Hanmi Financial (HAFC) Trading Down 9.4% After Earnings Miss

Hanmi Financial Co. (NASDAQ:HAFC)’s share price traded down 9.4% during trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $28.40 and last traded at $28.50. 777,347 shares were traded during trading, an increase of 321% from the average session volume of 184,823 shares. The stock had previously closed at $31.45.

The bank reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.07). Hanmi Financial had a net margin of 22.52% and a return on equity of 10.59%. The business had revenue of $50.99 million for the quarter, compared to analysts’ expectations of $55.17 million. During the same period last year, the firm posted $0.43 earnings per share.

Several equities analysts have recently issued reports on the company. Piper Jaffray reissued a “hold” rating and set a $31.00 target price on shares of Hanmi Financial in a research note on Wednesday. Zacks Investment Research cut Hanmi Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, February 14th. BidaskClub raised Hanmi Financial from a “sell” rating to a “hold” rating in a research note on Saturday, January 13th. Finally, ValuEngine raised Hanmi Financial from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $32.67.

In other news, Director John J. Ahn purchased 3,000 shares of the company’s stock in a transaction that occurred on Friday, January 26th. The shares were bought at an average cost of $31.56 per share, for a total transaction of $94,680.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.68% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HAFC. Millennium Management LLC boosted its position in shares of Hanmi Financial by 110.1% during the fourth quarter. Millennium Management LLC now owns 453,365 shares of the bank’s stock valued at $13,760,000 after purchasing an additional 237,564 shares in the last quarter. BlackRock Inc. boosted its position in shares of Hanmi Financial by 4.1% during the fourth quarter. BlackRock Inc. now owns 4,253,574 shares of the bank’s stock valued at $129,097,000 after purchasing an additional 169,321 shares in the last quarter. Boston Partners boosted its position in shares of Hanmi Financial by 8.1% during the fourth quarter. Boston Partners now owns 753,090 shares of the bank’s stock valued at $22,857,000 after purchasing an additional 56,353 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Hanmi Financial by 23.0% in the third quarter. Wells Fargo & Company MN now owns 220,812 shares of the bank’s stock worth $6,834,000 after acquiring an additional 41,344 shares in the last quarter. Finally, Deutsche Bank AG boosted its holdings in Hanmi Financial by 93.3% in the fourth quarter. Deutsche Bank AG now owns 80,703 shares of the bank’s stock worth $2,446,000 after acquiring an additional 38,963 shares in the last quarter. Institutional investors own 88.87% of the company’s stock.

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $1,008.13, a P/E ratio of 15.91, a price-to-earnings-growth ratio of 1.68 and a beta of 0.67.

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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.

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