Hanmi Financial Corporation (NASDAQ:HAFC) Sees Large Increase in Short Interest

Hanmi Financial Corporation (NASDAQ:HAFC) was the target of a large increase in short interest during the month of December. As of December 15th, there was short interest totaling 722,010 shares, an increase of 58.6% from the November 30th total of 455,321 shares. Approximately 2.4% of the shares of the company are sold short. Based on an average daily volume of 271,742 shares, the days-to-cover ratio is presently 2.7 days. Based on an average daily volume of 271,742 shares, the days-to-cover ratio is presently 2.7 days. Approximately 2.4% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Keefe, Bruyette & Woods upped their target price on Hanmi Financial from $29.00 to $30.50 and gave the company a “market perform” rating in a research report on Wednesday, October 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Hanmi Financial in a research report on Monday, December 22nd. Wall Street Zen upgraded Hanmi Financial from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. Finally, Zacks Research raised Hanmi Financial from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 23rd. One investment 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’s stock. According to MarketBeat, Hanmi Financial currently has a consensus rating of “Moderate Buy” and an average target price of $28.50.

Hanmi Financial Price Performance

Shares of NASDAQ:HAFC traded down $0.24 during midday trading on Monday, reaching $27.51. 411,844 shares of the company’s stock traded hands, compared to its average volume of 191,421. The company has a market cap of $823.92 million, a P/E ratio of 11.51 and a beta of 0.75. The company has a fifty day simple moving average of $27.41 and a two-hundred day simple moving average of $25.50. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.97 and a current ratio of 0.97. Hanmi Financial has a 1 year low of $19.25 and a 1 year high of $29.46.

Hanmi Financial (NASDAQ:HAFC) last announced its earnings results on Tuesday, October 21st. The bank reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.07. The business had revenue of $70.96 million for the quarter, compared to analyst estimates of $67.80 million. Hanmi Financial had a net margin of 16.53% and a return on equity of 9.59%. Equities analysts predict that Hanmi Financial will post 2.6 EPS for the current fiscal year.

Hanmi Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Tuesday, November 4th were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Tuesday, November 4th. Hanmi Financial’s dividend payout ratio is currently 45.19%.

Institutional Investors Weigh In On Hanmi Financial

A number of hedge funds have recently modified their holdings of HAFC. LSV Asset Management grew its stake in Hanmi Financial by 3.0% during the 2nd quarter. LSV Asset Management now owns 1,417,475 shares of the bank’s stock valued at $34,983,000 after acquiring an additional 40,684 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Hanmi Financial by 7.0% in the third quarter. American Century Companies Inc. now owns 932,896 shares of the bank’s stock valued at $23,033,000 after purchasing an additional 60,876 shares during the last quarter. Geode Capital Management LLC lifted its position in Hanmi Financial by 2.7% during the second quarter. Geode Capital Management LLC now owns 799,205 shares of the bank’s stock worth $19,728,000 after buying an additional 21,157 shares in the last quarter. Rhino Investment Partners Inc grew its holdings in Hanmi Financial by 27.1% in the 3rd quarter. Rhino Investment Partners Inc now owns 785,756 shares of the bank’s stock valued at $19,400,000 after buying an additional 167,485 shares in the last quarter. Finally, Stieven Capital Advisors L.P. increased its stake in shares of Hanmi Financial by 4.3% in the 3rd quarter. Stieven Capital Advisors L.P. now owns 634,676 shares of the bank’s stock worth $15,670,000 after acquiring an additional 25,900 shares during the last quarter. 88.66% of the stock is currently owned by institutional investors and hedge funds.

About Hanmi Financial

Hanmi Financial Corporation is a bank holding company based in California, primarily operating through its wholly owned subsidiary, Hanmi Bank. Established in 1982 to serve the Korean‐American community in Los Angeles, the company has expanded its footprint to include branch locations throughout California as well as markets in Illinois, Texas and Washington State. Hanmi Bank offers a comprehensive suite of commercial and consumer banking products designed to meet the needs of small and medium‐sized businesses, professionals and individual clients.

On the commercial banking side, Hanmi Bank provides business checking and savings accounts, lines of credit, commercial real estate lending and SBA‐guaranteed loans.