Stock of The Day: Could Hanmi Financial Corp See a Reversal After Breaking Its 52-Week High?

Stock of The Day: Could Hanmi Financial Corp See a Reversal After Breaking Its 52 Week High?

The stock of Hanmi Financial Corp (NASDAQ:HAFC) hit a new 52-week high and has $43.80 target or 50.00% above today’s $29.20 share price. The 9 months bullish chart indicates low risk for the $993.87 million company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $43.80 price target is reached, the company will be worth $496.94 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 170,552 shares traded hands. Hanmi Financial Corp (NASDAQ:HAFC) has risen 34.62% since April 11, 2016 and is uptrending. It has outperformed by 28.47% the S&P500.

Hanmi Financial Corp (NASDAQ:HAFC) Ratings Coverage

Out of 7 analysts covering Hanmi Financial (NASDAQ:HAFC), 4 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 57% are positive. Hanmi Financial has been the topic of 11 analyst reports since July 28, 2015 according to StockzIntelligence Inc. As per Wednesday, October 19, the company rating was maintained by FBR Capital. On Tuesday, August 25 the stock rating was upgraded by Raymond James to “Outperform”. The stock of Hanmi Financial Corp (NASDAQ:HAFC) earned “Market Perform” rating by FIG Partners on Wednesday, October 28. Raymond James downgraded Hanmi Financial Corp (NASDAQ:HAFC) on Tuesday, November 3 to “Outperform” rating. The stock of Hanmi Financial Corp (NASDAQ:HAFC) earned “Market Perform” rating by FIG Partners on Wednesday, October 19. Raymond James upgraded the stock to “Strong Buy” rating in Thursday, January 28 report. As per Thursday, June 2, the company rating was downgraded by Wood. Piper Jaffray downgraded the stock to “Neutral” rating in Friday, November 20 report.

According to Zacks Investment Research, “Hanmi Financial Corporation is the holding company for Hanmi Bank, one of the leading banks providing services to the multi-ethnic communities of Southern California with full service offices. Hanmi Bank is a business bank conducting a general community banking business, with its primary market encompassing multi-ethnic small business customers. The bank specializes in commercial, SBA, trade finance, and consumer lending and is a recognized community leader serving the diverse communities throughout Southern California. (PRESS RELEASE)”

Insitutional Activity: The institutional sentiment decreased to 1.28 in Q2 2016. Its down 0.12, from 1.4 in 2016Q1. The ratio is negative, as 14 funds sold all Hanmi Financial Corp shares owned while 40 reduced positions. 13 funds bought stakes while 56 increased positions. They now own 27.65 million shares or 3.94% more from 26.61 million shares in 2016Q1.
The Colorado-based Alps Advisors Incorporated has invested 0% in Hanmi Financial Corp (NASDAQ:HAFC). Jpmorgan Chase And has 0.01% invested in the company for 919,930 shares. Systematic Financial Management Lp has 0.16% invested in the company for 507,215 shares. Ubs Asset Americas Inc holds 17,199 shares or 0% of its portfolio. Virginia Retirement System Et Al last reported 15,600 shares in the company. Schwab Charles Mgmt holds 0% of its portfolio in Hanmi Financial Corp (NASDAQ:HAFC) for 119,600 shares. Bogle Investment Management Ltd Partnership De last reported 61,894 shares in the company. Renaissance Technology Limited Company has 1.38M shares for 0.06% of their US portfolio. Tci Wealth Advisors last reported 0% of its portfolio in the stock. Teachers Retirement Sys Of The State Of Kentucky, a Kentucky-based fund reported 11,638 shares. Louisiana State Employees Retirement Sys last reported 0.02% of its portfolio in the stock. Royal Comml Bank Of Canada accumulated 0.01% or 737,328 shares. Boston Advsr Limited Co last reported 0.15% of its portfolio in the stock. Moreover, Princeton Alpha Limited Partnership has 0.06% invested in Hanmi Financial Corp (NASDAQ:HAFC) for 14,415 shares. Blackrock Institutional Trust Na holds 0% or 915,877 shares in its portfolio.

Insider Transactions: Since August 24, 2016, the stock had 0 insider purchases, and 1 sale for $61,093 net activity. LEE JOON HYUNG sold $61,093 worth of stock.

More important recent Hanmi Financial Corp (NASDAQ:HAFC) news were published by: Reuters.com which released: “BRIEF-Hanmi Financial Corp announces Q3 2016 earnings date” on September 27, 2016, also Labusinessjournal.com published article titled: “Hanmi Financial Corp. Acquires United Central Bank”, Globenewswire.com published: “Hanmi Financial Corp. Announces Appointment of Harry Chung and Michael Yang to …” on February 03, 2016. More interesting news about Hanmi Financial Corp (NASDAQ:HAFC) was released by: Globenewswire.com and their article: “Hanmi Financial Corp. Announces Appointment of Thomas Williams to its Board of …” with publication date: June 07, 2016.

HAFC Company Profile

Hanmi Financial Corporation, incorporated on March 14, 2000, is the holding firm 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 Jersey, New York, Texas, Virginia and Washington. The Bank’s client base reflects the multi-ethnic composition of these communities. The Bank maintains a branch network of over 40 full-service branch offices in California, Illinois, New Jersey, New York, Texas and Virginia, and loan production offices in California, Colorado, Texas, Virginia and Washington State. The Bank’s revenues are derived from interest and fees on its loans, interest and dividends on its securities portfolio and service charges on deposit accounts, as well as bargain purchase gain.

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