Hanmi Financial (NASDAQ:HAFC) Hits New 52-Week High – Time to Buy?

Hanmi Financial Corporation (NASDAQ:HAFC) shares hit a new 52-week high on Thursday . The company traded as high as $31.39 and last traded at $31.3130, with a volume of 25690 shares changing hands. The stock had previously closed at $31.21.

Analysts Set New Price Targets

Several analysts recently commented on HAFC shares. Capital One Financial set a $32.00 price target on shares of Hanmi Financial in a report on Thursday, May 28th. Brean Capital reiterated a “neutral” rating and issued a $32.00 price objective on shares of Hanmi Financial in a research note on Thursday, May 28th. Keefe, Bruyette & Woods lifted their target price on shares of Hanmi Financial from $31.50 to $32.00 and gave the company a “market perform” rating in a research note on Thursday, April 9th. Finally, Piper Sandler upped their price target on shares of Hanmi Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Hanmi Financial currently has a consensus rating of “Hold” and an average target price of $32.10.

Hanmi Financial Price Performance

The stock has a 50 day moving average of $29.41 and a two-hundred day moving average of $28.05. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market capitalization of $945.20 million, a P/E ratio of 11.85 and a beta of 0.72.

Hanmi Financial (NASDAQ:HAFC) last announced its earnings results on Tuesday, April 21st. The bank reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.04. Hanmi Financial had a return on equity of 10.31% and a net margin of 18.05%.The firm had revenue of $134.95 million during the quarter, compared to analysts’ expectations of $71.40 million. Sell-side analysts predict that Hanmi Financial Corporation will post 3.16 earnings per share for the current fiscal year.

Hanmi Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 4th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, May 4th. Hanmi Financial’s payout ratio is currently 41.79%.

Insider Activity at Hanmi Financial

In other news, insider Matthew Fuhr sold 3,300 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $30.83, for a total value of $101,739.00. Following the completion of the sale, the insider directly owned 34,002 shares of the company’s stock, valued at approximately $1,048,281.66. This represents a 8.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Anthony I. Kim sold 5,333 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $30.73, for a total transaction of $163,883.09. Following the completion of the sale, the insider owned 41,615 shares in the company, valued at approximately $1,278,828.95. The trade was a 11.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.12% of the stock is owned by corporate insiders.

Institutional Trading of Hanmi Financial

A number of hedge funds have recently bought and sold shares of HAFC. Royal Bank of Canada raised its position in shares of Hanmi Financial by 8.1% during the first quarter. Royal Bank of Canada now owns 16,441 shares of the bank’s stock valued at $372,000 after buying an additional 1,234 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Hanmi Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,892 shares of the bank’s stock worth $405,000 after buying an additional 780 shares in the last quarter. Empowered Funds LLC grew its position in Hanmi Financial by 5.4% during the first quarter. Empowered Funds LLC now owns 114,624 shares of the bank’s stock worth $2,597,000 after buying an additional 5,920 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Hanmi Financial by 26.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,708 shares of the bank’s stock valued at $1,942,000 after acquiring an additional 18,112 shares during the period. Finally, Jane Street Group LLC raised its holdings in Hanmi Financial by 352.6% in the 1st quarter. Jane Street Group LLC now owns 44,723 shares of the bank’s stock valued at $1,013,000 after acquiring an additional 34,841 shares in the last quarter. 88.66% of the stock is owned by institutional investors.

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.