Hanmi Financial (NASDAQ:HAFC) Hits New 12-Month High - Time to Buy?

Key Points

• 52-week high: Hanmi Financial shares reached a new 52-week high of $31.07 (last $30.68) and were trading up about 2.3% on Monday with ~24,944 shares traded.
• Mixed analyst outlook: The consensus rating is "Hold" with an average price target of $32.17 (two Buys, three Holds), though Piper Sandler upgraded to "overweight" and raised its target to $35.
• Earnings beat and dividend: The company reported Q results of $0.75 EPS (beat $0.71) and revenue of $134.95M, and it recently declared a $0.28 quarterly dividend (3.6% yield, 41.8% payout ratio).

Hanmi Financial Corporation (NASDAQ:HAFC - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $31.07 and last traded at $30.68, with a volume of 24944 shares traded. The stock had previously closed at $30.13.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on HAFC shares. DA Davidson reiterated a "neutral" rating and set a $29.50 price objective on shares of Hanmi Financial in a research report on Thursday, January 29th. 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 report on Thursday, April 9th. Piper Sandler upped 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. Wall Street Zen lowered Hanmi Financial from a "buy" rating to a "hold" rating in a research report on Saturday, January 24th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Hanmi Financial in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $32.17.

Hanmi Financial Trading Up 2.3%

The firm's 50-day moving average price is $26.77 and its 200 day moving average price is $27.09. The company has a market cap of $916.60 million, a price-to-earnings ratio of 11.50 and a beta of 0.68. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.16.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last released its 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 $134.95 million for the quarter, compared to the consensus estimate of $71.40 million. Hanmi Financial had a net margin of 18.05% and a return on equity of 10.31%. As a group, equities analysts expect that Hanmi Financial Corporation will post 3.13 EPS for the current year.

Hanmi Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 20th. Stockholders of record on Monday, May 4th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, May 4th. Hanmi Financial's dividend payout ratio is 41.79%.

Institutional Trading of Hanmi Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhino Investment Partners Inc increased its holdings in shares of Hanmi Financial by 27.1% during the third quarter. Rhino Investment Partners Inc now owns 785,756 shares of the bank's stock valued at $19,400,000 after acquiring an additional 167,485 shares in the last quarter. American Century Companies Inc. raised its position in shares of Hanmi Financial by 7.0% during the third quarter. American Century Companies Inc. now owns 932,896 shares of the bank's stock worth $23,033,000 after purchasing an additional 60,876 shares during the period. Stieven Capital Advisors L.P. lifted its holdings in shares of Hanmi Financial by 4.3% in the 3rd quarter. Stieven Capital Advisors L.P. now owns 634,676 shares of the bank's stock worth $15,670,000 after purchasing an additional 25,900 shares in the last quarter. Versor Investments LP grew its position in Hanmi Financial by 247.6% in the 3rd quarter. Versor Investments LP now owns 30,886 shares of the bank's stock valued at $763,000 after purchasing an additional 22,000 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in Hanmi Financial by 17.3% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,672 shares of the bank's stock valued at $66,000 after purchasing an additional 394 shares during the period. 88.66% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.