Piper Sandler Forecasts Strong Price Appreciation for Hanmi Financial (NASDAQ:HAFC) Stock

Hanmi Financial (NASDAQ:HAFC) had its price objective increased by stock analysts at Piper Sandler from $36.00 to $37.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Piper Sandler‘s price target points to a potential upside of 11.46% from the company’s current price.

Several other brokerages have also recently weighed in on HAFC. DA Davidson boosted their price target on shares of Hanmi Financial from $31.50 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Hanmi Financial in a research note on Monday, September 21st. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Hanmi Financial has an average rating of “Hold” and an average price target of $33.40.

Hanmi Financial Price Performance

NASDAQ HAFC traded up $0.50 during trading on Thursday, hitting $33.20. 10,960 shares of the stock traded hands, compared to its average volume of 259,035. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.25. Hanmi Financial has a 12-month low of $24.54 and a 12-month high of $33.50. The firm has a 50-day simple moving average of $31.54 and a 200-day simple moving average of $29.83. The company has a market capitalization of $984.23 million, a P/E ratio of 11.17 and a beta of 0.75.

Hanmi Financial (NASDAQ:HAFC) last issued its quarterly earnings data on Tuesday, October 27th. The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.01). The firm had revenue of $76.60 million for the quarter, compared to analysts’ expectations of $75.13 million. Hanmi Financial had a return on equity of 11.20% and a net margin of 19.82%. As a group, analysts predict that Hanmi Financial will post 3.19 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Assetmark Inc. raised its stake in shares of Hanmi Financial by 35,033.3% during the first quarter. Assetmark Inc. now owns 1,054 shares of the bank’s stock valued at $28,000 after acquiring an additional 1,051 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Hanmi Financial by 62.6% in the second quarter. Allworth Financial LP now owns 1,003 shares of the bank’s stock valued at $32,000 after purchasing an additional 386 shares during the period. Nykredit A S purchased a new stake in shares of Hanmi Financial in the second quarter valued at approximately $35,000. GAMMA Investing LLC grew its stake in Hanmi Financial by 22.5% in the second quarter. GAMMA Investing LLC now owns 2,487 shares of the bank’s stock worth $81,000 after purchasing an additional 456 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in Hanmi Financial by 85.4% in the first quarter. Royal Bank of Canada now owns 3,486 shares of the bank’s stock worth $92,000 after purchasing an additional 1,606 shares in the last quarter. 88.66% of the stock is currently owned by institutional investors.

Hanmi Financial Company Profile

Hanmi Financial Corporation is the holding company for Hanmi Bank, a commercial bank headquartered in Los Angeles, California. Founded in 1982, Hanmi Bank was established to serve Korean American and other small-business communities and has developed into a full-service regional bank serving individuals, businesses, and professional organizations.

Hanmi Bank offers commercial and consumer deposit accounts, business and personal lending, commercial real estate financing, small business loans, construction loans, and trade finance services.