Hanmi Financial (NASDAQ:HAFC) Stock Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• Hanmi Financial shares crossed above their 200-day moving average, reaching $31.24 and last trading at $31.08 versus the $30.74 average.
• Analyst sentiment remains cautious: two analysts rate the stock Buy and four rate it Hold, resulting in an overall “Hold” rating and an average price target of $33.00.
• The company exceeded quarterly EPS expectations with $0.79 versus $0.77 forecast, while maintaining a $0.28 quarterly dividend, equivalent to a 3.6% yield; institutional investors own 88.66% of the stock.

Hanmi Financial Corporation (NASDAQ:HAFC - Get Free Report)'s stock price passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $30.74 and traded as high as $31.24. Hanmi Financial shares last traded at $31.08, with a volume of 166,650 shares trading hands.

Analyst Ratings Changes

A number of brokerages have recently issued reports on HAFC. DA Davidson boosted their price target on shares of Hanmi Financial from $31.50 to $34.00 and gave the stock a "neutral" rating in a research note on Thursday, July 23rd. Weiss Ratings restated a "buy (b)" rating on shares of Hanmi Financial in a research report on Monday, September 21st. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Hanmi Financial presently has an average rating of "Hold" and an average target price of $33.00.

Hanmi Financial Stock Performance

The company has a debt-to-equity ratio of 0.25, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market capitalization of $921.49 million, a PE ratio of 10.46 and a beta of 0.75. The stock has a 50 day moving average of $31.68 and a two-hundred day moving average of $30.74.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The bank reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.02. The firm had revenue of $72.21 million for the quarter, compared to analyst estimates of $74.03 million. Hanmi Financial had a return on equity of 11.20% and a net margin of 19.82%. Research analysts expect that Hanmi Financial Corporation will post 3.19 EPS for the current fiscal year.

Hanmi Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Monday, August 3rd were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.6%. Hanmi Financial's dividend payout ratio is 37.71%.

Hedge Funds Weigh In On Hanmi Financial

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

Hanmi Financial Company Profile

Hanmi Financial Corporation is the parent company of Hanmi Bank, a community-focused commercial bank headquartered in Los Angeles, California. Founded in 1982, Hanmi Bank was established to serve Korean American communities and has expanded its customer base to include small and middle-market businesses, professionals, and individuals in diverse communities.

Hanmi Bank offers commercial and consumer banking products, including business loans, commercial real estate financing, Small Business Administration loans, commercial and residential mortgage lending, checking and savings accounts, certificates of deposit, and consumer loans.

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