Hanmi Financial (NASDAQ:HAFC) Hits New 52-Week High – Should You Buy?

Hanmi Financial Corporation (NASDAQ:HAFC) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $32.05 and last traded at $31.99, with a volume of 225619 shares trading hands. The stock had previously closed at $31.38.

Analysts Set New Price Targets

Several research firms recently commented on HAFC. Capital One Financial set a $32.00 price objective on shares of Hanmi Financial in a report on Thursday, May 28th. Keefe, Bruyette & Woods increased their target price on Hanmi Financial from $31.50 to $32.00 and gave the stock a “market perform” rating in a research report on Thursday, April 9th. Brean Capital reaffirmed a “neutral” rating and issued a $32.00 price target on shares of Hanmi Financial in a report on Thursday, May 28th. Finally, Piper Sandler lifted their price target on Hanmi Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Hanmi Financial currently has an average rating of “Hold” and a consensus target price of $32.10.

Hanmi Financial Stock Performance

The business’s fifty day moving average price is $29.90 and its 200-day moving average price is $28.19. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market capitalization of $952.34 million, a PE ratio of 11.94 and a beta of 0.73.

Hanmi Financial (NASDAQ:HAFC) last posted its earnings results on Tuesday, April 21st. The bank reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.04. Hanmi Financial had a net margin of 18.05% and a return on equity of 10.31%. The business had revenue of $134.94 million for the quarter, compared to analyst estimates of $71.40 million. As a group, equities research analysts expect that Hanmi Financial Corporation will post 3.16 EPS for the current year.

Hanmi Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 4th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.12 annualized dividend and a yield of 3.5%. Hanmi Financial’s dividend payout ratio (DPR) is currently 41.79%.

Insider Activity

In other Hanmi Financial news, insider Matthew Fuhr sold 3,300 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $30.83, for a total value of $101,739.00. Following the sale, the insider owned 34,002 shares of the company’s stock, valued at $1,048,281.66. This trade represents a 8.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Anthony I. Kim sold 5,333 shares of Hanmi Financial stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $30.73, for a total value of $163,883.09. Following the sale, the insider owned 41,615 shares of the company’s stock, valued at approximately $1,278,828.95. This trade represents a 11.36% decrease in their position. The SEC filing for this sale provides additional information. 2.12% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of HAFC. Illinois Municipal Retirement Fund lifted its position in Hanmi Financial by 2.2% during the first quarter. Illinois Municipal Retirement Fund now owns 15,900 shares of the bank’s stock valued at $419,000 after purchasing an additional 342 shares during the last quarter. Unison Advisors LLC lifted its holdings in shares of Hanmi Financial by 1.1% during the 4th quarter. Unison Advisors LLC now owns 32,259 shares of the bank’s stock worth $872,000 after acquiring an additional 356 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Hanmi Financial by 17.3% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,672 shares of the bank’s stock worth $66,000 after acquiring an additional 394 shares during the last quarter. Royal Bank of Canada grew its position in Hanmi Financial by 30.5% in the fourth 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. Finally, Cerity Partners LLC grew its position in Hanmi Financial by 1.7% in the second quarter. Cerity Partners LLC now owns 36,771 shares of the bank’s stock worth $908,000 after acquiring an additional 632 shares in the last quarter. 88.66% of the stock is currently owned by institutional investors.

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.