Hanmi Financial Corporation (HAFC) Rating Lowered to Sell at Zacks Investment Research

Hanmi Financial Corporation (NASDAQ:HAFC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

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) “

HAFC has been the subject of a number of other reports. FBR & Co reiterated a “buy” rating on shares of Hanmi Financial Corporation in a report on Wednesday, November 2nd. FIG Partners downgraded Hanmi Financial Corporation from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Hanmi Financial Corporation presently has a consensus rating of “Hold” and an average price target of $31.40.

Analyst Recommendations for Hanmi Financial Corporation (NASDAQ:HAFC)

Shares of Hanmi Financial Corporation (NASDAQ:HAFC) traded up 1.81% during mid-day trading on Tuesday, hitting $33.80. The stock had a trading volume of 126,966 shares. The firm’s 50 day moving average price is $34.07 and its 200 day moving average price is $29.12. The company has a market cap of $1.08 billion, a P/E ratio of 19.31 and a beta of 0.98. Hanmi Financial Corporation has a 1-year low of $20.05 and a 1-year high of $35.85.

Hanmi Financial Corporation (NASDAQ:HAFC) last announced its earnings results on Tuesday, January 24th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.02. Hanmi Financial Corporation had a return on equity of 10.81% and a net margin of 26.70%. Analysts predict that Hanmi Financial Corporation will post $1.89 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 23rd. Shareholders of record on Tuesday, February 7th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, February 3rd. This represents a $0.76 dividend on an annualized basis and a yield of 2.25%. Hanmi Financial Corporation’s dividend payout ratio (DPR) is currently 43.18%.

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In other Hanmi Financial Corporation news, insider Greg D. Kim sold 1,000 shares of Hanmi Financial Corporation stock in a transaction dated Friday, December 2nd. The stock was sold at an average price of $31.30, for a total transaction of $31,300.00. Following the completion of the transaction, the insider now owns 25,469 shares in the company, valued at approximately $797,179.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.91% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in HAFC. AQR Capital Management LLC increased its position in Hanmi Financial Corporation by 65.9% in the fourth quarter. AQR Capital Management LLC now owns 294,653 shares of the company’s stock worth $10,283,000 after buying an additional 117,043 shares during the period. A.R.T. Advisors LLC bought a new position in Hanmi Financial Corporation during the fourth quarter worth about $202,000. Public Sector Pension Investment Board increased its position in Hanmi Financial Corporation by 4.1% in the fourth quarter. Public Sector Pension Investment Board now owns 22,927 shares of the company’s stock worth $800,000 after buying an additional 900 shares during the period. FMR LLC increased its position in Hanmi Financial Corporation by 4.6% in the fourth quarter. FMR LLC now owns 1,332,499 shares of the company’s stock worth $46,505,000 after buying an additional 58,099 shares during the period. Finally, Federated Investors Inc. PA purchased a new position in Hanmi Financial Corporation during the fourth quarter valued at approximately $192,000. Institutional investors and hedge funds own 86.36% of the company’s stock.

Hanmi Financial Corporation Company Profile

Hanmi Financial Corporation is the holding company for Hanmi Bank (the Bank). The Bank is a community bank conducting general business banking, with its primary market encompassing the Korean-American community, as well as other ethnic communities across California, Colorado, Georgia, Illinois, New York, Texas, Virginia and Washington.

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