Piper Sandler Upgrades Hanmi Financial (NASDAQ:HAFC) to "Overweight"

Hanmi Financial (NASDAQ:HAFC - Get Free Report) was upgraded by investment analysts at Piper Sandler from a "neutral" rating to an "overweight" rating in a research note issued on Thursday, Marketbeat.com reports. The firm currently has a $25.50 target price on the bank's stock, up from their previous target price of $20.00. Piper Sandler's price objective would indicate a potential upside of 10.68% from the stock's current price.

A number of other equities analysts have also recently issued reports on HAFC. Wedbush reissued a "neutral" rating and issued a $21.00 target price on shares of Hanmi Financial in a report 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 stock from $20.00 to $22.00 in a report on Wednesday, October 2nd. Finally, DA Davidson raised their target price on shares of Hanmi Financial from $20.00 to $22.00 and gave the stock a "neutral" rating in a report on Wednesday.

Hanmi Financial Stock Performance

NASDAQ HAFC traded up $1.48 during trading hours on Thursday, reaching $23.04. The company's stock had a trading volume of 332,342 shares, compared to its average volume of 233,338. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60. The business has a 50-day simple moving average of $19.35 and a 200 day simple moving average of $17.56. Hanmi Financial has a 52 week low of $13.87 and a 52 week high of $23.14. The stock has a market cap of $700.12 million, a PE ratio of 9.60 and a beta of 0.87.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.49 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.49. Hanmi Financial had a net margin of 15.84% and a return on equity of 9.66%. The firm had revenue of $108.86 million for the quarter, compared to analysts' expectations of $59.23 million. During the same quarter last year, the company posted $0.62 earnings per share. Equities research analysts predict that Hanmi Financial will post 1.97 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its stake in shares of Hanmi Financial by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 11,568 shares of the bank's stock worth $193,000 after purchasing an additional 911 shares in the last quarter. EMC Capital Management grew its stake in shares of Hanmi Financial by 8.9% in the first quarter. EMC Capital Management now owns 11,768 shares of the bank's stock worth $187,000 after purchasing an additional 958 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Hanmi Financial by 47.0% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,773 shares of the bank's stock worth $63,000 after purchasing an additional 1,207 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Hanmi Financial by 10.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 17,559 shares of the bank's stock worth $280,000 after purchasing an additional 1,730 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC grew its stake in shares of Hanmi Financial by 3.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 54,423 shares of the bank's stock worth $866,000 after purchasing an additional 2,004 shares in the last quarter. Institutional investors own 88.66% of the company's stock.

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