Brokerages expect Hanmi Financial Corp (NASDAQ:HAFC) to report $51.20 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Hanmi Financial’s earnings, with estimates ranging from $50.70 million to $51.60 million. Hanmi Financial posted sales of $50.99 million during the same quarter last year, which suggests a positive year-over-year growth rate of 0.4%. The firm is scheduled to announce its next quarterly earnings results after the market closes on Tuesday, April 23rd.
According to Zacks, analysts expect that Hanmi Financial will report full year sales of $210.60 million for the current year, with estimates ranging from $207.70 million to $215.40 million. For the next fiscal year, analysts forecast that the business will report sales of $220.83 million, with estimates ranging from $215.70 million to $228.30 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Hanmi Financial.
Hanmi Financial (NASDAQ:HAFC) last released its quarterly earnings results on Tuesday, January 15th. The bank reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). The business had revenue of $51.95 million for the quarter, compared to the consensus estimate of $51.95 million. Hanmi Financial had a return on equity of 10.74% and a net margin of 22.35%. During the same period in the prior year, the business posted $0.48 earnings per share.
Several analysts recently commented on the company. ValuEngine upgraded Hanmi Financial from a “strong sell” rating to a “sell” rating in a report on Tuesday, December 25th. Zacks Investment Research raised shares of Hanmi Financial from a “sell” rating to a “hold” rating in a research report on Friday, December 28th. BidaskClub raised Hanmi Financial from a “strong sell” rating to a “sell” rating in a research report on Monday, April 1st. Raymond James lowered Hanmi Financial from an “outperform” rating to a “market perform” rating in a report on Monday, January 7th. Finally, TheStreet upgraded shares of Hanmi Financial from a “c+” rating to a “b-” rating in a research report on Wednesday, February 20th. Three analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Hanmi Financial has an average rating of “Hold” and an average target price of $27.33.
In other news, Director Joseph K. Rho sold 10,496 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $22.32, for a total value of $234,270.72. Following the sale, the director now directly owns 376,039 shares of the company’s stock, valued at $8,393,190.48. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.68% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Flinton Capital Management LLC grew its holdings in shares of Hanmi Financial by 30.3% during the fourth quarter. Flinton Capital Management LLC now owns 5,544 shares of the bank’s stock valued at $109,000 after buying an additional 1,288 shares during the last quarter. Neuburgh Advisers LLC boosted its position in shares of Hanmi Financial by 30.3% during the fourth quarter. Neuburgh Advisers LLC now owns 6,732 shares of the bank’s stock valued at $133,000 after buying an additional 1,564 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its holdings in Hanmi Financial by 356.5% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 10,604 shares of the bank’s stock worth $209,000 after buying an additional 8,281 shares in the last quarter. Oregon Public Employees Retirement Fund bought a new stake in Hanmi Financial in the 4th quarter worth about $238,000. Finally, Magnus Financial Group LLC bought a new stake in Hanmi Financial in the 4th quarter worth about $280,000. 90.47% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:HAFC traded down $0.02 during trading hours on Monday, hitting $22.22. The company’s stock had a trading volume of 79,024 shares, compared to its average volume of 196,292. Hanmi Financial has a twelve month low of $17.56 and a twelve month high of $31.85. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $687.72 million, a PE ratio of 11.69, a price-to-earnings-growth ratio of 1.31 and a beta of 0.99.
Hanmi Financial announced that its Board of Directors has approved a share repurchase program on Thursday, January 24th that authorizes the company to repurchase 1,500,000 outstanding shares. This repurchase authorization authorizes the bank to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
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. The company offers various deposit products, including noninterest-bearing checking accounts, interest-bearing checking and savings accounts, negotiable order of withdrawal accounts, money market accounts, and certificates of deposit.
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