Bank of New York Mellon Corp Invests $12.57 Million in Hanmi Financial Corporation $HAFC

Key Points

• Bank of New York Mellon acquired 387,948 Hanmi Financial shares worth approximately $12.57 million, representing about 1.30% of the company. Institutional investors and hedge funds collectively own 88.66% of HAFC.
• Hanmi Financial reported quarterly EPS of $0.79, beating estimates by $0.02, while revenue of $72.21 million fell short of expectations. The company maintains a quarterly dividend of $0.28 per share, yielding approximately 3.6% annually.
• HAFC shares opened at $30.86, down 0.5%, with analysts assigning an overall “Hold” rating and a consensus price target of $33.00. An insider also sold 5,333 shares for approximately $163,883.

Bank of New York Mellon Corp acquired a new stake in shares of Hanmi Financial Corporation (NASDAQ:HAFC - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 387,948 shares of the bank's stock, valued at approximately $12,570,000. Bank of New York Mellon Corp owned about 1.30% of Hanmi Financial as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in HAFC. Royal Bank of Canada grew its holdings in Hanmi Financial by 8.1% during the first quarter. Royal Bank of Canada now owns 16,441 shares of the bank's stock valued at $372,000 after purchasing an additional 1,234 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Hanmi Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,892 shares of the bank's stock valued at $405,000 after purchasing an additional 780 shares during the period. Empowered Funds LLC lifted its stake in shares of Hanmi Financial by 5.4% in the first quarter. Empowered Funds LLC now owns 114,624 shares of the bank's stock worth $2,597,000 after buying an additional 5,920 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Hanmi Financial by 26.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,708 shares of the bank's stock worth $1,942,000 after buying an additional 18,112 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in shares of Hanmi Financial by 352.6% during the 1st quarter. Jane Street Group LLC now owns 44,723 shares of the bank's stock worth $1,013,000 after buying an additional 34,841 shares during the period. 88.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Anthony I. Kim sold 5,333 shares of the business's stock in a transaction 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 sale, the insider owned 41,615 shares in the company, valued at approximately $1,278,828.95. The trade was a 11.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.12% of the company's stock.

Hanmi Financial Trading Down 0.5%

Shares of Hanmi Financial stock opened at $30.86 on Wednesday. Hanmi Financial Corporation has a 52-week low of $22.85 and a 52-week high of $33.50. The firm has a market capitalization of $915.00 million, a PE ratio of 10.39 and a beta of 0.72. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.98 and a quick ratio of 0.98. The company's fifty day moving average price is $31.97 and its two-hundred day moving average price is $29.62.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The bank reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.02. The firm had revenue of $72.21 million during the quarter, compared to analysts' expectations of $74.03 million. Hanmi Financial had a net margin of 19.82% and a return on equity of 11.20%. On average, analysts expect that Hanmi Financial Corporation will post 3.18 EPS for the current year.

Hanmi Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Monday, August 3rd were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.6%. Hanmi Financial's dividend payout ratio (DPR) is presently 37.71%.

Wall Street Analyst Weigh In

HAFC has been the subject of several recent analyst reports. DA Davidson increased their target price on Hanmi Financial from $31.50 to $34.00 and gave the company a "neutral" rating in a research note on Thursday, July 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Hanmi Financial in a report on Wednesday, June 24th. Capital One Financial set a $32.00 price objective on Hanmi Financial in a research report on Thursday, May 28th. Finally, Brean Capital restated a "neutral" rating and issued a $32.00 price objective on shares of Hanmi Financial in a research note on Thursday, May 28th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Hanmi Financial presently has an average rating of "Hold" and a consensus target price of $33.00.

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.

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