Hanmi Financial (NASDAQ:HAFC) Hits New 1-Year High - Time to Buy?

Key Points

• Hanmi Financial shares reached a new 52-week high of $32.87, continuing a recent upward move in the stock.
• Analysts remain mixed on the bank: the consensus rating is Hold with a $32.10 target, though Piper Sandler recently raised its target to $35 and rated the stock Overweight.
• The company posted solid earnings and income metrics, beating EPS estimates in its latest quarter and paying a 3.4% dividend yield on an annualized basis.

Hanmi Financial Corporation (NASDAQ:HAFC - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $32.87 and last traded at $32.7140, with a volume of 13862 shares. The stock had previously closed at $32.40.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Piper Sandler boosted their price target on shares of Hanmi Financial from $32.00 to $35.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. Keefe, Bruyette & Woods lifted their target price 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. Capital One Financial set a $32.00 target price on shares of Hanmi Financial in a report on Thursday, May 28th. Weiss Ratings restated a "buy (b)" rating on shares of Hanmi Financial in a report on Wednesday, June 24th. Finally, Brean Capital reaffirmed a "neutral" rating and set a $32.00 price target on shares of Hanmi Financial in a research report on Thursday, May 28th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Hanmi Financial currently has a consensus rating of "Hold" and a consensus target price of $32.10.

Hanmi Financial Price Performance

The company has a market capitalization of $987.02 million, a PE ratio of 12.36 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 stock's 50 day simple moving average is $30.45 and its 200-day simple moving average is $28.36.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The bank reported $0.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.71 by $0.04. The company had revenue of $134.94 million for the quarter, compared to analyst estimates of $71.40 million. Hanmi Financial had a return on equity of 10.31% and a net margin of 18.05%. As a group, equities analysts forecast that Hanmi Financial Corporation will post 3.16 earnings per share for the current fiscal year.

Hanmi Financial Announces Dividend

The company also recently announced 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 dividend yield of 3.4%. Hanmi Financial's dividend payout ratio is 41.79%.

Insider Activity at Hanmi Financial

In related news, insider Anthony I. Kim sold 5,333 shares of the business's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $30.73, for a total value of $163,883.09. Following the transaction, the insider owned 41,615 shares in the company, valued at $1,278,828.95. The trade was a 11.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Matthew Fuhr sold 3,300 shares of Hanmi Financial 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 in the company, valued at $1,048,281.66. This trade represents a 8.85% 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 currently owned by corporate insiders.

Institutional Investors Weigh In On Hanmi Financial

Several institutional investors have recently modified their holdings of HAFC. Illinois Municipal Retirement Fund grew its position in shares of Hanmi Financial by 2.2% in the first quarter. Illinois Municipal Retirement Fund now owns 15,900 shares of the bank's stock valued at $419,000 after purchasing an additional 342 shares during the last quarter. Unison Advisors LLC lifted its stake in Hanmi Financial by 1.1% in the 4th quarter. Unison Advisors LLC now owns 32,259 shares of the bank's stock valued at $872,000 after buying an additional 356 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Hanmi Financial by 17.3% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,672 shares of the bank's stock valued at $66,000 after buying an additional 394 shares during the last quarter. Royal Bank of Canada grew its holdings in Hanmi Financial by 30.5% during the 4th quarter. Royal Bank of Canada now owns 1,880 shares of the bank's stock valued at $51,000 after buying an additional 439 shares during the last quarter. Finally, Cerity Partners LLC increased its position in Hanmi Financial by 1.7% during the second quarter. Cerity Partners LLC now owns 36,771 shares of the bank's stock worth $908,000 after buying an additional 632 shares in the last quarter. Hedge funds and other institutional investors own 88.66% of the company's stock.

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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