Hanmi Financial (NASDAQ:HAFC) Announces Quarterly Earnings Results

Key Points

• Hanmi Financial beat quarterly earnings estimates, reporting EPS of $0.79 versus the $0.77 consensus. Revenue also came in well above expectations at $136.06 million compared with $74.03 million.
• The bank declared a quarterly dividend of $0.28 per share, equal to a $1.12 annualized payout and a 3.4% yield. Its dividend payout ratio is currently 41.79%.
• Analysts currently have a Hold stance on the stock overall, with a consensus target price of $32.10. Meanwhile, insider selling was reported by two executives, and institutional investors hold 88.66% of the shares.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) issued its quarterly earnings data on Tuesday. The bank reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.02, Zacks reports. Hanmi Financial had a net margin of 18.05% and a return on equity of 10.31%. The firm had revenue of $136.06 million during the quarter, compared to the consensus estimate of $74.03 million.

Hanmi Financial Price Performance

HAFC traded up $0.28 on Tuesday, hitting $32.47. 241,496 shares of the stock were exchanged, compared to its average volume of 276,242. Hanmi Financial has a 12 month low of $22.00 and a 12 month high of $33.50. The business has a 50-day moving average of $31.15 and a two-hundred day moving average of $28.76. 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 market capitalization of $966.63 million, a price-to-earnings ratio of 12.12 and a beta of 0.72.

Hanmi Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 4th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.12 annualized dividend and a yield of 3.4%. Hanmi Financial's dividend payout ratio is currently 41.79%.

Analyst Ratings Changes

Several research firms have recently commented on HAFC. Brean Capital reaffirmed a "neutral" rating and issued a $32.00 target price on shares of Hanmi Financial in a research report on Thursday, May 28th. Weiss Ratings reissued 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 report on Thursday, May 28th. Piper Sandler increased their price objective on Hanmi Financial from $32.00 to $35.00 and gave the stock an "overweight" rating in a research report on Monday, April 27th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Hanmi Financial from $31.50 to $32.00 and gave the company a "market perform" rating in a research report on Thursday, April 9th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Hanmi Financial currently has an average rating of "Hold" and a consensus target price of $32.10.

Insider Activity

In other Hanmi Financial news, insider Matthew Fuhr sold 3,300 shares of the firm's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $30.83, for a total value of $101,739.00. Following the transaction, the insider directly owned 34,002 shares of the company's stock, valued at $1,048,281.66. This trade represents a 8.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anthony I. Kim sold 5,333 shares of the company's stock in a transaction that occurred on 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 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 position. Additional details regarding this sale are available in the official SEC disclosure. 2.12% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hanmi Financial

A number of large investors have recently modified their holdings of HAFC. Royal Bank of Canada raised its holdings in shares of Hanmi Financial by 30.5% during the 4th quarter. Royal Bank of Canada now owns 1,880 shares of the bank's stock worth $51,000 after buying an additional 439 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Hanmi Financial by 343.2% in the second quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the bank's stock valued at $56,000 after acquiring an additional 1,764 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Hanmi Financial by 148.4% during the second quarter. Tower Research Capital LLC TRC now owns 2,414 shares of the bank's stock worth $60,000 after acquiring an additional 1,442 shares in the last quarter. SummitTX Capital L.P. acquired a new position in Hanmi Financial during the fourth quarter worth about $203,000. Finally, Occudo Quantitative Strategies LP bought a new position in shares of Hanmi Financial in the fourth quarter worth about $216,000. Institutional investors and hedge funds own 88.66% of the company's stock.

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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