Hanmi Financial (NASDAQ:HAFC) Releases Quarterly Earnings Results, Meets Estimates

Hanmi Financial (NASDAQ:HAFC) posted its earnings results on Tuesday. The bank reported $0.49 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.49, Yahoo Finance reports. The company had revenue of $108.86 million during the quarter, compared to analysts’ expectations of $59.23 million. Hanmi Financial had a net margin of 15.84% and a return on equity of 9.66%. During the same quarter last year, the company posted $0.62 EPS.

Hanmi Financial Price Performance

Shares of HAFC stock traded up $1.48 during trading on Thursday, hitting $23.04. The company had a trading volume of 332,342 shares, compared to its average volume of 233,338. The firm has a market capitalization of $700.12 million, a P/E ratio of 9.60 and a beta of 0.87. Hanmi Financial has a one year low of $13.87 and a one year high of $23.14. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s 50-day moving average price is $19.35 and its 200 day moving average price is $17.56.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Piper Sandler upgraded shares of Hanmi Financial from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $20.00 to $25.50 in a research report on Thursday. Wedbush restated a “neutral” rating and issued a $21.00 price target on shares of Hanmi Financial in a research note on Wednesday. DA Davidson increased their price objective on Hanmi Financial from $20.00 to $22.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods raised Hanmi Financial from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $20.00 to $22.00 in a report on Wednesday, October 2nd.

About Hanmi Financial

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.