Wedbush Lowers Hanmi Financial (NASDAQ:HAFC) Price Target to $21.00

Hanmi Financial (NASDAQ:HAFC) had its target price decreased by Wedbush from $22.00 to $21.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Wedbush’s price target indicates a potential upside of 10.70% from the company’s current price.

Separately, DA Davidson increased their price target on Hanmi Financial from $18.00 to $21.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th.

Hanmi Financial Price Performance

Shares of NASDAQ:HAFC traded down $0.22 during midday trading on Tuesday, hitting $18.97. 40,547 shares of the stock were exchanged, compared to its average volume of 237,035. The stock has a market cap of $576.44 million, a P/E ratio of 7.92 and a beta of 0.88. The company has a 50 day moving average price of $19.20 and a 200-day moving average price of $16.91. Hanmi Financial has a twelve month low of $13.87 and a twelve month high of $20.92. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60.

Hanmi Financial (NASDAQ:HAFC) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.48 EPS for the quarter, meeting the consensus estimate of $0.48. Hanmi Financial had a return on equity of 9.66% and a net margin of 15.84%. The company had revenue of $106.72 million during the quarter, compared to analysts’ expectations of $59.07 million. During the same quarter in the previous year, the business earned $0.67 EPS. On average, research analysts forecast that Hanmi Financial will post 1.98 earnings per share for the current year.

Institutional Investors Weigh In On Hanmi Financial

Hedge funds have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. increased its position in Hanmi Financial by 47.0% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,773 shares of the bank’s stock valued at $63,000 after buying an additional 1,207 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Hanmi Financial by 90.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,151 shares of the bank’s stock worth $100,000 after acquiring an additional 2,441 shares in the last quarter. EntryPoint Capital LLC raised its holdings in Hanmi Financial by 278.4% during the 1st quarter. EntryPoint Capital LLC now owns 8,484 shares of the bank’s stock valued at $135,000 after buying an additional 6,242 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Hanmi Financial during the second quarter valued at approximately $168,000. Finally, Entropy Technologies LP bought a new stake in shares of Hanmi Financial during the 1st quarter valued at about $171,000. Institutional investors and hedge funds own 88.66% of the company’s stock.

About Hanmi Financial

Hanmi Financial Corporation operates as the holding company for Hanmi Bank that provides business banking products and services in the United States. It offers various deposit products, including noninterest-bearing checking accounts, savings accounts, negotiable order of withdrawal accounts, money market accounts, and certificates of deposit.