16,368,000 after purchasing an additional 182,164 shares during the period. Cerity Partners LLC raised its stake in shares of Hanmi Financial by 60.1% during the 3rd quarter. Cerity Partners LLC now owns 34,910 shares of the bank’s stock worth $649,000 after buying an additional 13,109 shares in the last quarter. Finally, Intech Investment Management LLC lifted its holdings in shares of Hanmi Financial by 1.1% in the 3rd quarter. Intech Investment Management LLC now owns 37,706 shares of the bank’s stock valued at $701,000 after buying an additional 414 shares during the period. 88.66% of the stock is owned by institutional investors and hedge funds.

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.