Hanmi Financial (NASDAQ:HAFC) Posts Quarterly Earnings Results

Key Points

• $0.75 EPS beat analysts' $0.71 estimate for the quarter, with Hanmi reporting a 9.85% return on equity and a 17.1% net margin, yet the stock dipped about 2.2% to $27.60 on the news.
• The board raised the quarterly dividend to $0.28 per share (annualized $1.12), implying a 4.1% yield and a payout ratio of roughly 44.6%.
• Analyst sentiment is mixed—MarketBeat shows a consensus rating of "Hold" with a $31.17 average price target, while institutional ownership is high at about 88.7%.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) posted its quarterly earnings results on Tuesday. The bank reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.71 by $0.04, Zacks reports. Hanmi Financial had a return on equity of 9.85% and a net margin of 17.10%.

Hanmi Financial Stock Down 2.2%

NASDAQ:HAFC traded down $0.61 during midday trading on Tuesday, reaching $27.60. 179,550 shares of the stock traded hands, compared to its average volume of 291,965. Hanmi Financial has a 12-month low of $21.18 and a 12-month high of $30.20. The business has a 50-day moving average of $26.59 and a two-hundred day moving average of $26.96. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $821.10 million, a PE ratio of 11.00 and a beta of 0.68.

Hanmi Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Monday, February 9th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, February 9th. This is a positive change from Hanmi Financial's previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a yield of 4.1%. Hanmi Financial's dividend payout ratio is currently 44.62%.

Analysts Set New Price Targets

A number of research firms recently weighed in on HAFC. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Hanmi Financial in a research note on Monday, December 29th. Wall Street Zen lowered shares of Hanmi Financial from a "buy" rating to a "hold" rating in a report on Saturday, January 24th. DA Davidson reaffirmed a "neutral" rating and issued a $29.50 price target on shares of Hanmi Financial in a research report on Thursday, January 29th. Zacks Research lowered shares of Hanmi Financial from a "strong-buy" rating to a "hold" rating in a report on Friday, December 26th. Finally, Piper Sandler reduced their price objective on shares of Hanmi Financial from $34.00 to $32.00 and set an "overweight" rating for the company in a research note on Thursday, April 2nd. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, Hanmi Financial has an average rating of "Hold" and a consensus price target of $31.17.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Polymer Capital Management US LLC acquired a new stake in Hanmi Financial during the 4th quarter worth about $337,000. EP Wealth Advisors LLC acquired a new position in shares of Hanmi Financial in the fourth quarter valued at about $320,000. Magnetar Financial LLC purchased a new position in shares of Hanmi Financial in the fourth quarter worth about $303,000. Oxford Asset Management LLP acquired a new stake in shares of Hanmi Financial during the fourth quarter worth about $298,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Hanmi Financial by 21.8% during the third quarter. BNP Paribas Financial Markets now owns 11,609 shares of the bank's stock worth $287,000 after purchasing an additional 2,075 shares during the period. Institutional investors and hedge funds 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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