Weiss Ratings Reiterates "Hold (C)" Rating for Hanmi Financial (NASDAQ:HAFC)

Key Points

• Weiss Ratings has reaffirmed a "Hold (C)" rating for Hanmi Financial (NASDAQ: HAFC), indicating a cautious outlook on the stock.
• After recent analyses, Hanmi Financial has a consensus rating of "Hold" with an average target price of $26.00.
• Hanmi Financial reported a miss in quarterly earnings, with earnings per share of $0.50 compared to the consensus estimate of $0.62.

Hanmi Financial (NASDAQ:HAFC - Get Free Report)'s stock had its "hold (c)" rating reaffirmed by Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Several other equities research analysts also recently weighed in on HAFC. Piper Sandler cut their price target on Hanmi Financial from $28.50 to $28.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Zacks Research raised shares of Hanmi Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, September 22nd. Keefe, Bruyette & Woods increased their target price on shares of Hanmi Financial from $27.00 to $28.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. Finally, DA Davidson increased their target price on shares of Hanmi Financial from $26.00 to $27.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Hanmi Financial currently has a consensus rating of "Hold" and an average target price of $26.00.

Hanmi Financial Price Performance

Shares of HAFC opened at $24.65 on Wednesday. The business's 50-day moving average is $24.41 and its two-hundred day moving average is $23.72. The company has a market capitalization of $742.61 million, a P/E ratio of 11.47 and a beta of 0.71. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.97 and a current ratio of 0.98. Hanmi Financial has a fifty-two week low of $18.70 and a fifty-two week high of $27.59.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last announced its quarterly earnings results 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). The company had revenue of $65.21 million for the quarter, compared to analyst estimates of $65.70 million. Hanmi Financial had a return on equity of 8.77% and a net margin of 15.11%.During the same period in the prior year, the business posted $0.48 earnings per share. Research analysts predict that Hanmi Financial will post 2.6 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its stake in Hanmi Financial by 91.4% in the 1st quarter. GAMMA Investing LLC now owns 1,426 shares of the bank's stock valued at $32,000 after buying an additional 681 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Hanmi Financial by 8,375.5% in the 1st quarter. Russell Investments Group Ltd. now owns 45,598 shares of the bank's stock worth $1,033,000 after purchasing an additional 45,060 shares in the last quarter. SG Americas Securities LLC lifted its stake in Hanmi Financial by 1.9% in the 1st quarter. SG Americas Securities LLC now owns 25,406 shares of the bank's stock worth $576,000 after purchasing an additional 480 shares in the last quarter. Walleye Capital LLC purchased a new position in Hanmi Financial in the 1st quarter worth approximately $323,000. Finally, EP Wealth Advisors LLC purchased a new position in Hanmi Financial in the 1st quarter worth approximately $258,000. 88.66% of the stock is owned by hedge funds and other institutional investors.

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.

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