Summit Global Investments Takes $925,000 Position in Hanmi Financial Corporation $HAFC

Summit Global Investments purchased a new position in shares of Hanmi Financial Corporation (NASDAQ:HAFC) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 35,096 shares of the bank’s stock, valued at approximately $925,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Hanmi Financial by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 2,201,736 shares of the bank’s stock valued at $59,513,000 after buying an additional 45,511 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Hanmi Financial by 287.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 83,475 shares of the bank’s stock worth $2,257,000 after acquiring an additional 61,928 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. bought a new stake in Hanmi Financial during the fourth quarter worth $2,263,000. Legato Capital Management LLC acquired a new stake in Hanmi Financial in the fourth quarter valued at $467,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in Hanmi Financial in the fourth quarter valued at $7,276,000. 88.66% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

HAFC has been the subject of several recent analyst reports. Keefe, Bruyette & Woods raised their target price on shares of Hanmi Financial from $31.50 to $32.00 and gave the company a “market perform” rating in a research note on Thursday, April 9th. Weiss Ratings restated a “buy (b)” rating on shares of Hanmi Financial in a research note on Wednesday, June 24th. Brean Capital reaffirmed a “neutral” rating and issued a $32.00 price objective on shares of Hanmi Financial in a research report on Thursday, May 28th. Piper Sandler lifted their target price on Hanmi Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Finally, Capital One Financial set a $32.00 target price on Hanmi Financial in a research note on Thursday, May 28th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $32.10.

Insider Activity at Hanmi Financial

In other news, insider Anthony I. Kim sold 5,333 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $30.73, for a total transaction of $163,883.09. Following the sale, the insider directly owned 41,615 shares in the company, valued at approximately $1,278,828.95. The trade was a 11.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Matthew Fuhr sold 3,300 shares of Hanmi Financial stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $30.83, for a total transaction of $101,739.00. Following the sale, the insider owned 34,002 shares in the company, valued at approximately $1,048,281.66. This represents a 8.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.12% of the company’s stock.

Hanmi Financial Stock Performance

NASDAQ HAFC opened at $32.47 on Wednesday. The firm has a 50-day moving average price of $31.22 and a two-hundred day moving average price of $28.79. Hanmi Financial Corporation has a 12-month low of $22.00 and a 12-month high of $33.50. The company has a market capitalization of $966.63 million, a P/E ratio of 12.12 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) last posted its quarterly earnings data on Tuesday, July 21st. The bank reported $0.79 EPS 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 10.31% and a net margin of 18.05%. Analysts anticipate that Hanmi Financial Corporation will post 3.16 earnings per share for the current year.

Hanmi Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 4th were issued 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 3.4%. Hanmi Financial’s payout ratio is 41.79%.

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.