Hanmi Financial (NASDAQ:HAFC) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Hanmi Financial (NASDAQ:HAFC) from a buy rating to a hold rating in a report released on Saturday.

Several other brokerages have also issued reports on HAFC. Zacks Research lowered shares of Hanmi Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Keefe, Bruyette & Woods upped their price objective on shares of Hanmi Financial from $29.00 to $30.50 and gave the company a “market perform” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Hanmi Financial in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $28.50.

Hanmi Financial Trading Down 2.0%

NASDAQ HAFC opened at $28.97 on Friday. The stock has a market capitalization of $867.65 million, a P/E ratio of 12.12 and a beta of 0.72. The business has a 50 day simple moving average of $28.00 and a 200 day simple moving average of $26.00. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.97 and a quick ratio of 0.97. Hanmi Financial has a one year low of $19.25 and a one year high of $30.20.

Institutional Investors Weigh In On Hanmi Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in Hanmi Financial by 2.7% during the 2nd quarter. Geode Capital Management LLC now owns 799,205 shares of the bank’s stock worth $19,728,000 after acquiring an additional 21,157 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Hanmi Financial in the third quarter valued at about $7,191,000. Maryland State Retirement & Pension System bought a new position in shares of Hanmi Financial during the second quarter valued at about $216,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Hanmi Financial by 16.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 25,416 shares of the bank’s stock worth $674,000 after purchasing an additional 3,664 shares during the last quarter. Finally, Texas Permanent School Fund Corp boosted its holdings in Hanmi Financial by 139.0% during the second quarter. Texas Permanent School Fund Corp now owns 64,825 shares of the bank’s stock worth $1,600,000 after purchasing an additional 37,707 shares during the last quarter. 88.66% of the stock is owned by institutional investors.

About Hanmi Financial

Hanmi Financial Corporation is a bank holding company based in California, primarily operating through its wholly owned subsidiary, Hanmi Bank. Established in 1982 to serve the Korean‐American community in Los Angeles, the company has expanded its footprint to include branch locations throughout California as well as markets in Illinois, Texas and Washington State. Hanmi Bank offers a comprehensive suite of commercial and consumer banking products designed to meet the needs of small and medium‐sized businesses, professionals and individual clients.

On the commercial banking side, Hanmi Bank provides business checking and savings accounts, lines of credit, commercial real estate lending and SBA‐guaranteed loans.