Hanmi Financial (HAFC) Given a $28.00 Price Target at Piper Jaffray Companies

Piper Jaffray Companies set a $28.00 price objective on Hanmi Financial (NASDAQ:HAFC) in a research note published on Monday. The firm currently has a hold rating on the bank’s stock. Piper Jaffray Companies also issued estimates for Hanmi Financial’s Q1 2019 earnings at $0.46 EPS, Q2 2019 earnings at $0.48 EPS, Q3 2019 earnings at $0.51 EPS, Q4 2019 earnings at $0.52 EPS, Q1 2020 earnings at $0.51 EPS, Q2 2020 earnings at $0.53 EPS, Q3 2020 earnings at $0.56 EPS and FY2020 earnings at $2.18 EPS.

HAFC has been the subject of a number of other reports. ValuEngine lowered shares of Hanmi Financial from a sell rating to a strong sell rating in a research note on Tuesday, October 2nd. Zacks Investment Research raised shares of Hanmi Financial from a hold rating to a buy rating and set a $31.00 price target for the company in a report on Monday, July 23rd. Raymond James cut their price target on shares of Hanmi Financial from $32.00 to $29.00 and set an outperform rating for the company in a report on Monday, July 30th. Finally, BidaskClub downgraded shares of Hanmi Financial from a sell rating to a strong sell rating in a report on Friday, July 20th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Hanmi Financial has an average rating of Hold and a consensus target price of $30.00.

Hanmi Financial stock opened at $24.41 on Monday. Hanmi Financial has a 1-year low of $23.96 and a 1-year high of $33.10. The company has a market capitalization of $809.58 million, a P/E ratio of 13.49, a price-to-earnings-growth ratio of 1.59 and a beta of 0.79. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.68.

Hanmi Financial (NASDAQ:HAFC) last released its quarterly earnings data on Tuesday, July 24th. The bank reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.06). Hanmi Financial had a net margin of 22.68% and a return on equity of 10.76%. The business had revenue of $51.06 million during the quarter, compared to analysts’ expectations of $55.13 million. Sell-side analysts forecast that Hanmi Financial will post 1.96 EPS for the current year.

Hanmi Financial announced that its board has initiated a share repurchase program on Thursday, August 30th that authorizes the company to buyback 1,600,000 shares. This buyback authorization authorizes the bank to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

In related news, Director Scott Diehl acquired 4,000 shares of the company’s stock in a transaction dated Monday, August 6th. The stock was bought at an average cost of $25.43 per share, with a total value of $101,720.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.68% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Macquarie Group Ltd. raised its position 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 purchasing an additional 2,600 shares during the period. Barclays PLC raised its position 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 purchasing an additional 2,653 shares during the period. Swiss National Bank raised its position in Hanmi Financial by 5.2% in the 1st quarter. Swiss National Bank now owns 56,500 shares of the bank’s stock worth $1,737,000 after purchasing an additional 2,800 shares during the period. Xact Kapitalforvaltning AB raised its position 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 purchasing an additional 3,000 shares during the period. Finally, Legal & General Group Plc raised its position 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 purchasing an additional 3,539 shares during the period. 88.52% of the stock is owned by institutional investors.

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. 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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