Hanmi Financial (NASDAQ:HAFC) Posts Earnings Results, Misses Expectations By $0.01 EPS

Hanmi Financial (NASDAQ:HAFC) issued its quarterly earnings data on Tuesday. The bank reported $0.70 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.01), FiscalAI reports. Hanmi Financial had a return on equity of 9.59% and a net margin of 16.53%.The business had revenue of $134.06 million for the quarter, compared to analyst estimates of $71.40 million.

Hanmi Financial Stock Up 0.2%

Hanmi Financial stock traded up $0.05 during mid-day trading on Tuesday, reaching $28.46. The company’s stock had a trading volume of 185,448 shares, compared to its average volume of 245,150. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.97 and a current ratio of 0.97. Hanmi Financial has a 12 month low of $19.25 and a 12 month high of $30.20. The business’s 50 day simple moving average is $28.05 and its 200 day simple moving average is $26.02. The company has a market capitalization of $852.38 million, a price-to-earnings ratio of 11.91 and a beta of 0.72.

Institutional Trading of Hanmi Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cerity Partners LLC raised its stake in Hanmi Financial by 1.7% in the 2nd quarter. Cerity Partners LLC now owns 36,771 shares of the bank’s stock valued at $908,000 after acquiring an additional 632 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Hanmi Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,892 shares of the bank’s stock valued at $405,000 after purchasing an additional 780 shares during the period. Royal Bank of Canada lifted its stake in shares of Hanmi Financial by 8.1% during the 1st quarter. Royal Bank of Canada now owns 16,441 shares of the bank’s stock worth $372,000 after buying an additional 1,234 shares during the last quarter. Citadel Advisors LLC boosted its holdings in shares of Hanmi Financial by 2.5% during the 3rd quarter. Citadel Advisors LLC now owns 59,509 shares of the bank’s stock worth $1,469,000 after buying an additional 1,436 shares during the period. Finally, Tower Research Capital LLC TRC grew its stake in Hanmi Financial by 148.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,414 shares of the bank’s stock valued at $60,000 after buying an additional 1,442 shares during the last quarter. Institutional investors and hedge funds own 88.66% of the company’s stock.

Wall Street Analysts Forecast Growth

HAFC has been the topic of a number of research analyst reports. Wall Street Zen lowered Hanmi Financial from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings restated a “buy (b-)” rating on shares of Hanmi Financial in a report on Monday, December 29th. Keefe, Bruyette & Woods lifted their price target on shares of Hanmi Financial from $29.00 to $30.50 and gave the company a “market perform” rating in a research note on Wednesday, October 22nd. Finally, Zacks Research downgraded shares of Hanmi Financial from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Hanmi Financial presently has an average rating of “Hold” and an average target price of $28.50.

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.