Principal Financial Group Inc. Grows Stock Holdings in Hanmi Financial Corporation $HAFC

Principal Financial Group Inc. boosted its stake in shares of Hanmi Financial Corporation (NASDAQ:HAFC) by 47.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 208,398 shares of the bank’s stock after buying an additional 66,833 shares during the quarter. Principal Financial Group Inc.’s holdings in Hanmi Financial were worth $5,493,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its stake in shares of Hanmi Financial by 30.5% during the 4th quarter. Royal Bank of Canada now owns 1,880 shares of the bank’s stock worth $51,000 after acquiring an additional 439 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Hanmi Financial by 343.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the bank’s stock valued at $56,000 after purchasing an additional 1,764 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Hanmi Financial by 148.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,414 shares of the bank’s stock valued at $60,000 after purchasing an additional 1,442 shares in the last quarter. SummitTX Capital L.P. acquired a new position in Hanmi Financial during the fourth quarter worth $203,000. Finally, Fifth Third Bancorp raised its holdings in Hanmi Financial by 3,464.6% during the first quarter. Fifth Third Bancorp now owns 7,949 shares of the bank’s stock worth $210,000 after purchasing an additional 7,726 shares during the last quarter. 88.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

HAFC has been the topic of a number of research analyst reports. Capital One Financial set a $32.00 target price on Hanmi Financial in a research report on Thursday, May 28th. Keefe, Bruyette & Woods raised their price target on Hanmi Financial from $31.50 to $32.00 and gave the company a “market perform” rating in a research report on Thursday, April 9th. DA Davidson lifted their price target on Hanmi Financial from $31.50 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. 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. Finally, Piper Sandler increased their price objective on shares of Hanmi Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Hanmi Financial currently has an average rating of “Hold” and an average price target of $33.00.

Hanmi Financial Trading Up 0.6%

Shares of Hanmi Financial stock opened at $31.82 on Wednesday. Hanmi Financial Corporation has a 1 year low of $22.00 and a 1 year high of $33.50. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.97. The business has a 50 day moving average price of $31.46 and a 200 day moving average price of $28.95. The company has a market capitalization of $947.15 million, a P/E ratio of 10.71 and a beta of 0.72.

Hanmi Financial (NASDAQ:HAFC) last announced its earnings results on Tuesday, July 21st. The bank reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. The firm had revenue of $72.21 million for the quarter, compared to analysts’ expectations of $74.03 million. Hanmi Financial had a return on equity of 11.20% and a net margin of 19.82%. Sell-side analysts anticipate that Hanmi Financial Corporation will post 3.18 EPS for the current fiscal year.

Hanmi Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Monday, August 3rd will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Monday, August 3rd. Hanmi Financial’s dividend payout ratio is currently 37.71%.

Insider Activity

In related news, insider Anthony I. Kim sold 5,333 shares of the 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 sale, the insider owned 41,615 shares of the company’s stock, valued at $1,278,828.95. This trade represents a 11.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.12% of the stock is owned by corporate insiders.

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.