Hanmi Financial Corporation (NASDAQ:HAFC) Receives Consensus Recommendation of “Hold” from Brokerages

Hanmi Financial Corporation (NASDAQ:HAFC) has been given an average recommendation of “Hold” by the six research firms that are presently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $33.00.

A number of brokerages have recently weighed in on HAFC. Capital One Financial set a $32.00 price target on shares of Hanmi Financial in a research note on Thursday, May 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of Hanmi Financial in a research note on Wednesday, June 24th. Piper Sandler boosted their target price on Hanmi Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. DA Davidson upped their target price on Hanmi Financial from $31.50 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Finally, Brean Capital restated a “neutral” rating and issued a $32.00 target price on shares of Hanmi Financial in a research report on Thursday, May 28th.

Insider Buying and Selling at Hanmi Financial

In other news, insider Anthony I. Kim sold 5,333 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $30.73, for a total value of $163,883.09. Following the completion of the sale, the insider owned 41,615 shares in the company, valued at $1,278,828.95. This represents a 11.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.12% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Assetmark Inc. lifted its holdings in Hanmi Financial by 35,033.3% in the 1st quarter. Assetmark Inc. now owns 1,054 shares of the bank’s stock valued at $28,000 after acquiring an additional 1,051 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Hanmi Financial by 30.5% during 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 boosted its position in shares of Hanmi Financial by 343.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the bank’s stock valued at $56,000 after purchasing an additional 1,764 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Hanmi Financial by 148.4% in the 2nd 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 during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Hanmi Financial by 22.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,487 shares of the bank’s stock worth $81,000 after purchasing an additional 456 shares during the last quarter. 88.66% of the stock is owned by institutional investors and hedge funds.

Hanmi Financial Stock Performance

Shares of HAFC opened at $32.44 on Friday. The firm has a 50-day moving average price of $31.95 and a 200 day moving average price of $29.27. The firm has a market capitalization of $961.85 million, a PE ratio of 10.92 and a beta of 0.73. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.25. Hanmi Financial has a 52-week low of $22.85 and a 52-week high of $33.50.

Hanmi Financial (NASDAQ:HAFC) last released its earnings results on Tuesday, July 21st. The bank reported $0.79 EPS for the quarter, beating the consensus estimate of $0.77 by $0.02. Hanmi Financial had a net margin of 19.82% and a return on equity of 11.20%. The firm had revenue of $72.21 million for the quarter, compared to analysts’ expectations of $74.03 million. On average, sell-side analysts anticipate that Hanmi Financial will post 3.18 earnings per share for the current fiscal year.

Hanmi Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Monday, August 3rd will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, August 3rd. Hanmi Financial’s payout ratio is currently 37.71%.

About Hanmi Financial

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.