Allspring Global Investments Holdings LLC has decreased its stake in Hanmi Financial Corporation (NASDAQ: HAFC) by 7.2%, now holding 23,298 shares valued at approximately $594,000. This change follows the sale of 1,814 shares during the second quarter, as reported in the firm’s latest SEC filing. The adjustment is part of a broader trend among institutional investors regarding their positions in Hanmi Financial.
Several other hedge funds have also modified their holdings in Hanmi Financial recently. In the first quarter, GAMMA Investing LLC increased its stake by an impressive 91.4%, acquiring 1,426 shares now worth $32,000 after buying an additional 681 shares. Quarry LP similarly boosted its stake by 114.3%, now owning 1,830 shares valued at $41,000. Additionally, US Bancorp DE purchased a new position worth approximately $42,000 during the same period.
Quantbot Technologies LP significantly increased its holdings by 151.1%, acquiring 6,134 shares worth $139,000 after adding 3,691 shares. In a related move, Maryland State Retirement & Pension System established a new position in the second quarter valued at around $216,000. Overall, institutional investors now own 88.66% of Hanmi Financial’s stock.
Stock Performance and Analysis
As of the latest trading session, shares of Hanmi Financial opened at $26.03, reflecting a decline of 1.6% on the day. The company’s performance indicators include a fifty-day simple moving average of $24.73 and a two-hundred-day simple moving average of $23.89. Hanmi Financial’s debt-to-equity ratio stands at 0.25, while both its current and quick ratios are at 0.97. Over the past year, the stock has fluctuated between a low of $19.25 and a high of $27.59, giving it a market capitalization of approximately $784.28 million and a price-to-earnings ratio of 10.89.
Recent analysis from financial experts has provided insights into Hanmi Financial’s stock outlook. Keefe, Bruyette & Woods recently adjusted their target price for the stock from $29.00 to $30.50, maintaining a “market perform” rating. DA Davidson also raised its price target from $26.00 to $27.00, assigning a “neutral” rating.
Zacks Research upgraded its assessment from a “strong sell” to a “hold” rating on September 22, 2023. Weiss Ratings reaffirmed a “hold (c)” rating on October 8, 2023. Meanwhile, Piper Sandler adjusted their target down from $28.50 to $28.00, while maintaining an “overweight” rating. Currently, two analysts have rated the stock as “buy,” while four others suggest holding. The consensus rating remains as “hold,” with a target price of $28.50 according to MarketBeat.com.
Company Overview
Hanmi Financial Corporation operates as the holding entity for Hanmi Bank, which provides a range of business banking products and services across the United States. The bank’s offerings include various deposit products, such as noninterest-bearing checking accounts, savings accounts, negotiable order of withdrawal accounts, money market accounts, and certificates of deposit.
For those interested in tracking hedge fund activities and related developments, HoldingsChannel.com provides the latest 13F filings and insider trades for Hanmi Financial Corporation (NASDAQ: HAFC). Subscribers can also receive daily updates on news and analyst ratings for Hanmi Financial through MarketBeat.com’s email newsletter.
