Hanmi Financial (NASDAQ:HAFC) Cut to Hold at Wall Street Zen

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

A number of other research analysts have also recently issued reports on HAFC. Zacks Research cut shares of Hanmi Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Keefe, Bruyette & Woods lifted their price target on Hanmi Financial from $29.00 to $30.50 and gave the stock a “market perform” rating in a research report on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Hanmi Financial in a 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $28.50.

Hanmi Financial Stock Performance

HAFC opened at $28.41 on Friday. The company has a market cap of $850.88 million, a P/E ratio of 11.89 and a beta of 0.72. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.25. The firm’s 50-day moving average price is $28.05 and its 200-day moving average price is $26.02. Hanmi Financial has a 52-week low of $19.25 and a 52-week high of $30.20.

Institutional Investors Weigh In On Hanmi Financial

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

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.