Hanmi Financial (NASDAQ:HAFC) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Hanmi Financial (NASDAQ:HAFC) from a hold rating to a sell rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Hanmi Financial Corporation is the holding company for Hanmi Bank, one of the leading banks providing services to the multi-ethnic communities of Southern California with full service offices. Hanmi Bank is a business bank conducting a general community banking business, with its primary market encompassing multi-ethnic small business customers. The bank specializes in commercial, SBA, trade finance, and consumer lending and is a recognized community leader serving the diverse communities throughout Southern California. (PRESS RELEASE) “

A number of other brokerages have also issued reports on HAFC. BidaskClub raised Xilinx from a hold rating to a buy rating in a research note on Saturday, June 29th. ValuEngine lowered Ultrapar Participacoes from a sell rating to a strong sell rating in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Hanmi Financial presently has a consensus rating of Hold and a consensus price target of $27.33.

Shares of HAFC opened at $22.12 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.97 and a current ratio of 0.97. Hanmi Financial has a 12 month low of $17.56 and a 12 month high of $28.20. The firm has a 50 day simple moving average of $21.63. The firm has a market capitalization of $684.13 million, a price-to-earnings ratio of 11.52, a P/E/G ratio of 1.32 and a beta of 1.09.

Hanmi Financial (NASDAQ:HAFC) last issued its quarterly earnings data on Tuesday, April 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 10.71% and a net margin of 21.65%. The company had revenue of $51.14 million for the quarter, compared to analyst estimates of $51.20 million. On average, analysts anticipate that Hanmi Financial will post 2.09 earnings per share for the current fiscal year.

In other news, Director Joseph K. Rho sold 21,204 shares of Hanmi Financial stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $22.79, for a total value of $483,239.16. Following the sale, the director now directly owns 300,839 shares of the company’s stock, valued at $6,856,120.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph K. Rho sold 16,800 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $22.51, for a total value of $378,168.00. Following the transaction, the director now directly owns 301,139 shares in the company, valued at approximately $6,778,638.89. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Flinton Capital Management LLC raised its position in Hanmi Financial by 30.3% in the fourth quarter. Flinton Capital Management LLC now owns 5,544 shares of the bank’s stock valued at $109,000 after purchasing an additional 1,288 shares during the period. Neuburgh Advisers LLC raised its position in Hanmi Financial by 30.3% in the fourth quarter. Neuburgh Advisers LLC now owns 6,732 shares of the bank’s stock valued at $133,000 after purchasing an additional 1,564 shares during the period. BNP Paribas Arbitrage SA raised its position in Hanmi Financial by 52,675.0% in the first quarter. BNP Paribas Arbitrage SA now owns 6,333 shares of the bank’s stock valued at $135,000 after purchasing an additional 6,321 shares during the period. Anderson Fisher LLC purchased a new stake in Hanmi Financial in the first quarter valued at $173,000. Finally, Metropolitan Life Insurance Co. NY raised its position in Hanmi Financial by 356.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 10,604 shares of the bank’s stock valued at $209,000 after purchasing an additional 8,281 shares during the period. 89.65% of the stock is currently owned by institutional investors.

Hanmi Financial Company Profile

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.

See Also: Cost of Goods Sold (COGS)

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