Hanmi Financial (NASDAQ:HAFC) Raised to Overweight at Piper Sandler

Hanmi Financial (NASDAQ:HAFC) was upgraded by equities researchers at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued on Thursday, Marketbeat.com reports. The brokerage presently has a $25.50 price target on the bank’s stock, up from their previous price target of $20.00. Piper Sandler’s target price points to a potential upside of 18.27% from the company’s current price.

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

Hanmi Financial Price Performance

HAFC opened at $21.56 on Thursday. Hanmi Financial has a twelve month low of $13.87 and a twelve month high of $21.64. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60. The firm has a market cap of $655.14 million, a price-to-earnings ratio of 8.98 and a beta of 0.87. The company has a fifty day simple moving average of $19.26 and a 200 day simple moving average of $17.52.

Hanmi Financial (NASDAQ:HAFC) last announced its 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 business had revenue of $108.86 million for the quarter, compared to analyst estimates of $59.23 million. Hanmi Financial had a return on equity of 9.66% and a net margin of 15.84%. During the same period in the previous year, the company earned $0.62 earnings per share. Equities research analysts expect that Hanmi Financial will post 1.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. increased its stake in Hanmi Financial by 47.0% during 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 during the period. PNC Financial Services Group Inc. increased its stake in shares of Hanmi Financial by 90.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,151 shares of the bank’s stock valued at $100,000 after acquiring an additional 2,441 shares during the period. EntryPoint Capital LLC raised its holdings in Hanmi Financial by 278.4% during the first quarter. EntryPoint Capital LLC now owns 8,484 shares of the bank’s stock worth $135,000 after purchasing an additional 6,242 shares in the last quarter. Marshall Wace LLP acquired a new stake in Hanmi Financial in the second quarter worth approximately $168,000. Finally, Entropy Technologies LP bought a new position in Hanmi Financial during the 1st quarter valued at $171,000. Institutional investors and hedge funds own 88.66% of the company’s stock.

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.