Elizabeth Park Capital Advisors Ltd. Buys Shares of 83,720 Hanmi Financial Corporation $HAFC

Key Points

• Elizabeth Park Capital Advisors bought a new stake in Hanmi Financial, acquiring 83,720 shares valued at about $2.26 million in the fourth quarter. The position represents roughly 1.9% of the fund’s portfolio.
• Other institutional investors also increased exposure to HAFC, and hedge funds now own 88.66% of the company’s shares. Notable buyers included Goldman Sachs, Renaissance Technologies, and Jane Street.
• Hanmi Financial reported solid results and continues to pay a dividend: quarterly EPS of $0.75 beat estimates, while the stock offers an annualized dividend yield of about 3.6%. Analysts currently have a consensus rating of Hold with an average price target of $32.10.

Elizabeth Park Capital Advisors Ltd. bought a new stake in Hanmi Financial Corporation (NASDAQ:HAFC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 83,720 shares of the bank's stock, valued at approximately $2,263,000. Hanmi Financial accounts for approximately 1.9% of Elizabeth Park Capital Advisors Ltd.'s investment portfolio, making the stock its 28th biggest holding. Elizabeth Park Capital Advisors Ltd. owned 0.28% of Hanmi Financial as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HAFC. Hillsdale Investment Management Inc. purchased a new stake in Hanmi Financial in the fourth quarter valued at approximately $7,276,000. Goldman Sachs Group Inc. raised its position in Hanmi Financial by 30.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 786,529 shares of the bank's stock valued at $21,260,000 after purchasing an additional 181,509 shares during the period. Rhino Investment Partners Inc raised its position in Hanmi Financial by 27.1% in the third quarter. Rhino Investment Partners Inc now owns 785,756 shares of the bank's stock valued at $19,400,000 after purchasing an additional 167,485 shares during the period. Renaissance Technologies LLC raised its position in Hanmi Financial by 47.1% in the fourth quarter. Renaissance Technologies LLC now owns 322,852 shares of the bank's stock valued at $8,727,000 after purchasing an additional 103,300 shares during the period. Finally, Jane Street Group LLC grew its stake in shares of Hanmi Financial by 110.0% in the fourth quarter. Jane Street Group LLC now owns 166,594 shares of the bank's stock worth $4,503,000 after acquiring an additional 87,270 shares in the last quarter. Hedge funds and other institutional investors own 88.66% of the company's stock.

Insiders Place Their Bets

In related news, insider Matthew Fuhr sold 3,300 shares of the business's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $30.83, for a total value of $101,739.00. Following the completion of the sale, the insider directly owned 34,002 shares of the company's stock, valued at $1,048,281.66. The trade was a 8.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $163,883.09. Following the completion of the sale, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. 2.12% of the stock is owned by insiders.

Hanmi Financial Price Performance

Shares of HAFC opened at $30.74 on Thursday. Hanmi Financial Corporation has a 1-year low of $22.00 and a 1-year high of $31.99. The stock has a market cap of $915.13 million, a PE ratio of 11.47 and a beta of 0.72. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a fifty day moving average price of $29.68 and a 200 day moving average price of $28.12.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last announced its quarterly 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. Hanmi Financial had a net margin of 18.05% and a return on equity of 10.31%. The firm had revenue of $134.95 million during the quarter, compared to analysts' expectations of $71.40 million. As a group, sell-side analysts anticipate that Hanmi Financial Corporation will post 3.16 EPS for the current year.

Hanmi Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 4th were given a $0.28 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.12 dividend on an annualized basis and a yield of 3.6%. Hanmi Financial's payout ratio is 41.79%.

Analysts Set New Price Targets

HAFC has been the subject of several research reports. Capital One Financial set a $32.00 price target on shares of Hanmi Financial in a research note on Thursday, May 28th. Keefe, Bruyette & Woods boosted 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. Piper Sandler boosted their price target on shares of Hanmi Financial from $32.00 to $35.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. Finally, Brean Capital restated a "neutral" rating and issued a $32.00 price target on shares of Hanmi Financial in a research note on Thursday, May 28th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $32.10.

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.

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