Hanmi Financial (HAFC) Downgraded by BidaskClub to “Hold”

Hanmi Financial (NASDAQ:HAFC) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, BidAskClub reports.

A number of other research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Hanmi Financial from a “hold” rating to a “sell” rating in a report on Friday, April 26th. ValuEngine upgraded shares of Hanmi Financial from a “strong sell” rating to a “sell” rating in a report on Thursday, April 25th. Finally, TheStreet upgraded shares of Hanmi Financial from a “c+” rating to a “b-” rating in a report on Wednesday, February 20th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The company currently has an average rating of “Hold” and an average price target of $27.33.

NASDAQ:HAFC opened at $21.42 on Wednesday. The stock has a market capitalization of $682.01 million, a price-to-earnings ratio of 11.27, a PEG ratio of 1.34 and a beta of 1.02. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.97 and a current ratio of 0.97. Hanmi Financial has a 12-month low of $17.56 and a 12-month high of $31.25.

Hanmi Financial (NASDAQ:HAFC) last released its earnings results on Tuesday, April 23rd. The bank reported $0.48 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.48. The company had revenue of $51.14 million for the quarter, compared to analyst estimates of $51.20 million. Hanmi Financial had a net margin of 21.65% and a return on equity of 10.71%. Analysts forecast that Hanmi Financial will post 2.09 earnings per share for the current year.

Hanmi Financial declared that its board has approved a share buyback plan on Thursday, January 24th that authorizes the company to buyback 1,500,000 shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

In other news, Director Joseph K. Rho sold 21,204 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $22.79, for a total transaction of $483,239.16. Following the completion of the transaction, the director now owns 300,839 shares of the company’s stock, valued at approximately $6,856,120.81. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Joseph K. Rho sold 64,499 shares of the company’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $22.32, for a total transaction of $1,439,617.68. Following the transaction, the director now directly owns 363,538 shares of the company’s stock, valued at approximately $8,114,168.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,999 shares of company stock valued at $2,535,296. Corporate insiders own 2.90% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of HAFC. Flinton Capital Management LLC increased its position in Hanmi Financial by 30.3% during the 4th quarter. Flinton Capital Management LLC now owns 5,544 shares of the bank’s stock worth $109,000 after purchasing an additional 1,288 shares in the last quarter. Neuburgh Advisers LLC increased its position in Hanmi Financial by 30.3% during the 4th quarter. Neuburgh Advisers LLC now owns 6,732 shares of the bank’s stock worth $133,000 after purchasing an additional 1,564 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in Hanmi Financial by 52,675.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,333 shares of the bank’s stock worth $135,000 after purchasing an additional 6,321 shares in the last quarter. Anderson Fisher LLC acquired a new stake in Hanmi Financial during the 1st quarter worth approximately $173,000. Finally, Metropolitan Life Insurance Co. NY increased its position in Hanmi Financial by 356.5% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 10,604 shares of the bank’s stock worth $209,000 after purchasing an additional 8,281 shares in the last quarter. 89.55% of the stock is owned by institutional investors.

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.

Read More: Beta

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