Hanmi Financial (NASDAQ:HAFC) Upgraded by Zacks Research to Hold Rating

Key Points

• Hanmi Financial has been upgraded by Zacks Research from a "strong sell" to a "hold" rating, indicating a shift in analyst sentiment towards the company's stock.
• Piper Sandler and DA Davidson have both adjusted their target prices for Hanmi Financial, with the consensus target price now at $26.00.
• The company reported earnings of $0.50 per share for the last quarter, missing the consensus estimate by $0.12 and highlighting challenges in meeting market expectations.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Monday,Zacks.com reports.

HAFC has been the subject of several other reports. Piper Sandler reduced their target price on Hanmi Financial from $28.50 to $28.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. DA Davidson upped their target price on Hanmi Financial from $26.00 to $27.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Finally, Keefe, Bruyette & Woods upped their target price on Hanmi Financial from $27.00 to $28.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $26.00.

Hanmi Financial Trading Down 0.8%

Shares of Hanmi Financial stock opened at $24.88 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.34. The firm has a market cap of $749.53 million, a price-to-earnings ratio of 11.57 and a beta of 0.78. The business has a fifty day simple moving average of $24.35 and a 200-day simple moving average of $23.51. Hanmi Financial has a fifty-two week low of $17.92 and a fifty-two week high of $27.59.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.12). Hanmi Financial had a net margin of 15.11% and a return on equity of 8.77%. The firm had revenue of $65.21 million during the quarter, compared to analyst estimates of $65.70 million. During the same quarter last year, the company earned $0.48 EPS. On average, equities analysts forecast that Hanmi Financial will post 2.6 EPS for the current fiscal year.

Institutional Trading of Hanmi Financial

Several large investors have recently made changes to their positions in HAFC. GAMMA Investing LLC boosted its stake in Hanmi Financial by 91.4% during the 1st quarter. GAMMA Investing LLC now owns 1,426 shares of the bank's stock valued at $32,000 after purchasing an additional 681 shares during the period. Quarry LP boosted its stake in Hanmi Financial by 114.3% during the 1st quarter. Quarry LP now owns 1,830 shares of the bank's stock valued at $41,000 after purchasing an additional 976 shares during the period. Curat Global LLC bought a new stake in Hanmi Financial during the 1st quarter valued at approximately $42,000. US Bancorp DE bought a new stake in Hanmi Financial during the 1st quarter valued at approximately $42,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Hanmi Financial by 343.2% during 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 period. Institutional investors own 88.66% of the company's stock.

Hanmi Financial Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.