Hanmi Financial (NASDAQ:HAFC) Issues Earnings Results, Beats Expectations By $0.07 EPS

Key Points

• Hanmi Financial reported earnings of $0.73 per share, exceeding analyst expectations by $0.08, with a net margin of 15.11%.
• The company's stock saw a 1.5% increase, reaching $24.45 per share, with a market cap of $736.58 million.
• Hanmi Financial announced a quarterly dividend of $0.27, translating to an annual yield of 4.4%, with a dividend payout ratio of 50.23%.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) posted its quarterly earnings data on Tuesday. The bank reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.07, Zacks reports. The company had revenue of $70.96 million during the quarter, compared to analysts' expectations of $67.80 million. Hanmi Financial had a net margin of 15.11% and a return on equity of 8.77%.

Hanmi Financial Trading Up 1.5%

Shares of HAFC stock opened at $24.45 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.98 and a quick ratio of 0.97. The firm has a market cap of $736.68 million, a PE ratio of 11.37 and a beta of 0.71. The company has a 50-day moving average of $24.65 and a two-hundred day moving average of $23.84. Hanmi Financial has a 1-year low of $19.25 and a 1-year high of $27.59.

Hanmi Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Monday, August 4th were paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Monday, August 4th. Hanmi Financial's dividend payout ratio (DPR) is 50.23%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of HAFC. EverSource Wealth Advisors LLC boosted its stake in Hanmi Financial by 343.2% during the second quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the bank's stock worth $56,000 after buying an additional 1,764 shares during the period. Tower Research Capital LLC TRC boosted 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 buying an additional 1,442 shares during the period. Royal Bank of Canada boosted its stake in Hanmi Financial by 8.1% during the first quarter. Royal Bank of Canada now owns 16,441 shares of the bank's stock worth $372,000 after buying an additional 1,234 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Hanmi Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,892 shares of the bank's stock worth $405,000 after buying an additional 780 shares during the period. Finally, Sei Investments Co. boosted its stake in Hanmi Financial by 8.2% during the second quarter. Sei Investments Co. now owns 19,863 shares of the bank's stock worth $490,000 after buying an additional 1,505 shares during the period. Hedge funds and other institutional investors own 88.66% of the company's stock.

Wall Street Analyst Weigh In

HAFC has been the subject of a number of research analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Hanmi Financial in a research report on Wednesday, October 8th. Zacks Research upgraded shares of Hanmi Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, September 22nd. Piper Sandler reduced their price objective on shares of Hanmi Financial from $28.50 to $28.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Keefe, Bruyette & Woods upped their price objective on shares of Hanmi Financial from $27.00 to $28.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. Finally, DA Davidson increased their target price on shares of Hanmi Financial from $26.00 to $27.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $26.00.

About Hanmi Financial

Hanmi Financial Corporation operates as the holding company for Hanmi Bank that provides business banking products and services in the United States. It offers various deposit products, including noninterest-bearing checking accounts, savings accounts, negotiable order of withdrawal accounts, money market accounts, and certificates of deposit.