Hanmi Financial (NASDAQ:HAFC) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Hanmi Financial (NASDAQ:HAFC) posted its quarterly earnings results on Tuesday. The bank reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02, Zacks reports. Hanmi Financial had a return on equity of 10.31% and a net margin of 18.05%.The firm had revenue of $72.21 million for the quarter, compared to the consensus estimate of $74.03 million.

Hanmi Financial Price Performance

HAFC stock traded up $0.28 during midday trading on Tuesday, hitting $32.47. 241,496 shares of the stock were exchanged, compared to its average volume of 276,242. The stock’s 50-day moving average price is $31.15 and its 200-day moving average price is $28.76. 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 stock has a market cap of $966.63 million, a price-to-earnings ratio of 12.12 and a beta of 0.72. Hanmi Financial has a fifty-two week low of $22.00 and a fifty-two week high of $33.50.

Hanmi Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 4th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.12 annualized dividend and a yield of 3.4%. Hanmi Financial’s payout ratio is currently 41.79%.

Insider Buying and Selling at Hanmi Financial

In other Hanmi Financial news, insider Matthew Fuhr sold 3,300 shares of the company’s stock in a transaction 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 sale, the insider 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anthony I. Kim sold 5,333 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $30.73, for a total value of $163,883.09. Following the completion of the transaction, the insider owned 41,615 shares of the company’s stock, valued at approximately $1,278,828.95. This represents a 11.36% decrease in their position. The SEC filing for this sale provides additional information. 2.12% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hanmi Financial

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Brean Capital reiterated a “neutral” rating and issued a $32.00 price objective on shares of Hanmi Financial in a research report on Thursday, May 28th. Capital One Financial set a $32.00 target price on shares of Hanmi Financial in a research report on Thursday, May 28th. 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. Weiss Ratings reiterated a “buy (b)” rating on shares of Hanmi Financial in a report on Wednesday, June 24th. Finally, Keefe, Bruyette & Woods raised their price objective 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. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $32.10.

Hanmi Financial Company Profile

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.