Hanmi Financial Corporation $HAFC Shares Acquired by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital increased its Hanmi Financial stake by 26.9% in the first quarter, acquiring 87,655 additional shares for a total holding of 413,571 shares valued at approximately $10.9 million. Institutional investors collectively own 88.66% of the company.
• Hanmi Financial reported quarterly EPS of $0.79, exceeding analyst expectations of $0.77, while revenue of $72.21 million fell short of the $74.03 million consensus estimate. The stock recently traded at $31.88, near its 52-week high of $33.50.
• The company declared a quarterly dividend of $0.28 per share, representing a 3.5% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $33.00, despite some firms raising their targets.

Arrowstreet Capital Limited Partnership boosted its stake in Hanmi Financial Corporation (NASDAQ:HAFC - Free Report) by 26.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 413,571 shares of the bank's stock after buying an additional 87,655 shares during the period. Arrowstreet Capital Limited Partnership owned 1.39% of Hanmi Financial worth $10,902,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund increased its holdings in shares of Hanmi Financial by 2.2% in the 1st quarter. Illinois Municipal Retirement Fund now owns 15,900 shares of the bank's stock worth $419,000 after acquiring an additional 342 shares during the period. Unison Advisors LLC grew its position in Hanmi Financial by 1.1% in the 4th quarter. Unison Advisors LLC now owns 32,259 shares of the bank's stock worth $872,000 after purchasing an additional 356 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Hanmi Financial by 30.5% in the fourth 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 during the period. Cerity Partners LLC raised its holdings in shares of Hanmi Financial by 1.7% during the second quarter. Cerity Partners LLC now owns 36,771 shares of the bank's stock valued at $908,000 after buying an additional 632 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Hanmi Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,892 shares of the bank's stock valued at $405,000 after buying an additional 780 shares during the last quarter. 88.66% of the stock is currently owned by institutional investors.

Hanmi Financial Trading Up 0.6%

Hanmi Financial stock opened at $31.88 on Friday. The company has a market capitalization of $948.94 million, a price-to-earnings ratio of 10.73 and a beta of 0.72. The company's fifty day moving average price is $31.55 and its two-hundred day moving average price is $29.02. Hanmi Financial Corporation has a one year low of $22.00 and a one year high of $33.50. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.97.

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

Hanmi Financial Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Monday, August 3rd. Hanmi Financial's payout ratio is currently 37.71%.

Analyst Ratings Changes

Several research firms recently commented on HAFC. Piper Sandler raised their target price on Hanmi Financial from $32.00 to $35.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. Brean Capital reissued a "neutral" rating and issued a $32.00 price target on shares of Hanmi Financial in a research note on Thursday, May 28th. Keefe, Bruyette & Woods raised their price target on Hanmi Financial from $31.50 to $32.00 and gave the company a "market perform" rating in a report on Thursday, April 9th. DA Davidson lifted their price objective on shares of Hanmi Financial from $31.50 to $34.00 and gave the company a "neutral" rating in a research note on Thursday, July 23rd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Hanmi Financial in a research note on Wednesday, June 24th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $33.00.

Insider Activity at Hanmi Financial

In other Hanmi Financial news, insider Anthony I. Kim sold 5,333 shares of the business's stock in a transaction dated 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 directly owned 41,615 shares in the company, valued at $1,278,828.95. The trade was a 11.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.12% of the company's stock.

Hanmi Financial 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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