Hanmi Financial (NASDAQ:HAFC) Stock Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• Hanmi Financial shares rose above their 200-day moving average, reaching $32.16 before closing at $31.60, compared with a 200-day average of $30.33.
• Analysts maintain a generally cautious outlook, with an average “Hold” rating and a $33 price target, despite one firm raising its target to $34. The company’s latest quarterly EPS of $0.79 exceeded estimates, although revenue fell short of expectations.
• Hanmi Financial pays a quarterly dividend of $0.28 per share, equivalent to a 3.5% yield, while institutional investors own approximately 88.66% of the company.

Hanmi Financial Corporation (NASDAQ:HAFC - Get Free Report) crossed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $30.33 and traded as high as $32.16. Hanmi Financial shares last traded at $31.60, with a volume of 194,883 shares changing hands.

Wall Street Analysts Forecast Growth

HAFC has been the topic of a number of research analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Hanmi Financial in a research report on Monday, September 21st. DA Davidson boosted their target price on Hanmi Financial from $31.50 to $34.00 and gave the company a "neutral" rating in a research report on Thursday, July 23rd. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Hanmi Financial currently has an average rating of "Hold" and an average price target of $33.00.

Hanmi Financial Trading Down 1.6%

The business has a fifty day moving average of $31.79 and a 200-day moving average of $30.33. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market capitalization of $936.94 million, a P/E ratio of 10.64 and a beta of 0.72.

Hanmi Financial (NASDAQ:HAFC - Get Free Report) last announced its quarterly 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 during the quarter, compared to analyst estimates of $74.03 million. Analysts anticipate that Hanmi Financial Corporation will post 3.18 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, August 19th. Stockholders of record on Monday, August 3rd were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Monday, August 3rd. Hanmi Financial's dividend payout ratio (DPR) is currently 37.71%.

Institutional Investors Weigh In On Hanmi Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its stake in Hanmi Financial by 3.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,760,855 shares of the bank's stock valued at $46,416,000 after purchasing an additional 56,102 shares during the last quarter. Rhino Investment Partners Inc raised its stake 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 purchasing an additional 41,008 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake 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 purchasing an additional 87,655 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Hanmi Financial in the second quarter valued at approximately $12,570,000. Finally, Principal Financial Group Inc. lifted its holdings 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 purchasing an additional 66,833 shares in the last quarter. Institutional investors and hedge funds own 88.66% of the company's stock.

About Hanmi Financial

Hanmi Financial Corporation is the holding company for Hanmi Bank, a community bank that serves small and middle-market businesses, individuals and professionals. Founded in 1982 and headquartered in Los Angeles, California, the bank has historically focused on Korean American and other diverse communities in the United States.

Hanmi Bank provides commercial and consumer banking services, including commercial real estate loans, commercial and industrial lending, Small Business Administration loans, residential mortgage lending, consumer loans and deposit products.

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