Hanmi Financial Corporation (NASDAQ:HAFC) Given Consensus Recommendation of "Hold" by Brokerages

Key Points

• Hanmi Financial (NASDAQ:HAFC) has a consensus analyst rating of “Hold”, with four analysts on hold and two on buy. The average 12-month price target is $32.10.
• The company reported better-than-expected earnings for its latest quarter, posting EPS of $0.75 versus the $0.71 estimate and revenue of $134.94 million versus $71.40 million expected.
• Hanmi Financial recently paid a quarterly dividend of $0.28 per share, equal to an annualized yield of 3.5%. The stock was trading near $32.19, close to its 52-week high of $33.50.

Shares of Hanmi Financial Corporation (NASDAQ:HAFC - Get Free Report) have been given a consensus recommendation of "Hold" by the six ratings firms that are covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $32.10.

HAFC has been the topic of a number of analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Hanmi Financial in a research note on Wednesday, June 24th. Piper Sandler upped their target price on shares of Hanmi Financial from $32.00 to $35.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Capital One Financial set a $32.00 price objective on Hanmi Financial in a research report on Thursday, May 28th. Brean Capital reiterated a "neutral" rating and set a $32.00 target price on shares of Hanmi Financial in a research report on Thursday, May 28th. Finally, Keefe, Bruyette & Woods upped their price objective on Hanmi Financial from $31.50 to $32.00 and gave the stock a "market perform" rating in a research note on Thursday, April 9th.

Insider Buying and Selling at Hanmi Financial

In other Hanmi Financial news, insider Matthew Fuhr sold 3,300 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $30.83, for a total transaction of $101,739.00. Following the transaction, the insider owned 34,002 shares in the company, valued at approximately $1,048,281.66. This represents a 8.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Anthony I. Kim sold 5,333 shares of Hanmi Financial stock in a transaction that occurred 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 directly 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 disclosure for this sale is available in the SEC filing. 2.12% of the stock is owned by insiders.

Institutional Trading of Hanmi Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HAFC. Hillsdale Investment Management Inc. acquired a new position in Hanmi Financial during the 4th quarter worth $7,276,000. Goldman Sachs Group Inc. raised its stake in Hanmi Financial by 30.0% during the 4th 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. Millennium Management LLC lifted its position in shares of Hanmi Financial by 237.1% in the fourth quarter. Millennium Management LLC now owns 178,125 shares of the bank's stock worth $4,815,000 after purchasing an additional 125,292 shares in the last quarter. Renaissance Technologies LLC boosted its position in Hanmi Financial by 47.1% during 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 last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Hanmi Financial by 26.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 413,571 shares of the bank's stock valued at $10,902,000 after purchasing an additional 87,655 shares during the last quarter. Hedge funds and other institutional investors own 88.66% of the company's stock.

Hanmi Financial Stock Performance

Hanmi Financial stock opened at $32.19 on Tuesday. The stock has a market cap of $958.30 million, a P/E ratio of 12.01 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. Hanmi Financial has a fifty-two week low of $22.00 and a fifty-two week high of $33.50. The firm's fifty day moving average price is $31.15 and its 200-day moving average price is $28.76.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last issued its earnings results on Tuesday, April 21st. The bank reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.04. The firm had revenue of $134.94 million for the quarter, compared to analysts' expectations of $71.40 million. Hanmi Financial had a net margin of 18.05% and a return on equity of 10.31%. On average, equities research analysts expect that Hanmi Financial will post 3.16 earnings per share for the current fiscal year.

Hanmi Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Monday, May 4th were issued a dividend of $0.28 per share. The ex-dividend date was Monday, May 4th. This represents a $1.12 dividend on an annualized basis and a yield of 3.5%. Hanmi Financial's dividend payout ratio is currently 41.79%.

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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