Hanmi Financial (NASDAQ:HAFC) Downgraded by DA Davidson

DA Davidson cut shares of Hanmi Financial (NASDAQ:HAFC) from a buy rating to a neutral rating in a research note published on Monday, BenzingaRatingsTable reports. The brokerage currently has $21.50 target price on the bank’s stock, down from their previous target price of $27.00. DA Davidson also issued estimates for Hanmi Financial’s Q2 2019 earnings at $0.51 EPS and FY2019 earnings at $2.01 EPS.

A number of other equities research analysts have also issued reports on HAFC. BidaskClub raised shares of Hanmi Financial from a sell rating to a hold rating in a report on Saturday, June 29th. ValuEngine raised shares of Hanmi Financial from a strong sell rating to a sell rating in a report on Thursday, April 25th. Finally, Zacks Investment Research raised shares of Hanmi Financial from a sell rating to a hold rating in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $24.17.

Shares of HAFC opened at $17.83 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.21. Hanmi Financial has a 12-month low of $17.56 and a 12-month high of $26.92. The firm has a 50-day moving average price of $21.21 and a 200 day moving average price of $21.89. The firm has a market capitalization of $578.04 million, a P/E ratio of 9.73, a P/E/G ratio of 1.12 and a beta of 1.10.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 9th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date of this dividend is Thursday, August 8th. Hanmi Financial’s dividend payout ratio is currently 50.53%.

A number of hedge funds have recently made changes to their positions in HAFC. Nuveen Asset Management LLC acquired a new position in shares of Hanmi Financial in the 2nd quarter valued at $8,240,000. UBS Asset Management Americas Inc. increased its holdings in shares of Hanmi Financial by 32.0% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 16,651 shares of the bank’s stock valued at $371,000 after acquiring an additional 4,032 shares during the period. Citadel Advisors LLC increased its holdings in shares of Hanmi Financial by 23.7% in the 2nd quarter. Citadel Advisors LLC now owns 121,721 shares of the bank’s stock valued at $2,711,000 after acquiring an additional 23,305 shares during the period. Morgan Stanley increased its holdings in shares of Hanmi Financial by 73.6% in the 2nd quarter. Morgan Stanley now owns 167,647 shares of the bank’s stock valued at $3,734,000 after acquiring an additional 71,089 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of Hanmi Financial by 11.6% in the 2nd quarter. Bank of America Corp DE now owns 49,626 shares of the bank’s stock valued at $1,105,000 after acquiring an additional 5,157 shares during the period. 88.19% 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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