Hanmi Financial (NASDAQ:HAFC) Rating Increased to Buy at BidaskClub

BidaskClub upgraded shares of Hanmi Financial (NASDAQ:HAFC) from a hold rating to a buy rating in a report released on Wednesday, BidAskClub reports.

A number of other equities research analysts have also recently issued reports on the stock. ValuEngine raised shares of Hanmi Financial from a sell rating to a hold rating in a research report on Wednesday, October 30th. TheStreet cut shares of Hanmi Financial from a b- rating to a c+ rating in a research report on Monday, August 12th. DA Davidson cut shares of Hanmi Financial from a buy rating to a neutral rating and reduced their target price for the company from $27.00 to $21.50 in a research report on Monday, August 12th. Finally, Zacks Investment Research raised shares of Hanmi Financial from a sell rating to a hold rating in a research report on Thursday, August 15th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $21.50.

Shares of HAFC stock traded down $0.12 during trading on Wednesday, reaching $19.77. The company’s stock had a trading volume of 89,100 shares, compared to its average volume of 170,619. Hanmi Financial has a one year low of $17.01 and a one year high of $24.18. The company has a market cap of $620.98 million, a price-to-earnings ratio of 10.41 and a beta of 1.17. The business has a fifty day moving average price of $18.64 and a 200-day moving average price of $20.36. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.34.

Hanmi Financial (NASDAQ:HAFC) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.07). The company had revenue of $50.92 million during the quarter, compared to analyst estimates of $50.96 million. Hanmi Financial had a net margin of 14.93% and a return on equity of 7.77%. Research analysts anticipate that Hanmi Financial will post 1.38 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Monday, November 4th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, November 1st. This represents a $0.96 annualized dividend and a yield of 4.86%. Hanmi Financial’s dividend payout ratio is 50.53%.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA lifted its position in Hanmi Financial by 13.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,826,963 shares of the bank’s stock worth $34,310,000 after purchasing an additional 221,218 shares during the period. Mackay Shields LLC lifted its position in Hanmi Financial by 15.9% during the third quarter. Mackay Shields LLC now owns 179,567 shares of the bank’s stock worth $3,372,000 after purchasing an additional 24,700 shares during the period. Russell Investments Group Ltd. lifted its position in Hanmi Financial by 48.3% during the third quarter. Russell Investments Group Ltd. now owns 18,201 shares of the bank’s stock worth $341,000 after purchasing an additional 5,927 shares during the period. California Public Employees Retirement System lifted its position in Hanmi Financial by 14.4% during the third quarter. California Public Employees Retirement System now owns 61,386 shares of the bank’s stock worth $1,153,000 after purchasing an additional 7,722 shares during the period. Finally, State of Tennessee Treasury Department lifted its position in Hanmi Financial by 72.0% during the third quarter. State of Tennessee Treasury Department now owns 22,513 shares of the bank’s stock worth $423,000 after purchasing an additional 9,426 shares during the period. 87.49% of the stock is owned by institutional investors and hedge funds.

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. 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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