Hanmi Financial (NASDAQ:HAFC) Sets New 12-Month High – Here’s What Happened

Hanmi Financial Co. (NASDAQ:HAFC)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $26.32 and last traded at $26.21, with a volume of 26344 shares trading hands. The stock had previously closed at $25.75.

Analysts Set New Price Targets

A number of research firms have commented on HAFC. DA Davidson lifted their target price on Hanmi Financial from $20.00 to $22.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Piper Sandler upgraded Hanmi Financial from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $20.00 to $25.50 in a research report on Thursday, October 24th. Janney Montgomery Scott upgraded Hanmi Financial from a “neutral” rating to a “buy” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods raised Hanmi Financial from a “market perform” rating to an “outperform” rating and raised their price target for the company from $20.00 to $22.00 in a report on Wednesday, October 2nd. Finally, Wedbush reissued a “neutral” rating and set a $21.00 price target on shares of Hanmi Financial in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Hanmi Financial has an average rating of “Moderate Buy” and a consensus target price of $22.63.

Hanmi Financial Stock Performance

The firm has a market cap of $796.68 million, a PE ratio of 12.38 and a beta of 0.84. The business has a 50 day simple moving average of $21.43 and a two-hundred day simple moving average of $18.83. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.58.

Hanmi Financial (NASDAQ:HAFC) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.49 EPS for the quarter, meeting the consensus estimate of $0.49. Hanmi Financial had a return on equity of 8.87% and a net margin of 14.80%. The firm had revenue of $108.86 million for the quarter, compared to analyst estimates of $59.23 million. During the same quarter last year, the firm posted $0.62 earnings per share. As a group, equities research analysts forecast that Hanmi Financial Co. will post 2 earnings per share for the current fiscal year.

Hanmi Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 20th. Stockholders of record on Monday, November 4th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend was Monday, November 4th. Hanmi Financial’s payout ratio is currently 48.08%.

Institutional Trading of Hanmi Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 DIFC Ltd purchased a new position in Hanmi Financial during the 3rd quarter worth $28,000. Capital Performance Advisors LLP purchased a new stake in shares of Hanmi Financial during the third quarter worth about $49,000. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Hanmi Financial by 47.0% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,773 shares of the bank’s stock valued at $63,000 after acquiring an additional 1,207 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Hanmi Financial in the 2nd quarter valued at approximately $168,000. Finally, EMC Capital Management raised its position in shares of Hanmi Financial by 8.9% in the 1st quarter. EMC Capital Management now owns 11,768 shares of the bank’s stock valued at $187,000 after purchasing an additional 958 shares during the last quarter. Hedge funds and other institutional investors own 88.66% of the company’s stock.

About Hanmi Financial

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.