Hanmi Financial Corp. (HAFC) Shares Down 4.5% on Disappointing Earnings
Hanmi Financial Corp. (NASDAQ:HAFC) dropped 4.5% on Tuesday following a weaker than expected earnings announcement. The company traded as low as $24.65 and last traded at $24.69, with a volume of 142,450 shares traded. The stock had previously closed at $25.86.
The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by $0.03. Hanmi Financial Corp. had a net margin of 27.43% and a return on equity of 11.49%. During the same period last year, the company earned $0.44 earnings per share.
HAFC has been the subject of several recent research reports. Raymond James Financial Inc. upgraded Hanmi Financial Corp. from an “outperform” rating to a “strong-buy” rating and set a $28.00 price target for the company in a report on Thursday, August 25th. Zacks Investment Research downgraded Hanmi Financial Corp. from a “strong-buy” rating to a “hold” rating in a report on Monday, July 25th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $27.20.
In other news, Director Joon Hyung Lee sold 2,412 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $25.33, for a total transaction of $61,095.96. Following the completion of the sale, the director now directly owns 270,285 shares in the company, valued at $6,846,319.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.91% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Teacher Retirement System of Texas increased its stake in shares of Hanmi Financial Corp. by 14.0% in the second quarter. Teacher Retirement System of Texas now owns 4,475 shares of the company’s stock valued at $105,000 after buying an additional 551 shares in the last quarter. Societe Generale purchased a new position in Hanmi Financial Corp. during the second quarter worth approximately $106,000. SG Americas Securities LLC purchased a new position in Hanmi Financial Corp. during the second quarter worth approximately $106,000. Mason Street Advisors LLC purchased a new position in Hanmi Financial Corp. during the second quarter worth approximately $148,000. Finally, BlackRock Inc. increased its position in Hanmi Financial Corp. by 144.6% in the second quarter. BlackRock Inc. now owns 7,700 shares of the company’s stock worth $180,000 after buying an additional 4,552 shares during the period. Institutional investors own 86.20% of the company’s stock.
The company has a 50-day moving average price of $26.32 and a 200-day moving average price of $24.26. The stock has a market capitalization of $762.43 million, a price-to-earnings ratio of 13.35 and a beta of 1.07.
About Hanmi Financial Corp.
Hanmi Financial Corporation is the holding company for Hanmi Bank (the Bank). The Bank is a community bank conducting general business banking, with its primary market encompassing the Korean-American community, as well as other ethnic communities across California, Colorado, Georgia, Illinois, New York, Texas, Virginia and Washington.
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