Hanmi Financial (NASDAQ:HAFC) Trading Up 7% Following Analyst Upgrade

Shares of Hanmi Financial Co. (NASDAQ:HAFC - Get Free Report) shot up 7% on Thursday after Piper Sandler upgraded the stock from a neutral rating to an overweight rating. Piper Sandler now has a $25.50 price target on the stock, up from their previous price target of $20.00. Hanmi Financial traded as high as $23.07 and last traded at $23.07. 191,972 shares were traded during trading, a decline of 17% from the average session volume of 232,657 shares. The stock had previously closed at $21.56.

Several other research analysts have also issued reports on HAFC. Wedbush reiterated a "neutral" rating and issued a $21.00 price target on shares of Hanmi Financial in a research note on Wednesday. Keefe, Bruyette & Woods raised shares of Hanmi Financial from a "market perform" rating to an "outperform" rating and raised their target price for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Finally, DA Davidson boosted their price target on Hanmi Financial from $20.00 to $22.00 and gave the stock a "neutral" rating in a research report on Wednesday.

Hedge Funds Weigh In On Hanmi Financial

A number of hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC purchased a new position in Hanmi Financial in the third quarter worth about $349,000. Assenagon Asset Management S.A. increased its position in shares of Hanmi Financial by 66.5% during the third quarter. Assenagon Asset Management S.A. now owns 395,244 shares of the bank's stock valued at $7,352,000 after acquiring an additional 157,792 shares in the last quarter. CWM LLC raised its holdings in Hanmi Financial by 71.8% in the 3rd quarter. CWM LLC now owns 29,184 shares of the bank's stock worth $543,000 after acquiring an additional 12,193 shares during the last quarter. SG Americas Securities LLC raised its holdings in Hanmi Financial by 49.1% in the 3rd quarter. SG Americas Securities LLC now owns 28,746 shares of the bank's stock worth $535,000 after acquiring an additional 9,465 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its position in Hanmi Financial by 47.0% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,773 shares of the bank's stock valued at $63,000 after acquiring an additional 1,207 shares in the last quarter. Institutional investors own 88.66% of the company's stock.

Hanmi Financial Trading Up 6.9 %

The firm has a market capitalization of $700.12 million, a PE ratio of 9.60 and a beta of 0.87. The firm has a 50 day simple moving average of $19.35 and a 200 day simple moving average of $17.56. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.49 EPS for the quarter, hitting the consensus estimate of $0.49. The company had revenue of $108.86 million during the quarter, compared to the consensus estimate of $59.23 million. Hanmi Financial had a return on equity of 9.66% and a net margin of 15.84%. During the same period last year, the company earned $0.62 EPS. Equities analysts expect that Hanmi Financial Co. will post 1.97 earnings per share for the current fiscal year.

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. It offers various deposit products, including noninterest-bearing checking accounts, savings accounts, negotiable order of withdrawal accounts, money market accounts, and certificates of deposit.