Hanmi Financial (NASDAQ:HAFC) Stock Rating Upgraded by Piper Sandler

Hanmi Financial (NASDAQ:HAFC) was upgraded by investment analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a $25.50 target price on the bank’s stock, up from their prior target price of $20.00. Piper Sandler’s price target would indicate a potential upside of 18.27% from the company’s previous close.

Several other research firms have also issued reports on HAFC. DA Davidson lifted their price objective on shares of Hanmi Financial from $20.00 to $22.00 and gave the company a “neutral” rating in a research note on Wednesday. Keefe, Bruyette & Woods raised Hanmi Financial from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $20.00 to $22.00 in a report on Wednesday, October 2nd. Finally, Wedbush reaffirmed a “neutral” rating and set a $21.00 target price on shares of Hanmi Financial in a research report on Wednesday.

Hanmi Financial Trading Up 7.1 %

NASDAQ HAFC opened at $21.56 on Thursday. The firm’s 50 day moving average price is $19.26 and its two-hundred day moving average price is $17.52. The stock has a market cap of $655.14 million, a price-to-earnings ratio of 8.98 and a beta of 0.87. Hanmi Financial has a twelve month low of $13.87 and a twelve month high of $21.64. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.00 and a current ratio of 1.00.

Hanmi Financial (NASDAQ:HAFC) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.49 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.49. Hanmi Financial had a net margin of 15.84% and a return on equity of 9.66%. The business had revenue of $108.86 million during the quarter, compared to analyst estimates of $59.23 million. During the same period in the prior year, the firm earned $0.62 earnings per share. Equities analysts anticipate that Hanmi Financial will post 1.97 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its position in Hanmi Financial by 8.5% during the second quarter. The Manufacturers Life Insurance Company now owns 11,568 shares of the bank’s stock worth $193,000 after acquiring an additional 911 shares during the period. EMC Capital Management raised its position in shares of Hanmi Financial by 8.9% during the first quarter. EMC Capital Management now owns 11,768 shares of the bank’s stock valued at $187,000 after buying an additional 958 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of Hanmi Financial by 47.0% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,773 shares of the bank’s stock valued at $63,000 after buying an additional 1,207 shares during the period. Allspring Global Investments Holdings LLC grew its position in Hanmi Financial by 10.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 17,559 shares of the bank’s stock worth $280,000 after buying an additional 1,730 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC increased its stake in Hanmi Financial by 3.8% during the first quarter. O Shaughnessy Asset Management LLC now owns 54,423 shares of the bank’s stock valued at $866,000 after acquiring an additional 2,004 shares during the period. 88.66% of the stock is owned by institutional investors.

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.