Hanmi Financial (NASDAQ:HAFC) Reaches New 12-Month High – Here’s What Happened

Hanmi Financial Corporation (NASDAQ:HAFC) reached a new 52-week high on Tuesday . The company traded as high as $32.05 and last traded at $31.99, with a volume of 225619 shares trading hands. The stock had previously closed at $31.38.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Capital One Financial set a $32.00 price objective on Hanmi Financial in a report on Thursday, May 28th. Piper Sandler boosted their target price on Hanmi Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Brean Capital reaffirmed a “neutral” rating and issued a $32.00 target price on shares of Hanmi Financial in a research note on Thursday, May 28th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Hanmi Financial from $31.50 to $32.00 and gave the stock a “market perform” rating in a research note on Thursday, April 9th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $32.10.

Hanmi Financial Stock Up 1.9%

The stock has a market capitalization of $952.34 million, a P/E ratio of 11.94 and a beta of 0.73. The stock has a 50 day moving average price of $29.90 and a 200-day moving average price of $28.19. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.98 and a quick ratio of 0.98.

Hanmi Financial (NASDAQ:HAFC) last released its earnings results on Tuesday, April 21st. The bank reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.04. The company had revenue of $134.94 million during the quarter, compared to analyst estimates of $71.40 million. Hanmi Financial had a return on equity of 10.31% and a net margin of 18.05%. As a group, research analysts expect that Hanmi Financial Corporation will post 3.16 EPS for the current fiscal year.

Hanmi Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Monday, May 4th were given a $0.28 dividend. The ex-dividend date was Monday, May 4th. This represents a $1.12 annualized dividend and a yield of 3.5%. Hanmi Financial’s payout ratio is presently 41.79%.

Insider Buying and Selling

In other news, insider Anthony I. Kim sold 5,333 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $30.73, for a total transaction of $163,883.09. Following the completion of the sale, the insider owned 41,615 shares of the company’s stock, valued at approximately $1,278,828.95. This represents a 11.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Matthew Fuhr sold 3,300 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $30.83, for a total transaction of $101,739.00. Following the completion of the transaction, the insider owned 34,002 shares in the company, valued at $1,048,281.66. This represents a 8.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.12% of the company’s stock.

Hedge Funds Weigh In On Hanmi Financial

A number of hedge funds have recently modified their holdings of the company. Segall Bryant & Hamill LLC bought a new position in shares of Hanmi Financial during the first quarter valued at about $1,615,000. Bank of America Corp DE boosted its holdings in shares of Hanmi Financial by 23.2% during the first quarter. Bank of America Corp DE now owns 120,766 shares of the bank’s stock worth $3,183,000 after purchasing an additional 22,726 shares during the period. Amundi bought a new stake in shares of Hanmi Financial in the first quarter worth about $312,000. Royal Bank of Canada grew its stake in shares of Hanmi Financial by 85.4% in the first quarter. Royal Bank of Canada now owns 3,486 shares of the bank’s stock worth $92,000 after purchasing an additional 1,606 shares during the last quarter. Finally, Rhino Investment Partners Inc increased its holdings in Hanmi Financial by 4.9% during the 1st quarter. Rhino Investment Partners Inc now owns 881,957 shares of the bank’s stock valued at $23,248,000 after purchasing an additional 41,008 shares during the period. Hedge funds and other institutional investors own 88.66% of the company’s stock.

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.