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

Key Points

• Hanmi Financial shares crossed above their 200-day moving average, reaching $31.54 before closing at $31.22, compared with a 200-day average of $29.47.
• Analyst sentiment remains cautious: two analysts rate the stock Buy and four rate it Hold, producing a consensus Hold rating and an average price target of $33.00.
• The bank reported quarterly EPS of $0.79, slightly above estimates, and maintains a quarterly dividend of $0.28 per share, equivalent to a 3.6% annual yield.

Hanmi Financial Corporation (NASDAQ:HAFC - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $29.47 and traded as high as $31.54. Hanmi Financial shares last traded at $31.22, with a volume of 173,695 shares trading hands.

Analyst Upgrades and Downgrades

HAFC has been the subject of several research analyst reports. Brean Capital reiterated a "neutral" rating and set a $32.00 target price on shares of Hanmi Financial in a research report on Thursday, May 28th. DA Davidson boosted their price target on Hanmi Financial from $31.50 to $34.00 and gave the company a "neutral" rating in a report on Thursday, July 23rd. Piper Sandler boosted their price target on Hanmi Financial from $32.00 to $35.00 and gave the company an "overweight" rating in a report on Monday, April 27th. Capital One Financial set a $32.00 price objective on Hanmi Financial in a research note on Thursday, May 28th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Hanmi Financial in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $33.00.

Hanmi Financial Trading Up 0.4%

The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.25. The stock's 50 day moving average is $32.00 and its two-hundred day moving average is $29.47. The company has a market capitalization of $925.67 million, a PE ratio of 10.51 and a beta of 0.73.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last posted its earnings results on Tuesday, July 21st. The bank reported $0.79 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.02. Hanmi Financial had a net margin of 19.82% and a return on equity of 11.20%. The business had revenue of $72.21 million for the quarter, compared to the consensus estimate of $74.03 million. As a group, sell-side analysts predict that Hanmi Financial Corporation will post 3.18 EPS for the current fiscal year.

Hanmi Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Monday, August 3rd were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, August 3rd. Hanmi Financial's dividend payout ratio (DPR) is presently 37.71%.

Insider Buying and Selling

In other Hanmi Financial news, insider Anthony I. Kim sold 5,333 shares of the company's stock in a transaction 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 sale, the insider owned 41,615 shares in the company, valued at $1,278,828.95. This represents a 11.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.12% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in HAFC. California State Teachers Retirement System increased its position in Hanmi Financial by 3,695.6% during the 2nd quarter. California State Teachers Retirement System now owns 1,051,769 shares of the bank's stock valued at $32,462,000 after buying an additional 1,024,059 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Hanmi Financial in the second quarter valued at about $12,570,000. Hillsdale Investment Management Inc. acquired a new stake in Hanmi Financial in the fourth quarter worth about $7,276,000. Goldman Sachs Group Inc. boosted its holdings in Hanmi Financial by 30.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 786,529 shares of the bank's stock worth $21,260,000 after acquiring an additional 181,509 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Hanmi Financial by 237.1% during the fourth quarter. Millennium Management LLC now owns 178,125 shares of the bank's stock worth $4,815,000 after acquiring an additional 125,292 shares during the last quarter. 88.66% of the stock is currently owned by hedge funds and other institutional investors.

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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