Hanmi Financial (NASDAQ:HAFC) Stock Price Crosses Above 200 Day Moving Average - Should You Sell?

Key Points

• Hanmi Financial (NASDAQ:HAFC) moved above its 200-day moving average, trading as high as $32.13 and last changing hands at $31.60, suggesting recent technical strength.
• Analyst sentiment is mixed, with an average Hold rating and a $32.10 price target; recent updates included target raises from several firms, though ratings ranged from Buy to Neutral.
• The company reported solid quarterly results, beating EPS expectations with $0.75 per share and revenue of $134.94 million, while also paying a $0.28 quarterly dividend that annualizes to a 3.5% yield.

Hanmi Financial Corporation (NASDAQ:HAFC - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $28.51 and traded as high as $32.13. Hanmi Financial shares last traded at $31.60, with a volume of 201,107 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently commented on HAFC. Keefe, Bruyette & Woods raised 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 report on Thursday, April 9th. Weiss Ratings reiterated a "buy (b)" rating on shares of Hanmi Financial in a report on Wednesday, June 24th. Capital One Financial set a $32.00 target price on Hanmi Financial in a research report on Thursday, May 28th. Piper Sandler raised their target price on Hanmi Financial from $32.00 to $35.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Finally, Brean Capital restated a "neutral" rating and set a $32.00 price target on shares of Hanmi Financial in a research report on Thursday, May 28th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $32.10.

Hanmi Financial Price Performance

The firm's fifty day simple moving average is $30.81 and its 200-day simple moving average is $28.51. The firm has a market capitalization of $940.73 million, a PE ratio of 11.79 and a beta of 0.72. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.16.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The bank reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.04. The company had revenue of $134.94 million during 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%. On average, research analysts forecast that Hanmi Financial Corporation will post 3.16 earnings per share for the current fiscal year.

Hanmi Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 4th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.12 annualized dividend and a dividend yield of 3.5%. Hanmi Financial's dividend payout ratio (DPR) is 41.79%.

Insider Activity

In other Hanmi Financial news, insider Matthew Fuhr sold 3,300 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $30.83, for a total value of $101,739.00. Following the transaction, the insider owned 34,002 shares of the company's stock, valued at approximately $1,048,281.66. This represents a 8.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anthony I. Kim sold 5,333 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $30.73, for a total transaction of $163,883.09. Following the completion of the transaction, the insider owned 41,615 shares in the company, valued at $1,278,828.95. This trade represents a 11.36% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.12% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Assetmark Inc. lifted its position in shares of Hanmi Financial by 35,033.3% during the 1st quarter. Assetmark Inc. now owns 1,054 shares of the bank's stock valued at $28,000 after buying an additional 1,051 shares in the last quarter. Royal Bank of Canada boosted its position in shares of Hanmi Financial by 30.5% during the fourth quarter. Royal Bank of Canada now owns 1,880 shares of the bank's stock worth $51,000 after acquiring an additional 439 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Hanmi Financial by 343.2% during the second quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the bank's stock valued at $56,000 after purchasing an additional 1,764 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Hanmi Financial by 148.4% during the 2nd 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. Finally, GAMMA Investing LLC grew its holdings in shares of Hanmi Financial by 22.5% in the second quarter. GAMMA Investing LLC now owns 2,487 shares of the bank's stock valued at $81,000 after purchasing an additional 456 shares in the last quarter. Hedge funds and other institutional investors own 88.66% of the company's stock.

About Hanmi Financial

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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