Hanmi Financial (NASDAQ:HAFC) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Hanmi Financial (NASDAQ:HAFC) from a hold rating to a sell rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Hanmi Financial Corporation is the holding company for Hanmi Bank, one of the leading banks providing services to the multi-ethnic communities of Southern California with full service offices. Hanmi Bank is a business bank conducting a general community banking business, with its primary market encompassing multi-ethnic small business customers. The bank specializes in commercial, SBA, trade finance, and consumer lending and is a recognized community leader serving the diverse communities throughout Southern California. (PRESS RELEASE) “

Other equities research analysts also recently issued research reports about the company. ValuEngine downgraded Ultrapar Participacoes from a sell rating to a strong sell rating in a report on Thursday, April 25th. BidaskClub raised Xilinx from a hold rating to a buy rating in a report on Saturday, June 29th. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company. The stock presently has an average rating of Hold and a consensus target price of $27.33.

Shares of HAFC stock opened at $22.12 on Thursday. Hanmi Financial has a 1-year low of $17.56 and a 1-year high of $28.20. The company’s 50-day moving average is $21.63. The company has a market capitalization of $684.13 million, a P/E ratio of 11.52, a P/E/G ratio of 1.32 and a beta of 1.09. 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 (NASDAQ:HAFC) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.48 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.48. Hanmi Financial had a return on equity of 10.71% and a net margin of 21.65%. The company had revenue of $51.14 million for the quarter, compared to the consensus estimate of $51.20 million. On average, sell-side analysts predict that Hanmi Financial will post 2.09 EPS for the current fiscal year.

In other Hanmi Financial news, Director Joseph K. Rho sold 16,800 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $22.51, for a total value of $378,168.00. Following the completion of the sale, the director now owns 301,139 shares of the company’s stock, valued at $6,778,638.89. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Joseph K. Rho sold 21,204 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $22.79, for a total value of $483,239.16. Following the completion of the sale, the director now directly owns 300,839 shares of the company’s stock, valued at approximately $6,856,120.81. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Flinton Capital Management LLC boosted its holdings in Hanmi Financial by 30.3% in the fourth quarter. Flinton Capital Management LLC now owns 5,544 shares of the bank’s stock worth $109,000 after acquiring an additional 1,288 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Hanmi Financial by 52,675.0% in the first 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 during the last quarter. Neuburgh Advisers LLC raised its stake in shares of Hanmi Financial by 30.3% in the fourth quarter. Neuburgh Advisers LLC now owns 6,732 shares of the bank’s stock worth $133,000 after purchasing an additional 1,564 shares during the last quarter. Anderson Fisher LLC purchased a new position in shares of Hanmi Financial in the first quarter worth about $173,000. Finally, Metropolitan Life Insurance Co. NY raised its stake in shares of Hanmi Financial by 356.5% in the fourth 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 during the last quarter. 89.65% of the stock is owned by institutional investors and hedge funds.

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.

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