Price Action Report: Is Buying Hanmi Financial Corp Here a Winning Strategy?

Price Action Report: Is Buying Hanmi Financial Corp Here a Winning Strategy?

The stock of Hanmi Financial Corp (NASDAQ:HAFC) hit a new 52-week high and has $51.10 target or 67.00% above today’s $30.60 share price. The 7 months bullish chart indicates low risk for the $989.23 million company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $51.10 price target is reached, the company will be worth $662.78M 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 148,134 shares traded hands. Hanmi Financial Corp (NASDAQ:HAFC) has risen 36.59% since April 15, 2016 and is uptrending. It has outperformed by 31.97% 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. Piper Jaffray downgraded the stock to “Neutral” rating in Friday, November 20 report. The rating was upgraded by Raymond James on Thursday, January 28 to “Strong Buy”. The firm has “Market Perform” rating by FIG Partners given on Wednesday, October 28. The stock has “Outperform” rating given by Raymond James on Tuesday, August 25. The firm has “Outperform” rating by FBR Capital given on Wednesday, October 19. Raymond James downgraded the shares of HAFC in a report on Tuesday, November 3 to “Outperform” rating. The firm has “Market Perform” rating given on Wednesday, October 19 by FIG Partners. The stock of Hanmi Financial Corp (NASDAQ:HAFC) has “Market Perform” rating given on Thursday, June 2 by Wood.

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 2016 Q2. Its down 0.12, from 1.4 in 2016Q1. The ratio fall, 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.
Nationwide Fund Advsrs accumulated 0.02% or 210,307 shares. Rhumbline Advisers holds 47,941 shares or 0% of its portfolio. Teachers Retirement Of The State Of Kentucky owns 11,638 shares or 0% of their US portfolio. Credit Suisse Ag has 0% invested in the company for 41,997 shares. Parametric Portfolio Assocs Ltd Company accumulated 18,685 shares or 0% of the stock. Prudential owns 396,324 shares or 0.02% of their US portfolio. Numeric Invsts Ltd Limited Liability Company holds 0.05% of its portfolio in Hanmi Financial Corp (NASDAQ:HAFC) for 239,721 shares. Blackrock has invested 0% of its portfolio in Hanmi Financial Corp (NASDAQ:HAFC). Blackrock Ltd has 0% invested in the company for 47,655 shares. Rothschild Asset Mngmt accumulated 391,535 shares or 0.17% of the stock. Renaissance Limited Liability Company owns 1.38M shares or 0.06% of their US portfolio. Schwab Charles Mgmt holds 0% or 119,600 shares in its portfolio. First Wilshire Mgmt Inc has invested 0.13% of its portfolio in Hanmi Financial Corp (NASDAQ:HAFC). The New Jersey-based Princeton Alpha Limited Partnership has invested 0.06% in Hanmi Financial Corp (NASDAQ:HAFC). Putnam Invs Limited Liability Corporation accumulated 364,298 shares or 0.02% of the stock.

Insider Transactions: Since August 24, 2016, the stock had 0 insider purchases, and 1 sale for $61,093 net activity. Another trade for 2,412 shares valued at $61,093 was sold by LEE JOON HYUNG.

More 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 the news titled: “Hanmi Financial Corp. Acquires United Central Bank” on September 02, 2014. Globenewswire.com‘s news article titled: “Hanmi Financial Corp. Announces Appointment of Thomas Williams to its Board of …” with publication date: June 07, 2016 was also an interesting one.

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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