Hanmi Financial (NASDAQ:HAFC) Stock Rating Upgraded by Piper Sandler

Piper Sandler upgraded shares of Hanmi Financial (NASDAQ:HAFC) from a neutral rating to an overweight rating in a research report sent to investors on Thursday morning, Marketbeat Ratings reports. Piper Sandler currently has $25.50 price target on the bank’s stock, up from their previous price target of $20.00.

A number of other analysts have also recently issued reports on HAFC. Wedbush reiterated a “neutral” rating and issued a $21.00 target price on shares of Hanmi Financial in a research note on Wednesday. Keefe, Bruyette & Woods raised shares of Hanmi Financial from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Finally, DA Davidson increased their target price on shares of Hanmi Financial from $20.00 to $22.00 and gave the stock a “neutral” rating in a research report on Wednesday.

Hanmi Financial Price Performance

Shares of NASDAQ:HAFC opened at $23.04 on Thursday. The business has a fifty day simple moving average of $19.35 and a 200 day simple moving average of $17.56. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60. Hanmi Financial has a 1 year low of $13.87 and a 1 year high of $23.14. The firm has a market cap of $700.12 million, a price-to-earnings ratio of 9.60 and a beta of 0.87.

Hanmi Financial (NASDAQ:HAFC) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.49 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.49. The company had revenue of $108.86 million during the quarter, compared to the consensus estimate of $59.23 million. Hanmi Financial had a return on equity of 9.66% and a net margin of 15.84%. During the same period last year, the business earned $0.62 EPS. As a group, sell-side analysts predict that Hanmi Financial will post 1.97 earnings per share for the current fiscal year.

Hanmi Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Monday, November 4th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date is Monday, November 4th. Hanmi Financial’s dividend payout ratio is 41.67%.

Institutional Trading of Hanmi Financial

A number of institutional investors and hedge funds have recently modified their holdings of the company. Pallas Capital Advisors LLC bought a new position in Hanmi Financial in the 3rd quarter worth $220,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Hanmi Financial in the third quarter valued at about $349,000. Assenagon Asset Management S.A. increased its stake in shares of Hanmi Financial by 66.5% in the third quarter. Assenagon Asset Management S.A. now owns 395,244 shares of the bank’s stock worth $7,352,000 after purchasing an additional 157,792 shares during the period. CWM LLC increased its stake in shares of Hanmi Financial by 71.8% in the third quarter. CWM LLC now owns 29,184 shares of the bank’s stock worth $543,000 after purchasing an additional 12,193 shares during the period. Finally, SG Americas Securities LLC lifted its position in shares of Hanmi Financial by 49.1% during the 3rd quarter. SG Americas Securities LLC now owns 28,746 shares of the bank’s stock worth $535,000 after purchasing an additional 9,465 shares during the last quarter. 88.66% of the stock is currently owned by institutional investors and hedge funds.

Hanmi Financial Company Profile

Hanmi Financial Corporation operates as the holding company for Hanmi Bank that provides business banking products and services in the United States. It offers various deposit products, including noninterest-bearing checking accounts, savings accounts, negotiable order of withdrawal accounts, money market accounts, and certificates of deposit.