Hanmi Financial Corp. (HAFC) Shares Down 4.5% on Disappointing Earnings
Hanmi Financial Corp. (NASDAQ:HAFC)’s share price traded down 4.5% on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $24.65 and last traded at $24.69, with a volume of 142,450 shares. The stock had previously closed at $25.86.
The company reported $0.41 EPS for the quarter, missing the Zacks’ consensus estimate of $0.44 by $0.03. Hanmi Financial Corp. had a return on equity of 11.49% and a net margin of 27.43%. During the same period in the prior year, the business earned $0.44 earnings per share.
Several equities research analysts recently issued reports on HAFC shares. Zacks Investment Research lowered Hanmi Financial Corp. from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 25th. Raymond James Financial Inc. raised Hanmi Financial Corp. from an “outperform” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a research note on Thursday, August 25th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $27.20.
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In other Hanmi Financial Corp. news, Director Joon Hyung Lee sold 2,412 shares of Hanmi Financial Corp. stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $25.33, for a total transaction of $61,095.96. Following the completion of the sale, the director now owns 270,285 shares of the company’s stock, valued at $6,846,319.05. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 3.91% of the company’s stock.
Large investors have recently modified their holdings of the company. Teacher Retirement System of Texas increased its position in Hanmi Financial Corp. by 14.0% in the second quarter. Teacher Retirement System of Texas now owns 4,475 shares of the company’s stock valued at $105,000 after buying an additional 551 shares in the last quarter. Societe Generale bought a new position in Hanmi Financial Corp. during the second quarter valued at approximately $106,000. SG Americas Securities LLC bought a new position in Hanmi Financial Corp. during the second quarter valued at approximately $106,000. Mason Street Advisors LLC bought a new position in Hanmi Financial Corp. during the second quarter valued at approximately $148,000. Finally, BlackRock Inc. increased its position in Hanmi Financial Corp. by 144.6% in the second quarter. BlackRock Inc. now owns 7,700 shares of the company’s stock valued at $180,000 after buying an additional 4,552 shares in the last quarter. 86.20% of the stock is owned by hedge funds and other institutional investors.
The company has a 50-day moving average of $26.39 and a 200-day moving average of $24.25. The company has a market cap of $785.08 million, a PE ratio of 13.75 and a beta of 1.07.
About Hanmi Financial Corp.
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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