Hanmi Financial (HAFC) Shares Up 3.3%

Hanmi Financial Corp (NASDAQ:HAFC)’s share price shot up 3.3% on Friday . The stock traded as high as $19.52 and last traded at $20.17. 144,668 shares changed hands during trading, a decline of 26% from the average session volume of 196,797 shares. The stock had previously closed at $19.52.

Several research firms recently weighed in on HAFC. ValuEngine raised shares of Hanmi Financial from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 18th. BidaskClub cut shares of Hanmi Financial from a “sell” rating to a “strong sell” rating in a research note on Friday, July 20th. Raymond James dropped their price objective on shares of Hanmi Financial from $32.00 to $29.00 and set an “outperform” rating for the company in a research note on Monday, July 30th. Zacks Investment Research raised shares of Hanmi Financial from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research note on Monday, July 23rd. Finally, TheStreet cut shares of Hanmi Financial from a “b-” rating to a “c+” rating in a research note on Thursday, October 18th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $30.00.

The company has a market capitalization of $634.66 million, a P/E ratio of 10.17, a price-to-earnings-growth ratio of 1.24 and a beta of 0.79. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.05 and a current ratio of 1.02.



Hanmi Financial (NASDAQ:HAFC) last issued its quarterly earnings data on Tuesday, October 23rd. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). Hanmi Financial had a return on equity of 10.92% and a net margin of 22.82%. The business had revenue of $51.54 million during the quarter, compared to analysts’ expectations of $53.60 million. Analysts anticipate that Hanmi Financial Corp will post 1.96 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 26th. Shareholders of record on Friday, November 2nd will be paid a $0.24 dividend. The ex-dividend date of this dividend is Thursday, November 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.80%. Hanmi Financial’s payout ratio is currently 53.04%.

Hanmi Financial announced that its board has initiated a stock buyback program on Thursday, August 30th that permits the company to repurchase 1,600,000 shares. This repurchase authorization permits the bank to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

In other news, Director Scott Diehl bought 4,000 shares of the stock in a transaction dated Monday, August 6th. The stock was purchased at an average price of $25.43 per share, for a total transaction of $101,720.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.91% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in HAFC. BlackRock Inc. lifted its holdings in shares of Hanmi Financial by 6.2% in the 2nd quarter. BlackRock Inc. now owns 4,618,457 shares of the bank’s stock worth $130,934,000 after acquiring an additional 271,266 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Hanmi Financial by 22.2% in the 2nd quarter. Millennium Management LLC now owns 700,886 shares of the bank’s stock worth $19,870,000 after acquiring an additional 127,331 shares during the last quarter. Congress Asset Management Co. MA lifted its holdings in shares of Hanmi Financial by 101.0% in the 3rd quarter. Congress Asset Management Co. MA now owns 251,748 shares of the bank’s stock worth $6,269,000 after acquiring an additional 126,515 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Hanmi Financial by 6.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,187,131 shares of the bank’s stock worth $62,006,000 after acquiring an additional 123,016 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Hanmi Financial by 16.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 616,096 shares of the bank’s stock worth $15,341,000 after acquiring an additional 88,880 shares during the last quarter. Hedge funds and other institutional investors own 88.62% of the company’s stock.

Hanmi Financial Company Profile (NASDAQ:HAFC)

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

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