Hanmi Financial Corporation (NASDAQ:HAFC) Receives Average Rating of “Hold” from Analysts

Hanmi Financial Corporation (NASDAQ:HAFC) has received a consensus rating of “Hold” from the five analysts that are presently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $31.3333.

Several research firms recently commented on HAFC. Weiss Ratings reiterated a “buy (b-)” rating on shares of Hanmi Financial in a research note on Monday, December 29th. Wall Street Zen downgraded Hanmi Financial from a “buy” rating to a “hold” rating in a research report on Saturday, January 24th. DA Davidson reissued a “neutral” rating and issued a $29.50 price objective on shares of Hanmi Financial in a research report on Thursday, January 29th. Piper Sandler upped their target price on Hanmi Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Keefe, Bruyette & Woods raised their price target on Hanmi Financial from $29.00 to $30.50 and gave the stock a “market perform” rating in a report on Wednesday, October 22nd.

Hanmi Financial Price Performance

Shares of HAFC stock opened at $27.44 on Tuesday. The stock’s 50-day moving average is $28.06 and its 200 day moving average is $26.05. Hanmi Financial has a 1-year low of $19.25 and a 1-year high of $30.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market cap of $821.83 million, a P/E ratio of 10.93 and a beta of 0.77.

Hanmi Financial (NASDAQ:HAFC) last announced its earnings results on Tuesday, January 27th. The bank reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). Hanmi Financial had a return on equity of 9.85% and a net margin of 17.10%.The firm had revenue of $134.06 million during the quarter, compared to the consensus estimate of $71.40 million. Research analysts predict that Hanmi Financial will post 2.6 earnings per share for the current fiscal year.

Hanmi Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 25th. Shareholders of record on Monday, February 9th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, February 9th. This represents a $1.12 annualized dividend and a yield of 4.1%. This is a boost from Hanmi Financial’s previous quarterly dividend of $0.27. Hanmi Financial’s payout ratio is presently 43.03%.

Institutional Investors Weigh In On Hanmi Financial

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its stake in Hanmi Financial by 2.7% during the 2nd quarter. Geode Capital Management LLC now owns 799,205 shares of the bank’s stock valued at $19,728,000 after acquiring an additional 21,157 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Hanmi Financial during the third quarter worth $7,191,000. Maryland State Retirement & Pension System acquired a new position in Hanmi Financial during the second quarter valued at $216,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Hanmi Financial by 16.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 25,416 shares of the bank’s stock valued at $674,000 after purchasing an additional 3,664 shares during the last quarter. Finally, Texas Permanent School Fund Corp boosted its holdings in Hanmi Financial by 139.0% in the second quarter. Texas Permanent School Fund Corp now owns 64,825 shares of the bank’s stock valued at $1,600,000 after purchasing an additional 37,707 shares during the last quarter. 88.66% of the stock is currently owned by institutional investors and hedge funds.

Hanmi Financial Company Profile

Hanmi Financial Corporation is a bank holding company based in California, primarily operating through its wholly owned subsidiary, Hanmi Bank. Established in 1982 to serve the Korean‐American community in Los Angeles, the company has expanded its footprint to include branch locations throughout California as well as markets in Illinois, Texas and Washington State. Hanmi Bank offers a comprehensive suite of commercial and consumer banking products designed to meet the needs of small and medium‐sized businesses, professionals and individual clients.

On the commercial banking side, Hanmi Bank provides business checking and savings accounts, lines of credit, commercial real estate lending and SBA‐guaranteed loans.