Hanmi Financial (NASDAQ:HAFC) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Hanmi Financial (NASDAQ:HAFC) from a hold rating to a buy rating in a report released on Tuesday, Zacks.com reports. They currently have $24.00 price objective on the bank’s stock.

According to Zacks, “Hanmi Financial Corporation is the holding company for Hanmi Bank, one of the leading banks providing services to the multi-ethnic communities of Southern California with full service offices. Hanmi Bank is a business bank conducting a general community banking business, with its primary market encompassing multi-ethnic small business customers. The bank specializes in commercial, SBA, trade finance, and consumer lending and is a recognized community leader serving the diverse communities throughout Southern California. (PRESS RELEASE) “

Shares of Hanmi Financial stock opened at $20.83 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.45. Hanmi Financial has a 12 month low of $8.55 and a 12 month high of $22.29. The business has a fifty day simple moving average of $19.16 and a 200 day simple moving average of $19.55. The stock has a market cap of $639.42 million, a PE ratio of 9.18 and a beta of 1.35.

Hanmi Financial (NASDAQ:HAFC) last announced its quarterly earnings data on Tuesday, October 26th. The bank reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.28. Hanmi Financial had a return on equity of 11.95% and a net margin of 27.72%. During the same quarter in the previous year, the firm earned $0.53 earnings per share. Analysts expect that Hanmi Financial will post 2.4 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 26th. Shareholders of record on Monday, August 9th were paid a $0.12 dividend. The ex-dividend date was Friday, August 6th. This represents a $0.48 dividend on an annualized basis and a yield of 2.30%. Hanmi Financial’s payout ratio is 34.78%.

Large investors have recently bought and sold shares of the business. Captrust Financial Advisors acquired a new position in Hanmi Financial in the first quarter valued at about $56,000. Metropolitan Life Insurance Co NY grew its stake in Hanmi Financial by 77,888.9% in the second quarter. Metropolitan Life Insurance Co NY now owns 7,019 shares of the bank’s stock valued at $134,000 after acquiring an additional 7,010 shares during the period. Carolina Wealth Advisors LLC grew its stake in Hanmi Financial by 28.4% in the second quarter. Carolina Wealth Advisors LLC now owns 7,437 shares of the bank’s stock valued at $142,000 after acquiring an additional 1,644 shares during the period. MetLife Investment Management LLC grew its stake in Hanmi Financial by 51.5% in the second quarter. MetLife Investment Management LLC now owns 11,484 shares of the bank’s stock valued at $219,000 after acquiring an additional 3,903 shares during the period. Finally, Bank of Montreal Can grew its stake in Hanmi Financial by 38.7% in the second quarter. Bank of Montreal Can now owns 11,945 shares of the bank’s stock valued at $237,000 after acquiring an additional 3,331 shares during the period. 86.57% of the stock is owned by hedge funds and other institutional investors.

Hanmi Financial Company Profile

Hanmi Financial Corp. is a holding company, which engages in the provision of commercial banking and financial services. It offers checking, money market and savings, treasury management, and loans. The company was founded in 1982 and is headquartered in Los Angeles, CA.

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