Hanmi Financial (NASDAQ:HAFC) Reaches New 1-Year High – Still a Buy?

Hanmi Financial Corporation (NASDAQ:HAFC) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $31.39 and last traded at $31.3130, with a volume of 25690 shares traded. The stock had previously closed at $31.21.

Wall Street Analyst Weigh In

Several analysts have issued reports on HAFC shares. Keefe, Bruyette & Woods upped their target price on Hanmi Financial from $31.50 to $32.00 and gave the company a “market perform” rating in a report on Thursday, April 9th. Capital One Financial set a $32.00 target price on Hanmi Financial in a report on Thursday, May 28th. Brean Capital restated a “neutral” rating and issued a $32.00 target price on shares of Hanmi Financial in a report on Thursday, May 28th. Finally, Piper Sandler upped their target price on Hanmi Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, April 27th. 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.com, the stock currently has a consensus rating of “Hold” and an average price target of $32.10.

Hanmi Financial Trading Down 0.7%

The company has a 50 day moving average of $29.21 and a 200-day moving average of $28.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market cap of $922.27 million, a price-to-earnings ratio of 11.57 and a beta of 0.72.

Hanmi Financial (NASDAQ:HAFC) last posted its earnings results on Tuesday, April 21st. The bank reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.04. Hanmi Financial had a return on equity of 10.31% and a net margin of 18.05%.The firm had revenue of $134.95 million for the quarter, compared to analyst estimates of $71.40 million. On average, research analysts anticipate that Hanmi Financial Corporation will post 3.16 earnings per share for the current year.

Hanmi Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Monday, May 4th were given a $0.28 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.12 dividend on an annualized basis and a yield of 3.6%. Hanmi Financial’s dividend payout ratio (DPR) is currently 41.79%.

Insider Transactions at Hanmi Financial

In other Hanmi Financial news, insider Matthew Fuhr sold 3,300 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $30.83, for a total value of $101,739.00. Following the sale, the insider owned 34,002 shares of the company’s stock, valued at $1,048,281.66. This trade represents a 8.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Anthony I. Kim sold 5,333 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $30.73, for a total value of $163,883.09. Following the completion of the sale, the insider directly owned 41,615 shares in the company, valued at $1,278,828.95. This represents a 11.36% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.12% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hanmi Financial

A number of hedge funds have recently bought and sold shares of HAFC. Assetmark Inc. raised its position in Hanmi Financial by 35,033.3% in the 1st quarter. Assetmark Inc. now owns 1,054 shares of the bank’s stock valued at $28,000 after purchasing an additional 1,051 shares in the last quarter. AlphaQuest LLC raised its position in shares of Hanmi Financial by 201.7% during the 3rd quarter. AlphaQuest LLC now owns 1,792 shares of the bank’s stock worth $44,000 after acquiring an additional 1,198 shares in the last quarter. Royal Bank of Canada raised its position in shares of Hanmi Financial by 30.5% during the 4th quarter. Royal Bank of Canada now owns 1,880 shares of the bank’s stock worth $51,000 after acquiring an additional 439 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Hanmi Financial by 343.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the bank’s stock worth $56,000 after acquiring an additional 1,764 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Hanmi Financial by 148.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,414 shares of the bank’s stock worth $60,000 after acquiring an additional 1,442 shares in the last quarter. Institutional investors and hedge funds own 88.66% of the company’s stock.

Hanmi Financial Company Profile

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.