Hanmi Financial (NASDAQ:HAFC) Raised to Buy at Janney Montgomery Scott

Janney Montgomery Scott upgraded shares of Hanmi Financial (NASDAQ:HAFC) from a neutral rating to a buy rating in a report published on Friday, Marketbeat reports.

A number of other analysts also recently weighed in on HAFC. Piper Sandler upgraded Hanmi Financial from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $20.00 to $25.50 in a report on Thursday, October 24th. Wedbush restated a “neutral” rating and set a $21.00 price objective on shares of Hanmi Financial in a research report on Wednesday, October 23rd. DA Davidson lifted their price objective on Hanmi Financial from $20.00 to $22.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods raised shares of Hanmi Financial from a “market perform” rating to an “outperform” rating and increased their target price for the company from $20.00 to $22.00 in a research report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Hanmi Financial presently has an average rating of “Moderate Buy” and an average target price of $22.63.

Hanmi Financial Price Performance

Shares of HAFC opened at $25.59 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.58. The stock has a market cap of $772.82 million, a PE ratio of 12.33 and a beta of 0.84. Hanmi Financial has a 12-month low of $14.45 and a 12-month high of $26.30. The business has a 50-day simple moving average of $20.87 and a two-hundred day simple moving average of $18.60.

Hanmi Financial (NASDAQ:HAFC) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.49 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.49. Hanmi Financial had a return on equity of 8.87% and a net margin of 14.80%. The company had revenue of $108.86 million during the quarter, compared to the consensus estimate of $59.23 million. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Analysts anticipate that Hanmi Financial will post 2 earnings per share for the current fiscal year.

Hanmi Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Monday, November 4th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.91%. The ex-dividend date is Monday, November 4th. Hanmi Financial’s dividend payout ratio (DPR) is presently 48.08%.

Institutional Trading of Hanmi Financial

Institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in shares of Hanmi Financial by 32.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,072,772 shares of the bank’s stock worth $17,937,000 after buying an additional 261,545 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in Hanmi Financial by 71.8% during the second quarter. Acadian Asset Management LLC now owns 482,698 shares of the bank’s stock worth $8,070,000 after acquiring an additional 201,789 shares during the period. FMR LLC boosted its position in Hanmi Financial by 26.1% in the third quarter. FMR LLC now owns 879,979 shares of the bank’s stock worth $16,368,000 after purchasing an additional 182,164 shares during the last quarter. Bank of Montreal Can bought a new position in Hanmi Financial in the 2nd quarter valued at $2,979,000. Finally, Assenagon Asset Management S.A. increased its position in shares of Hanmi Financial by 66.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 395,244 shares of the bank’s stock valued at $7,352,000 after purchasing an additional 157,792 shares during the last quarter. Institutional investors own 88.66% of the company’s stock.

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.