Hanmi Financial (NASDAQ:HAFC) Stock Rating Upgraded by Janney Montgomery Scott

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

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

Hanmi Financial Stock Up 1.2 %

Shares of HAFC stock opened at $25.65 on Friday. The company has a market cap of $774.63 million, a price-to-earnings ratio of 12.33 and a beta of 0.84. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.00 and a quick ratio of 0.99. The stock’s fifty day moving average price is $20.87 and its 200 day moving average price is $18.55. Hanmi Financial has a 1-year low of $14.45 and a 1-year high of $26.30.

Hanmi Financial (NASDAQ:HAFC) last posted 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. The company had revenue of $108.86 million during the quarter, compared to analyst estimates of $59.23 million. Hanmi Financial had a net margin of 14.80% and a return on equity of 8.87%. During the same period last year, the firm posted $0.62 EPS. On average, research analysts expect that Hanmi Financial will post 2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Intech Investment Management LLC grew its stake in 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 acquiring an additional 414 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Hanmi Financial by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 11,568 shares of the bank’s stock valued at $193,000 after purchasing an additional 911 shares during the period. EMC Capital Management increased its stake in shares of Hanmi Financial by 8.9% during the first quarter. EMC Capital Management now owns 11,768 shares of the bank’s stock worth $187,000 after purchasing an additional 958 shares in the last quarter. Royce & Associates LP raised its position in shares of Hanmi Financial by 0.6% during the 3rd quarter. Royce & Associates LP now owns 192,802 shares of the bank’s stock worth $3,586,000 after purchasing an additional 1,089 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its stake in Hanmi Financial by 47.0% in the 2nd 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 in the last quarter. 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.