Hanmi Financial (NASDAQ:HAFC) Price Target Raised to $37.00

Key Points

• Piper Sandler raised Hanmi Financial’s price target to $37 from $36 and maintained an “overweight” rating, implying 11.46% upside from the prior close.
• Analyst sentiment remains mixed: MarketBeat reports a consensus “Hold” rating and an average price target of $33.40, despite two Buy ratings and four Holds.
• Hanmi Financial shares closed at $33.20, near their 12-month high of $33.50. The bank slightly missed quarterly EPS expectations at $0.80 versus $0.81, but revenue of $76.6 million exceeded estimates.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) had its target price increased by research analysts at Piper Sandler from $36.00 to $37.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an "overweight" rating on the bank's stock. Piper Sandler's price objective suggests a potential upside of 11.46% from the stock's previous close.

Several other research firms have also commented on HAFC. DA Davidson upped their price objective on Hanmi Financial from $31.50 to $34.00 and gave the stock a "neutral" rating in a research note on Thursday, July 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Hanmi Financial in a research report on Monday, September 21st. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $33.40.

Hanmi Financial Stock Performance

Shares of HAFC traded up $0.50 on Thursday, reaching $33.20. The company's stock had a trading volume of 10,960 shares, compared to its average volume of 259,035. The stock's 50 day simple moving average is $31.54 and its two-hundred day simple moving average is $29.83. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market capitalization of $984.23 million, a P/E ratio of 11.17 and a beta of 0.75. Hanmi Financial has a 12-month low of $24.54 and a 12-month high of $33.50.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The bank reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.01). The business had revenue of $76.60 million during the quarter, compared to the consensus estimate of $75.13 million. Hanmi Financial had a return on equity of 11.20% and a net margin of 19.82%. Research analysts forecast that Hanmi Financial will post 3.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in Hanmi Financial during the third quarter valued at $866,000. SummerHaven Investment Management LLC increased its holdings in Hanmi Financial by 63.2% in the 3rd quarter. SummerHaven Investment Management LLC now owns 46,612 shares of the bank's stock valued at $1,440,000 after acquiring an additional 18,051 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in Hanmi Financial in the 2nd quarter valued at $119,000. Squarepoint Ops LLC purchased a new stake in Hanmi Financial in the 2nd quarter worth $434,000. Finally, Allworth Financial LP lifted its stake in Hanmi Financial by 62.6% in the 2nd quarter. Allworth Financial LP now owns 1,003 shares of the bank's stock worth $32,000 after purchasing an additional 386 shares in the last quarter. 88.66% of the stock is currently owned by institutional investors.

Hanmi Financial Company Profile

Hanmi Financial Corporation is the holding company for Hanmi Bank, a commercial bank headquartered in Los Angeles, California. Founded in 1982, Hanmi Bank was established to serve Korean American and other small-business communities and has developed into a full-service regional bank serving individuals, businesses, and professional organizations.

Hanmi Bank offers commercial and consumer deposit accounts, business and personal lending, commercial real estate financing, small business loans, construction loans, and trade finance services.

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