TheStreet Lowers Hanmi Financial (HAFC) to C+

Hanmi Financial (NASDAQ:HAFC) was downgraded by investment analysts at TheStreet from a “b-” rating to a “c+” rating in a report released on Thursday.

Other equities analysts have also recently issued reports about the company. Zacks Investment Research upgraded Hanmi Financial from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Monday, July 23rd. Piper Jaffray Companies set a $28.00 target price on Hanmi Financial and gave the company a “hold” rating in a research note on Monday, October 8th. Raymond James reduced their target price on Hanmi Financial from $32.00 to $29.00 and set an “outperform” rating for the company in a research note on Monday, July 30th. BidaskClub cut Hanmi Financial from a “hold” rating to a “sell” rating in a research note on Friday, July 13th. Finally, ValuEngine cut Hanmi Financial from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $30.00.

Hanmi Financial stock opened at $21.98 on Thursday. The company has a market cap of $726.34 million, a PE ratio of 12.14, a price-to-earnings-growth ratio of 1.40 and a beta of 0.79. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.05 and a quick ratio of 1.05. Hanmi Financial has a 52 week low of $21.97 and a 52 week high of $33.10.

Hanmi Financial (NASDAQ:HAFC) last released its earnings results on Tuesday, July 24th. The bank reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.06). The business had revenue of $51.06 million for the quarter, compared to analysts’ expectations of $55.13 million. Hanmi Financial had a net margin of 22.68% and a return on equity of 10.76%. As a group, analysts forecast that Hanmi Financial will post 1.99 earnings per share for the current year.

Hanmi Financial announced that its board has initiated a stock buyback plan on Thursday, August 30th that permits the company to buyback 1,600,000 outstanding shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

In other news, Director Scott Diehl purchased 4,000 shares of the company’s stock in a transaction that occurred on Monday, August 6th. The shares were acquired at an average cost of $25.43 per share, with a total value of $101,720.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 3.91% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. Macquarie Group Ltd. raised its position in shares of Hanmi Financial by 5.4% during the 2nd quarter. Macquarie Group Ltd. now owns 50,500 shares of the bank’s stock valued at $1,432,000 after acquiring an additional 2,600 shares in the last quarter. Barclays PLC raised its position in shares of Hanmi Financial by 27.7% during the 1st quarter. Barclays PLC now owns 12,222 shares of the bank’s stock valued at $376,000 after acquiring an additional 2,653 shares in the last quarter. Xact Kapitalforvaltning AB raised its position in shares of Hanmi Financial by 45.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 9,609 shares of the bank’s stock valued at $295,000 after acquiring an additional 3,000 shares in the last quarter. Legal & General Group Plc increased its position in Hanmi Financial by 5.9% in the second quarter. Legal & General Group Plc now owns 63,952 shares of the bank’s stock worth $1,821,000 after buying an additional 3,539 shares during the period. Finally, California Public Employees Retirement System increased its position in Hanmi Financial by 8.3% in the second quarter. California Public Employees Retirement System now owns 48,957 shares of the bank’s stock worth $1,388,000 after buying an additional 3,747 shares during the period. 88.52% of the stock is currently 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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