Hanmi Financial (NASDAQ:HAFC) Hits New 1-Year High – Time to Buy?

Hanmi Financial Corporation (NASDAQ:HAFC)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $32.87 and last traded at $32.7140, with a volume of 13862 shares trading hands. The stock had previously closed at $32.40.

Analyst Ratings Changes

A number of analysts recently issued reports on HAFC shares. Piper Sandler raised their target price on shares of Hanmi Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Weiss Ratings restated a “buy (b)” rating on shares of Hanmi Financial in a report on Wednesday, June 24th. Brean Capital reiterated a “neutral” rating and issued a $32.00 target price on shares of Hanmi Financial in a research note on Thursday, May 28th. Keefe, Bruyette & Woods increased their target price on Hanmi Financial from $31.50 to $32.00 and gave the stock a “market perform” rating in a research report on Thursday, April 9th. Finally, Capital One Financial set a $32.00 price objective on shares of Hanmi Financial in a research note on Thursday, May 28th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Hanmi Financial presently has a consensus rating of “Hold” and an average target price of $32.10.

Hanmi Financial Trading Up 2.3%

The business’s 50-day moving average is $30.45 and its two-hundred day moving average is $28.36. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $987.02 million, a PE ratio of 12.36 and a beta of 0.72.

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

Hanmi Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Monday, May 4th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Monday, May 4th. Hanmi Financial’s dividend payout ratio (DPR) is 41.79%.

Insider Activity at Hanmi Financial

In other Hanmi Financial news, insider Matthew Fuhr sold 3,300 shares of the company’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 value of $101,739.00. Following the transaction, the insider directly owned 34,002 shares of the company’s stock, valued at $1,048,281.66. This represents a 8.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Anthony I. Kim sold 5,333 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $30.73, for a total value of $163,883.09. Following the transaction, the insider owned 41,615 shares of the company’s stock, valued at approximately $1,278,828.95. This trade represents a 11.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.12% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Assetmark Inc. grew its holdings in Hanmi Financial by 35,033.3% during the 1st quarter. Assetmark Inc. now owns 1,054 shares of the bank’s stock worth $28,000 after acquiring an additional 1,051 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Hanmi Financial by 30.5% in the 4th quarter. Royal Bank of Canada now owns 1,880 shares of the bank’s stock valued at $51,000 after purchasing an additional 439 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Hanmi Financial by 343.2% during the second quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the bank’s stock worth $56,000 after purchasing an additional 1,764 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in Hanmi Financial by 148.4% in the second quarter. Tower Research Capital LLC TRC now owns 2,414 shares of the bank’s stock worth $60,000 after purchasing an additional 1,442 shares in the last quarter. Finally, SummitTX Capital L.P. acquired a new position in Hanmi Financial in the fourth quarter worth about $203,000. 88.66% of the stock is currently owned by institutional investors.

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.