Hanmi Financial (NASDAQ:HAFC) Sets New 1-Year High – Here’s Why

Hanmi Financial Corporation (NASDAQ:HAFC) hit a new 52-week high during trading on Wednesday . The company traded as high as $29.46 and last traded at $29.6240, with a volume of 77499 shares trading hands. The stock had previously closed at $28.09.

Analysts Set New Price Targets

A number of research firms have recently weighed in on HAFC. Zacks Research downgraded Hanmi Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Keefe, Bruyette & Woods increased their price objective on Hanmi Financial from $29.00 to $30.50 and gave the stock a “market perform” rating in a report on Wednesday, October 22nd. Wall Street Zen upgraded shares of Hanmi Financial from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Hanmi Financial in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $28.50.

Hanmi Financial Stock Performance

The company has a market cap of $867.65 million, a price-to-earnings ratio of 12.12 and a beta of 0.72. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a fifty day simple moving average of $28.00 and a 200 day simple moving average of $26.00.

Hanmi Financial (NASDAQ:HAFC) last posted its quarterly earnings data on Tuesday, October 21st. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.07. The business had revenue of $70.96 million during the quarter, compared to the consensus estimate of $67.80 million. Hanmi Financial had a net margin of 16.53% and a return on equity of 9.59%. On average, sell-side analysts expect that Hanmi Financial Corporation will post 2.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hanmi Financial

A number of institutional investors have recently made changes to their positions in the business. Royal Bank of Canada boosted its stake in Hanmi Financial by 8.1% during the 1st quarter. Royal Bank of Canada now owns 16,441 shares of the bank’s stock valued at $372,000 after purchasing an additional 1,234 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Hanmi Financial by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,892 shares of the bank’s stock worth $405,000 after buying an additional 780 shares during the period. Empowered Funds LLC lifted its holdings in shares of Hanmi Financial by 5.4% during the first quarter. Empowered Funds LLC now owns 114,624 shares of the bank’s stock worth $2,597,000 after buying an additional 5,920 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Hanmi Financial by 26.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,708 shares of the bank’s stock valued at $1,942,000 after acquiring an additional 18,112 shares during the period. Finally, Jane Street Group LLC grew its stake in shares of Hanmi Financial by 352.6% in the first quarter. Jane Street Group LLC now owns 44,723 shares of the bank’s stock worth $1,013,000 after acquiring an additional 34,841 shares during the last quarter. 88.66% of the stock is currently owned by institutional investors.

About Hanmi Financial

Hanmi Financial Corporation is a bank holding company based in California, primarily operating through its wholly owned subsidiary, Hanmi Bank. Established in 1982 to serve the Korean‐American community in Los Angeles, the company has expanded its footprint to include branch locations throughout California as well as markets in Illinois, Texas and Washington State. Hanmi Bank offers a comprehensive suite of commercial and consumer banking products designed to meet the needs of small and medium‐sized businesses, professionals and individual clients.

On the commercial banking side, Hanmi Bank provides business checking and savings accounts, lines of credit, commercial real estate lending and SBA‐guaranteed loans.