Hanmi Financial (HAFC) Sets New 52-Week Low at $22.01

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Hanmi Financial Corp (NASDAQ:HAFC) reached a new 52-week low during trading on Friday . The stock traded as low as $22.01 and last traded at $21.98, with a volume of 214322 shares trading hands. The stock had previously closed at $22.34.

Several equities research analysts have commented on the stock. ValuEngine lowered shares of Hanmi Financial from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. BidaskClub lowered shares of Hanmi Financial from a “sell” rating to a “strong sell” rating in a research note on Friday, July 20th. Piper Jaffray Companies reiterated a “hold” rating and issued a $29.00 price objective on shares of Hanmi Financial in a research note on Wednesday, July 25th. Raymond James decreased their price objective on shares of Hanmi Financial from $32.00 to $29.00 and set an “outperform” rating for the company in a research note on Monday, July 30th. Finally, Zacks Investment Research upgraded shares of Hanmi Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, September 26th. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $30.00.

The stock has a market cap of $736.10 million, a price-to-earnings ratio of 12.38, a P/E/G ratio of 1.42 and a beta of 0.79. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.05 and a current ratio of 1.05.

Hanmi Financial (NASDAQ:HAFC) last released its earnings results on Tuesday, July 24th. The bank reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.06). Hanmi Financial had a net margin of 22.68% and a return on equity of 10.76%. The company had revenue of $51.06 million for the quarter, compared to the consensus estimate of $55.13 million. As a group, equities analysts anticipate that Hanmi Financial Corp will post 1.99 EPS for the current year.

Hanmi Financial declared that its board has authorized a share buyback plan on Thursday, August 30th that authorizes the company to buyback 1,600,000 shares. This buyback authorization authorizes the bank to repurchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

In related news, Director Scott Diehl bought 4,000 shares of Hanmi Financial stock in a transaction dated Monday, August 6th. The stock was purchased at an average cost of $25.43 per share, with a total value of $101,720.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.91% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. boosted its holdings in Hanmi Financial by 5.4% in the 2nd quarter. Macquarie Group Ltd. now owns 50,500 shares of the bank’s stock worth $1,432,000 after buying an additional 2,600 shares during the period. Barclays PLC boosted its holdings in Hanmi Financial by 27.7% in the 1st quarter. Barclays PLC now owns 12,222 shares of the bank’s stock worth $376,000 after buying an additional 2,653 shares during the period. Xact Kapitalforvaltning AB boosted its holdings in Hanmi Financial by 45.4% in the 1st quarter. Xact Kapitalforvaltning AB now owns 9,609 shares of the bank’s stock worth $295,000 after buying an additional 3,000 shares during the period. Legal & General Group Plc boosted its holdings in Hanmi Financial by 5.9% in the 2nd quarter. Legal & General Group Plc now owns 63,952 shares of the bank’s stock worth $1,821,000 after buying an additional 3,539 shares during the period. Finally, California Public Employees Retirement System boosted its holdings in Hanmi Financial by 8.3% in the 2nd quarter. California Public Employees Retirement System now owns 48,957 shares of the bank’s stock worth $1,388,000 after buying an additional 3,747 shares during the period. 88.52% of the stock is owned by institutional investors.

About Hanmi Financial (NASDAQ:HAFC)

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

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