Hanmi Financial (NASDAQ:HAFC) Hits New 12-Month High – Still a Buy?

Hanmi Financial Corporation (NASDAQ:HAFC) shares reached a new 52-week high on Tuesday . The stock traded as high as $27.70 and last traded at $27.7750, with a volume of 33129 shares traded. The stock had previously closed at $27.23.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on HAFC shares. Wall Street Zen cut shares of Hanmi Financial from a “buy” rating to a “hold” rating in a research note on Sunday. Keefe, Bruyette & Woods raised their target price on Hanmi Financial from $29.00 to $30.50 and gave the stock a “market perform” rating in a report on Wednesday, October 22nd. Zacks Research upgraded Hanmi Financial from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 23rd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Hanmi Financial in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Hanmi Financial has an average rating of “Moderate Buy” and an average target price of $28.50.

Hanmi Financial Stock Performance

The firm’s 50-day moving average price is $25.74 and its 200-day moving average price is $24.70. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $835.44 million, a P/E ratio of 11.67 and a beta of 0.75.

Hanmi Financial (NASDAQ:HAFC) last posted its earnings results on Tuesday, October 21st. The bank reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.07. The company had revenue of $70.96 million during the quarter, compared to analysts’ expectations of $67.80 million. Hanmi Financial had a net margin of 16.53% and a return on equity of 9.59%. Sell-side analysts expect that Hanmi Financial Corporation will post 2.6 earnings per share for the current fiscal year.

Hanmi Financial Announces Dividend

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

Hedge Funds Weigh In On Hanmi Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its holdings in shares of Hanmi Financial by 8,375.5% in the 1st quarter. Russell Investments Group Ltd. now owns 45,598 shares of the bank’s stock worth $1,033,000 after buying an additional 45,060 shares during the last quarter. EP Wealth Advisors LLC purchased a new position in Hanmi Financial in the first quarter worth about $258,000. Walleye Capital LLC bought a new stake in Hanmi Financial during the first quarter worth approximately $323,000. American Century Companies Inc. increased its stake in Hanmi Financial by 10.1% during the first quarter. American Century Companies Inc. now owns 818,831 shares of the bank’s stock worth $18,555,000 after acquiring an additional 75,365 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in Hanmi Financial by 14.5% during the first quarter. Hsbc Holdings PLC now owns 13,520 shares of the bank’s stock valued at $306,000 after purchasing an additional 1,709 shares during the period. 88.66% of the stock is owned by institutional investors.

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. It offers various deposit products, including noninterest-bearing checking accounts, savings accounts, negotiable order of withdrawal accounts, money market accounts, and certificates of deposit.