Hanmi Financial (NASDAQ:HAFC) Upgraded to “Overweight” at Piper Sandler

Piper Sandler upgraded shares of Hanmi Financial (NASDAQ:HAFC) from a neutral rating to an overweight rating in a research report sent to investors on Thursday morning, MarketBeat Ratings reports. They currently have $25.50 price objective on the bank’s stock, up from their prior price objective of $20.00.

A number of other brokerages also recently weighed in on HAFC. Keefe, Bruyette & Woods upgraded Hanmi Financial from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $20.00 to $22.00 in a report on Wednesday, October 2nd. Wedbush reiterated a “neutral” rating and set a $21.00 price target on shares of Hanmi Financial in a report on Wednesday, October 23rd. Finally, DA Davidson lifted their price target on Hanmi Financial from $20.00 to $22.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd.

Hanmi Financial Stock Performance

Shares of NASDAQ HAFC opened at $21.94 on Thursday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $666.69 million, a price-to-earnings ratio of 9.14 and a beta of 0.87. The stock’s fifty day simple moving average is $19.41 and its 200 day simple moving average is $17.62. Hanmi Financial has a 52-week low of $14.00 and a 52-week high of $23.14.

Hanmi Financial (NASDAQ:HAFC) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.49 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.49. The business had revenue of $108.86 million for the quarter, compared to analysts’ expectations of $59.23 million. Hanmi Financial had a return on equity of 8.97% and a net margin of 14.80%. During the same period in the previous year, the firm posted $0.62 EPS. As a group, sell-side analysts forecast that Hanmi Financial will post 1.97 earnings per share for the current fiscal year.

Hanmi Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Monday, November 4th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $1.00 dividend on an annualized basis and a yield of 4.56%. Hanmi Financial’s payout ratio is 41.67%.

Institutional Trading of Hanmi Financial

A number of institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC lifted its position in shares of Hanmi Financial by 32.2% in the second 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 during the last quarter. Acadian Asset Management LLC lifted its position in shares of Hanmi Financial by 71.8% during the 2nd quarter. Acadian Asset Management LLC now owns 482,698 shares of the bank’s stock worth $8,070,000 after purchasing an additional 201,789 shares during the last quarter. Bank of Montreal Can bought a new position in Hanmi Financial during the second quarter valued at about $2,979,000. Assenagon Asset Management S.A. increased its stake in Hanmi Financial by 66.5% during the third quarter. Assenagon Asset Management S.A. now owns 395,244 shares of the bank’s stock valued at $7,352,000 after acquiring an additional 157,792 shares during the period. Finally, American Century Companies Inc. increased its stake in Hanmi Financial by 16.5% during the second quarter. American Century Companies Inc. now owns 578,155 shares of the bank’s stock valued at $9,667,000 after acquiring an additional 82,087 shares during the period. Institutional investors and hedge funds own 88.66% of the company’s stock.

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