BidaskClub Lowers Hanmi Financial (NASDAQ:HAFC) to Sell

BidaskClub lowered shares of Hanmi Financial (NASDAQ:HAFC) from a hold rating to a sell rating in a research note issued to investors on Saturday, BidAskClub reports.

Other research analysts also recently issued research reports about the stock. ValuEngine downgraded shares of Hanmi Financial from a sell rating to a strong sell rating in a research note on Thursday, March 7th. Zacks Investment Research downgraded shares of Hanmi Financial from a hold rating to a sell rating in a research note on Friday, April 26th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The company presently has an average rating of Hold and an average target price of $27.33.

Shares of HAFC stock opened at $21.27 on Friday. The company has a 50-day moving average price of $21.88. Hanmi Financial has a twelve month low of $17.56 and a twelve month high of $29.75. The firm has a market cap of $657.84 million, a P/E ratio of 11.19, a price-to-earnings-growth ratio of 1.27 and a beta of 1.08. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.21.

Hanmi Financial (NASDAQ:HAFC) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.48 earnings per share for the quarter, meeting the consensus estimate of $0.48. Hanmi Financial had a net margin of 21.65% and a return on equity of 10.71%. The firm had revenue of $51.14 million during the quarter, compared to the consensus estimate of $51.20 million. On average, sell-side analysts predict that Hanmi Financial will post 2.09 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Monday, May 6th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date was Friday, May 3rd. Hanmi Financial’s dividend payout ratio is currently 50.53%.

In other news, Director Joseph K. Rho sold 64,499 shares of the company’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $22.32, for a total transaction of $1,439,617.68. Following the completion of the transaction, the director now owns 363,538 shares of the company’s stock, valued at approximately $8,114,168.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Joseph K. Rho sold 21,204 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $22.79, for a total value of $483,239.16. Following the sale, the director now owns 300,839 shares of the company’s stock, valued at approximately $6,856,120.81. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,999 shares of company stock valued at $2,535,296. Corporate insiders own 2.90% of the company’s stock.

Several large investors have recently modified their holdings of HAFC. Flinton Capital Management LLC grew its holdings in shares of Hanmi Financial by 30.3% during the 4th quarter. Flinton Capital Management LLC now owns 5,544 shares of the bank’s stock worth $109,000 after purchasing an additional 1,288 shares during the period. Neuburgh Advisers LLC grew its holdings in shares of Hanmi Financial by 30.3% during the 4th quarter. Neuburgh Advisers LLC now owns 6,732 shares of the bank’s stock worth $133,000 after purchasing an additional 1,564 shares during the period. BNP Paribas Arbitrage SA grew its holdings in shares of Hanmi Financial by 52,675.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,333 shares of the bank’s stock worth $135,000 after purchasing an additional 6,321 shares during the period. Anderson Fisher LLC purchased a new stake in shares of Hanmi Financial during the 1st quarter worth about $173,000. Finally, Metropolitan Life Insurance Co. NY grew its holdings in shares of Hanmi Financial by 356.5% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 10,604 shares of the bank’s stock worth $209,000 after purchasing an additional 8,281 shares during the period. Institutional investors and hedge funds own 89.65% 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. 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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