Hanmi Financial (NASDAQ:HAFC) Given New $32.00 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised its price target on Hanmi Financial to $32.00 (from $31.50) and maintained a Market Perform rating, implying about a 13.22% upside from the current share price.
• The broader analyst consensus is a "Hold" rating (2 Buys, 3 Holds) with a consensus price target of $31.17.
• Hanmi shares recently traded at $28.26 (market cap ~$844.8M); the company reported quarterly EPS of $0.70 (missed by $0.01) and analysts project ~2.6 EPS for the current year.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) had its target price upped by stock analysts at Keefe, Bruyette & Woods from $31.50 to $32.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' target price would suggest a potential upside of 13.22% from the stock's current price.

Other equities analysts have also issued reports about the stock. DA Davidson restated a "neutral" rating and set a $29.50 price target on shares of Hanmi Financial in a research report on Thursday, January 29th. Wall Street Zen lowered shares of Hanmi Financial from a "buy" rating to a "hold" rating in a research report on Saturday, January 24th. Piper Sandler lowered their price target on shares of Hanmi Financial from $34.00 to $32.00 and set an "overweight" rating on the stock in a research report on Thursday, April 2nd. Zacks Research lowered shares of Hanmi Financial from a "strong-buy" rating to a "hold" rating in a research report on Friday, December 26th. Finally, Weiss Ratings restated 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 data from MarketBeat.com, Hanmi Financial currently has an average rating of "Hold" and a consensus price target of $31.17.

Hanmi Financial Price Performance

HAFC traded up $0.63 on Thursday, reaching $28.26. 72,926 shares of the company's stock were exchanged, compared to its average volume of 299,124. The stock has a market cap of $844.81 million, a PE ratio of 11.27 and a beta of 0.68. Hanmi Financial has a twelve month low of $19.25 and a twelve month high of $30.20. The stock's fifty day moving average price is $26.51 and its 200-day moving average price is $26.77. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.99 and a quick ratio of 0.99.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last posted its quarterly earnings results on Tuesday, January 27th. The bank reported $0.70 earnings per share for the quarter, missing analysts' consensus estimates of $0.71 by ($0.01). The business had revenue of $71.20 million for the quarter, compared to analyst estimates of $71.40 million. Hanmi Financial had a return on equity of 9.85% and a net margin of 17.10%. Sell-side analysts expect that Hanmi Financial will post 2.6 EPS for the current year.

Hedge Funds Weigh In On Hanmi Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. AlphaQuest LLC boosted its holdings in Hanmi Financial by 201.7% in the 3rd quarter. AlphaQuest LLC now owns 1,792 shares of the bank's stock valued at $44,000 after purchasing an additional 1,198 shares during the last quarter. Royal Bank of Canada boosted its holdings in Hanmi Financial by 30.5% in the 4th quarter. Royal Bank of Canada now owns 1,880 shares of the bank's stock valued at $51,000 after purchasing an additional 439 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Hanmi Financial by 343.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the bank's stock valued at $56,000 after purchasing an additional 1,764 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Hanmi Financial by 148.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,414 shares of the bank's stock valued at $60,000 after purchasing an additional 1,442 shares during the last quarter. Finally, SummitTX Capital L.P. acquired a new position in Hanmi Financial in the 4th quarter valued at about $203,000. 88.66% of the stock is currently owned by institutional investors and hedge funds.

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.

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