Hanmi Financial (NASDAQ:HAFC) Reaches New 12-Month High – Time to Buy?

Hanmi Financial Corporation (NASDAQ:HAFC) 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.

Wall Street Analysts Forecast Growth

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

Hanmi Financial Stock Performance

The firm’s fifty day moving average price is $31.61 and its 200 day moving average price is $29.88. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $990.90 million, a PE ratio of 10.99 and a beta of 0.72.

Hanmi Financial (NASDAQ:HAFC) last announced its quarterly earnings data on Tuesday, October 27th. The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.01). The firm had revenue of $76.60 million for the quarter, compared to analysts’ expectations of $75.13 million. Hanmi Financial had a return on equity of 11.30% and a net margin of 20.06%. On average, research analysts anticipate that Hanmi Financial Corporation will post 3.20 earnings per share for the current year.

Hanmi Financial Announces Dividend

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 paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.4%. Hanmi Financial’s dividend payout ratio (DPR) is 36.84%.

Institutional Investors Weigh In On Hanmi Financial

Large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased 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 worth $46,416,000 after purchasing an additional 56,102 shares in the last quarter. Rhino Investment Partners Inc boosted 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 valued at $23,248,000 after buying an additional 41,008 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Hanmi Financial during the second quarter worth $12,570,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of 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 acquiring an additional 87,655 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Hanmi Financial by 47.2% in the 1st 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 during the period. Institutional investors own 88.66% of the company’s stock.

About Hanmi Financial

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.