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

Hanmi Financial (NASDAQ:HAFCGet Free Report) issued its quarterly earnings data on Tuesday. The bank reported $0.79 EPS for the quarter, beating the consensus estimate of $0.77 by $0.02, Zacks reports. Hanmi Financial had a net margin of 18.05% and a return on equity of 10.31%. The business had revenue of $136.06 million during the quarter, compared to the consensus estimate of $74.03 million.

Hanmi Financial Trading Up 0.9%

Shares of Hanmi Financial stock traded up $0.28 during midday trading on Tuesday, reaching $32.47. The company had a trading volume of 241,496 shares, compared to its average volume of 276,242. The stock has a fifty day moving average price of $31.15 and a 200 day moving average price of $28.76. Hanmi Financial has a fifty-two week low of $22.00 and a fifty-two week high of $33.50. The firm has a market cap of $966.63 million, a PE ratio of 12.12 and a beta of 0.72. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.98 and a quick ratio of 0.98.

Hanmi Financial Dividend Announcement

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

Insider Buying and Selling

In other Hanmi Financial news, insider Matthew Fuhr sold 3,300 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $30.83, for a total transaction of $101,739.00. Following the completion of the transaction, the insider owned 34,002 shares in the company, valued at approximately $1,048,281.66. This trade represents a 8.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Anthony I. Kim sold 5,333 shares of the business’s stock in a transaction that occurred 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 transaction, the insider owned 41,615 shares in the company, valued at $1,278,828.95. This trade represents a 11.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.12% of the company’s stock.

Institutional Trading of Hanmi Financial

A number of institutional investors have recently bought and sold shares of HAFC. Virtu Financial LLC acquired a new stake in Hanmi Financial during the 4th quarter worth about $234,000. Mercer Global Advisors Inc. ADV acquired a new position in shares of Hanmi Financial in the 4th quarter valued at about $265,000. State of Tennessee Department of Treasury boosted its position in shares of Hanmi Financial by 559.9% during the 4th quarter. State of Tennessee Department of Treasury now owns 49,633 shares of the bank’s stock valued at $1,319,000 after purchasing an additional 42,112 shares in the last quarter. EP Wealth Advisors LLC bought a new stake in shares of Hanmi Financial during the 4th quarter valued at about $320,000. Finally, XTX Topco Ltd grew its stake in Hanmi Financial by 20.6% during the fourth quarter. XTX Topco Ltd now owns 19,888 shares of the bank’s stock worth $538,000 after purchasing an additional 3,399 shares during the period. Institutional investors own 88.66% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on HAFC. Keefe, Bruyette & Woods upped their price target on shares of Hanmi Financial from $31.50 to $32.00 and gave the stock a “market perform” rating in a report on Thursday, April 9th. Capital One Financial set a $32.00 price objective on Hanmi Financial in a report on Thursday, May 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Hanmi Financial in a report on Wednesday, June 24th. Piper Sandler increased their target price on Hanmi Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Finally, Brean Capital restated a “neutral” rating and set a $32.00 price target on shares of Hanmi Financial in a report on Thursday, May 28th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Hanmi Financial has an average rating of “Hold” and a consensus target price of $32.10.

View Our Latest Report on HAFC

Hanmi Financial Company Profile

(Get Free Report)

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.

See Also

Earnings History for Hanmi Financial (NASDAQ:HAFC)

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