Hanmi Financial (NASDAQ:HAFC) Reaches New 12-Month High - Should You Buy?

Key Points

• Hanmi Financial shares reached a new 52-week high of $33.58, up 2.7%, with the stock trading above both its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed: Piper Sandler raised its target to $37 and maintained an “overweight” rating, while the broader consensus is “Hold” with an average target of $33.40.
• The company reported quarterly revenue above expectations but narrowly missed EPS estimates, and declared a $0.28 quarterly dividend—equivalent to a 3.4% yield and a 36.84% payout ratio.

Hanmi Financial Corporation (NASDAQ:HAFC - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Monday. The company traded as high as $33.58 and last traded at $33.5710, with a volume of 38,715 shares traded. The stock had previously closed at $32.55.

Analyst Upgrades and Downgrades

HAFC has been the subject of several recent analyst reports. Piper Sandler raised their target price on shares of Hanmi Financial from $36.00 to $37.00 and gave the company an "overweight" rating in a research note on Thursday. DA Davidson increased their price target on Hanmi Financial from $31.50 to $34.00 and gave the stock a "neutral" rating in a research report on Thursday, July 23rd. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Hanmi Financial in a report on Monday, September 21st. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Hanmi Financial has a consensus rating of "Hold" and an average price target of $33.40.

Hanmi Financial Stock Up 2.7%

The business has a 50-day simple moving average of $31.61 and a two-hundred day simple moving average of $29.88. The stock has a market capitalization of $990.90 million, a P/E ratio of 10.99 and a beta of 0.72. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.09.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last issued its earnings results on Tuesday, October 27th. The bank reported $0.80 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.01). Hanmi Financial had a net margin of 20.06% and a return on equity of 11.30%. The firm had revenue of $76.60 million during the quarter, compared to analyst estimates of $75.13 million. Equities research analysts forecast that Hanmi Financial Corporation will post 3.20 earnings per share for the current fiscal year.

Hanmi Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Monday, November 9th 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 3.4%. The ex-dividend date of this dividend is Monday, November 9th. Hanmi Financial's dividend payout ratio is currently 36.84%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in Hanmi Financial by 3.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,760,855 shares of the bank's stock valued at $46,416,000 after buying an additional 56,102 shares during the last quarter. Rhino Investment Partners Inc raised its holdings in shares of Hanmi Financial by 4.9% in the first quarter. Rhino Investment Partners Inc now owns 881,957 shares of the bank's stock worth $23,248,000 after acquiring an additional 41,008 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Hanmi Financial by 26.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 413,571 shares of the bank's stock worth $10,902,000 after acquiring an additional 87,655 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Hanmi Financial in the second quarter valued at $12,570,000. Finally, Principal Financial Group Inc. lifted its position in shares of Hanmi Financial by 47.2% in the first quarter. Principal Financial Group Inc. now owns 208,398 shares of the bank's stock valued at $5,493,000 after acquiring an additional 66,833 shares in the last quarter. Institutional investors own 88.66% of the company's stock.

Hanmi Financial Company Profile

Hanmi Financial Corporation is the holding company for Hanmi Bank, a commercial bank headquartered in Los Angeles, California. Founded in 1982, Hanmi Bank was established to serve Korean American and other small-business communities and has developed into a full-service regional bank serving individuals, businesses, and professional organizations.

Hanmi Bank offers commercial and consumer deposit accounts, business and personal lending, commercial real estate financing, small business loans, construction loans, and trade finance services.

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