BidaskClub Lowers Hanmi Financial (NASDAQ:HAFC) to Hold

Hanmi Financial (NASDAQ:HAFC) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Monday, February 25th.

Other research analysts have also recently issued reports about the company. Raymond James reduced their price objective on Hanmi Financial from $29.00 to $23.00 and set an “outperform” rating on the stock in a research note on Monday, October 29th. Zacks Investment Research cut Hanmi Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, December 5th. ValuEngine upgraded shares of Hanmi Financial from a “strong sell” rating to a “sell” rating in a report on Tuesday, December 25th. Finally, TheStreet upgraded shares of Hanmi Financial from a “c+” rating to a “b-” rating in a report on Wednesday, February 20th. Three analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $27.33.

Shares of HAFC stock traded down $0.68 during trading on Monday, hitting $19.90. The company’s stock had a trading volume of 339,038 shares, compared to its average volume of 169,466. The firm has a market cap of $636.39 million, a PE ratio of 10.47, a P/E/G ratio of 1.20 and a beta of 1.00. Hanmi Financial has a 52 week low of $17.56 and a 52 week 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.

Hanmi Financial (NASDAQ:HAFC) last issued its quarterly earnings data on Tuesday, January 15th. The bank reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.05). The business had revenue of $51.95 million during the quarter, compared to analysts’ expectations of $51.95 million. Hanmi Financial had a return on equity of 10.74% and a net margin of 22.35%. During the same quarter last year, the business posted $0.48 EPS. On average, research analysts expect that Hanmi Financial will post 2.13 earnings per share for the current year.

Hanmi Financial announced that its Board of Directors has approved a stock repurchase program on Thursday, January 24th that authorizes the company to repurchase 1,500,000 outstanding shares. This repurchase authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

A number of hedge funds have recently made changes to their positions in HAFC. American Century Companies Inc. raised its position in shares of Hanmi Financial by 21.1% during the 4th quarter. American Century Companies Inc. now owns 71,166 shares of the bank’s stock valued at $1,402,000 after buying an additional 12,404 shares in the last quarter. Geode Capital Management LLC grew its holdings in Hanmi Financial by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 376,391 shares of the bank’s stock valued at $7,414,000 after purchasing an additional 10,521 shares during the last quarter. FMR LLC grew its holdings in Hanmi Financial by 21.4% during the 4th quarter. FMR LLC now owns 2,405,682 shares of the bank’s stock valued at $47,391,000 after purchasing an additional 424,788 shares during the last quarter. Context BH Capital Management LP grew its holdings in Hanmi Financial by 11.3% during the 4th quarter. Context BH Capital Management LP now owns 53,573 shares of the bank’s stock valued at $1,055,000 after purchasing an additional 5,455 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan bought a new position in Hanmi Financial during the 4th quarter valued at about $1,019,000. Institutional investors and hedge funds own 90.47% of the company’s stock.

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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