Hanmi Financial (NASDAQ:HAFC) Hits New 1-Year High – Here’s Why

Hanmi Financial Corporation (NASDAQ:HAFC)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $28.40 and last traded at $28.4610, with a volume of 43972 shares. The stock had previously closed at $28.13.

Wall Street Analysts Forecast Growth

HAFC has been the subject of a number of recent analyst reports. Wall Street Zen lowered Hanmi Financial from a “buy” rating to a “hold” rating in a research report on Sunday, November 23rd. Keefe, Bruyette & Woods raised their target price on shares of Hanmi Financial from $29.00 to $30.50 and gave the stock a “market perform” rating in a report on Wednesday, October 22nd. Zacks Research raised shares of Hanmi Financial from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 23rd. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Hanmi Financial in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Hanmi Financial currently has an average rating of “Moderate Buy” and a consensus target price of $28.50.

Hanmi Financial Price Performance

The stock has a market capitalization of $849.68 million, a P/E ratio of 11.87 and a beta of 0.75. The stock’s fifty day moving average is $25.96 and its 200-day moving average is $24.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.97 and a quick ratio of 0.97.

Hanmi Financial (NASDAQ:HAFC) last issued its quarterly earnings data on Tuesday, October 21st. The bank reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.07. Hanmi Financial had a net margin of 16.53% and a return on equity of 9.59%. The business had revenue of $70.96 million during the quarter, compared to analysts’ expectations of $67.80 million. On average, equities analysts anticipate that Hanmi Financial Corporation will post 2.6 earnings per share for the current year.

Hanmi Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Tuesday, November 4th were paid a $0.27 dividend. The ex-dividend date of this dividend was Tuesday, November 4th. This represents a $1.08 annualized dividend and a yield of 3.8%. Hanmi Financial’s payout ratio is currently 45.19%.

Institutional Investors Weigh In On Hanmi Financial

Several large investors have recently made changes to their positions in HAFC. US Bancorp DE bought a new position in Hanmi Financial during the 1st quarter valued at about $42,000. Charles Schwab Investment Management Inc. grew its position in Hanmi Financial by 4.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 358,602 shares of the bank’s stock worth $8,126,000 after acquiring an additional 15,499 shares during the last quarter. Invesco Ltd. increased its holdings in Hanmi Financial by 10.4% during the 1st quarter. Invesco Ltd. now owns 445,623 shares of the bank’s stock valued at $10,098,000 after purchasing an additional 42,037 shares in the last quarter. Nuveen LLC bought a new position in Hanmi Financial in the 1st quarter valued at $2,925,000. Finally, Public Sector Pension Investment Board boosted its stake in Hanmi Financial by 83.6% in the first quarter. Public Sector Pension Investment Board now owns 137,210 shares of the bank’s stock worth $3,109,000 after purchasing an additional 62,459 shares in the last quarter. 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.