Brokerages expect Hanmi Financial Corp (NASDAQ:HAFC) to announce $52.15 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Hanmi Financial’s earnings, with estimates ranging from $51.90 million to $52.60 million. Hanmi Financial posted sales of $51.06 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 2.1%. The company is expected to issue its next earnings report on Tuesday, July 23rd.
On average, analysts expect that Hanmi Financial will report full-year sales of $210.30 million for the current fiscal year, with estimates ranging from $208.30 million to $213.20 million. For the next fiscal year, analysts expect that the company will report sales of $221.98 million, with estimates ranging from $216.20 million to $227.70 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow Hanmi Financial.
Hanmi Financial (NASDAQ:HAFC) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.48 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.48. The firm had revenue of $51.14 million for the quarter, compared to analysts’ expectations of $51.20 million. Hanmi Financial had a net margin of 21.65% and a return on equity of 10.71%.
Several research firms recently issued reports on HAFC. Zacks Investment Research cut shares of Hanmi Financial from a “hold” rating to a “sell” rating in a report on Friday, April 26th. BidaskClub raised shares of Hanmi Financial from a “hold” rating to a “buy” rating in a report on Tuesday, April 30th. ValuEngine raised shares of Hanmi Financial from a “strong sell” rating to a “sell” rating in a report on Thursday, April 25th. Finally, TheStreet raised shares of Hanmi Financial from a “c+” rating to a “b-” rating in a report on Wednesday, February 20th. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Hanmi Financial currently has an average rating of “Hold” and an average price target of $27.33.
In other Hanmi Financial news, Director Joseph K. Rho sold 10,496 shares of the stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $22.32, for a total transaction of $234,270.72. Following the sale, the director now directly owns 376,039 shares of the company’s stock, valued at $8,393,190.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph K. Rho sold 64,499 shares of the stock in a transaction on Friday, April 12th. The stock was sold at an average price of $22.32, for a total transaction of $1,439,617.68. Following the sale, the director now directly owns 363,538 shares in the company, valued at $8,114,168.16. The disclosure for this sale can be found here. Insiders have sold 112,999 shares of company stock worth $2,535,296 over the last three months. 2.90% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of HAFC. Two Sigma Advisers LP increased its holdings in shares of Hanmi Financial by 1.7% in the 4th quarter. Two Sigma Advisers LP now owns 49,971 shares of the bank’s stock worth $984,000 after acquiring an additional 836 shares during the period. Rhumbline Advisers increased its holdings in shares of Hanmi Financial by 0.8% in the 1st quarter. Rhumbline Advisers now owns 112,340 shares of the bank’s stock worth $2,389,000 after acquiring an additional 895 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Hanmi Financial by 9.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 11,137 shares of the bank’s stock worth $237,000 after acquiring an additional 983 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Hanmi Financial by 0.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 175,661 shares of the bank’s stock worth $3,737,000 after acquiring an additional 1,222 shares during the period. Finally, Flinton Capital Management LLC increased its holdings in shares of Hanmi Financial by 30.3% in the 4th quarter. Flinton Capital Management LLC now owns 5,544 shares of the bank’s stock worth $109,000 after acquiring an additional 1,288 shares during the period. 89.55% of the stock is currently owned by institutional investors.
HAFC traded up $0.46 during trading on Friday, hitting $21.88. The company had a trading volume of 44,444 shares, compared to its average volume of 184,384. The stock has a market capitalization of $676.71 million, a PE ratio of 11.52, a P/E/G ratio of 1.34 and a beta of 1.02. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.97 and a quick ratio of 0.97. Hanmi Financial has a 1-year low of $17.56 and a 1-year high of $31.25.
The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Monday, May 6th will be issued a $0.24 dividend. The ex-dividend date is Friday, May 3rd. This represents a $0.96 annualized dividend and a yield of 4.39%. Hanmi Financial’s dividend payout ratio is presently 50.53%.
Hanmi Financial announced that its Board of Directors has authorized a share buyback program on Thursday, January 24th that allows the company to buyback 1,500,000 outstanding shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.
Hanmi Financial Company Profile
Hanmi Financial Corporation operates as the holding company for Hanmi Bank that provides business banking products and services in the United States. The company offers various deposit products, including noninterest-bearing checking accounts, interest-bearing checking and savings accounts, negotiable order of withdrawal accounts, money market accounts, and certificates of deposit.
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