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Hanmi Financial (NASDAQ:HAFC) Shares Gap Up on Better-Than-Expected Earnings

Hanmi Financial logo with Finance background

Key Points

  • Hanmi Financial (NASDAQ:HAFC) reported $0.73 EPS for the quarter, exceeding analysts' expectations of $0.66 and generating $70.96 million in revenue compared to the consensus estimate of $67.80 million.
  • The company announced a quarterly dividend of $0.27 per share, resulting in an annualized dividend yield of 4.2% and a payout ratio of 50.23%.
  • Analyst ratings for Hanmi Financial have varied, with Keefe, Bruyette & Woods raising their target price to $30.50 while Zacks Research upgraded their rating from "strong sell" to "hold."
  • Five stocks to consider instead of Hanmi Financial.

Hanmi Financial Corporation (NASDAQ:HAFC - Get Free Report) shares gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $24.45, but opened at $25.51. Hanmi Financial shares last traded at $25.80, with a volume of 32,629 shares traded.

The bank reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.07. Hanmi Financial had a return on equity of 8.77% and a net margin of 15.11%.The firm had revenue of $70.96 million during the quarter, compared to the consensus estimate of $67.80 million.

Hanmi Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Monday, August 4th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, August 4th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.2%. Hanmi Financial's payout ratio is 50.23%.

Analyst Ratings Changes

HAFC has been the subject of a number of research reports. Keefe, Bruyette & Woods lifted their target price on Hanmi Financial from $29.00 to $30.50 and gave the stock a "market perform" rating in a report on Wednesday. Zacks Research raised Hanmi Financial from a "strong sell" rating to a "hold" rating in a report on Monday, September 22nd. Piper Sandler decreased their target price on Hanmi Financial from $28.50 to $28.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. DA Davidson boosted their price target on Hanmi Financial from $26.00 to $27.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Hanmi Financial in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Hanmi Financial has a consensus rating of "Hold" and a consensus target price of $26.63.

Get Our Latest Analysis on Hanmi Financial

Institutional Trading of Hanmi Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC increased its position in shares of Hanmi Financial by 91.4% in the first quarter. GAMMA Investing LLC now owns 1,426 shares of the bank's stock valued at $32,000 after buying an additional 681 shares in the last quarter. Quarry LP increased its position in shares of Hanmi Financial by 114.3% in the first quarter. Quarry LP now owns 1,830 shares of the bank's stock valued at $41,000 after buying an additional 976 shares in the last quarter. US Bancorp DE purchased a new stake in shares of Hanmi Financial in the first quarter valued at approximately $42,000. EverSource Wealth Advisors LLC increased its position in shares of 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 buying an additional 1,764 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of Hanmi Financial by 148.4% in the second quarter. Tower Research Capital LLC TRC now owns 2,414 shares of the bank's stock valued at $60,000 after buying an additional 1,442 shares in the last quarter. 88.66% of the stock is currently owned by hedge funds and other institutional investors.

Hanmi Financial Price Performance

The firm has a market capitalization of $778.56 million, a PE ratio of 12.02 and a beta of 0.71. The stock has a 50-day moving average price of $24.65 and a 200 day moving average price of $23.84. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.34.

Hanmi Financial Company Profile

(Get Free Report)

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.

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