Summit Global Investments Makes New Investment in Hanmi Financial Corporation $HAFC

Key Points

• Summit Global Investments disclosed a new first-quarter stake in Hanmi Financial, buying 35,096 shares valued at about $925,000. Institutional investors now own 88.66% of the stock.
• Wall Street sentiment remains mixed: analysts have a consensus Hold rating with an average price target of $32.10, though some firms have set targets as high as $35.
• Hanmi Financial recently reported Q2 EPS of $0.79, topping estimates, and paid a quarterly dividend of $0.28 per share, for an annualized yield of about 3.4%.

Summit Global Investments acquired a new stake in Hanmi Financial Corporation (NASDAQ:HAFC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 35,096 shares of the bank's stock, valued at approximately $925,000. Summit Global Investments owned approximately 0.12% of Hanmi Financial at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of HAFC. Assetmark Inc. lifted its position in shares of Hanmi Financial by 35,033.3% during the first quarter. Assetmark Inc. now owns 1,054 shares of the bank's stock worth $28,000 after purchasing an additional 1,051 shares in the last quarter. Royal Bank of Canada increased its holdings 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 in the last quarter. EverSource Wealth Advisors LLC raised its position in Hanmi Financial by 343.2% in the 2nd 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 raised its position in 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, SummitTX Capital L.P. bought a new position in Hanmi Financial in the 4th quarter worth approximately $203,000. 88.66% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Activity

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

Hanmi Financial Stock Up 0.9%

Shares of NASDAQ HAFC opened at $32.47 on Wednesday. Hanmi Financial Corporation has a 52-week low of $22.00 and a 52-week high of $33.50. The stock has a market cap of $966.63 million, a P/E ratio of 12.12 and a beta of 0.72. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a 50 day moving average price of $31.22 and a 200 day moving average price of $28.79.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The bank reported $0.79 EPS for the quarter, topping the consensus estimate of $0.77 by $0.02. The business had revenue of $72.21 million for the quarter, compared to the consensus estimate of $74.03 million. Hanmi Financial had a return on equity of 10.31% and a net margin of 18.05%. Analysts expect that Hanmi Financial Corporation will post 3.16 EPS for the current year.

Hanmi Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Monday, May 4th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Monday, May 4th. Hanmi Financial's dividend payout ratio is 41.79%.

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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