BidaskClub Downgrades Hanmi Financial (NASDAQ:HAFC) to Sell

BidaskClub downgraded shares of Hanmi Financial (NASDAQ:HAFC) from a hold rating to a sell rating in a research report released on Friday, January 5th.

Several other analysts have also recently weighed in on the stock. Zacks Investment Research raised shares of Hanmi Financial from a sell rating to a hold rating in a research note on Tuesday, December 19th. ValuEngine cut shares of Hanmi Financial from a buy rating to a hold rating in a research note on Thursday, November 9th. Piper Jaffray Companies reissued a hold rating and issued a $31.00 price target on shares of Hanmi Financial in a research note on Friday, October 6th. Finally, Keefe, Bruyette & Woods reissued a hold rating and issued a $32.00 price target on shares of Hanmi Financial in a research note on Friday, December 22nd. Four analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Hanmi Financial has an average rating of Buy and a consensus target price of $33.00.

Shares of Hanmi Financial (HAFC) traded down $0.35 during midday trading on Friday, reaching $31.60. 126,571 shares of the company traded hands, compared to its average volume of 141,297. Hanmi Financial has a one year low of $25.45 and a one year high of $34.55. The stock has a market cap of $1,036.19, a PE ratio of 18.59, a PEG ratio of 1.72 and a beta of 0.79. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.00 and a current ratio of 1.02.

Hanmi Financial (NASDAQ:HAFC) last announced its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.48 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.48. Hanmi Financial had a net margin of 22.52% and a return on equity of 10.59%. The company had revenue of $54.03 million during the quarter, compared to analysts’ expectations of $54.53 million. research analysts anticipate that Hanmi Financial will post 2.32 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Monday, February 5th will be paid a $0.24 dividend. This is a boost from Hanmi Financial’s previous quarterly dividend of $0.21. The ex-dividend date is Friday, February 2nd. This represents a $0.96 annualized dividend and a dividend yield of 3.04%. Hanmi Financial’s dividend payout ratio is 49.41%.

In other news, Director John J. Ahn purchased 3,000 shares of the company’s stock in a transaction dated Friday, January 26th. The stock was acquired at an average price of $31.56 per share, with a total value of $94,680.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 3.91% of the company’s stock.

Several hedge funds have recently modified their holdings of HAFC. Schwab Charles Investment Management Inc. lifted its holdings in shares of Hanmi Financial by 0.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 149,276 shares of the bank’s stock worth $4,247,000 after acquiring an additional 1,367 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Hanmi Financial by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 630,114 shares of the bank’s stock worth $17,927,000 after acquiring an additional 21,340 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Hanmi Financial by 9.9% in the 2nd quarter. Legal & General Group Plc now owns 58,658 shares of the bank’s stock worth $1,669,000 after acquiring an additional 5,276 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of Hanmi Financial by 51.4% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 9,529 shares of the bank’s stock worth $271,000 after acquiring an additional 3,235 shares during the last quarter. Finally, Marshall Wace North America L.P. acquired a new position in shares of Hanmi Financial in the 2nd quarter worth approximately $519,000. Hedge funds and other institutional investors own 89.97% of the company’s stock.

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About Hanmi Financial

Hanmi Financial Corporation is the holding company for Hanmi Bank (the Bank). The Bank is a community bank conducting general business banking, with its primary market encompassing the Korean-American community, as well as other ethnic communities across California, Colorado, Georgia, Illinois, New York, Texas, Virginia and Washington.

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