Hanmi Financial (NASDAQ:HAFC) Hits New 52-Week High – Here’s Why

Shares of Hanmi Financial Co. (NASDAQ:HAFC) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $21.07 and last traded at $21.07, with a volume of 64486 shares traded. The stock had previously closed at $20.06.

Wall Street Analysts Forecast Growth

Several research firms have commented on HAFC. Wedbush lowered their price target on shares of Hanmi Financial from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. DA Davidson lifted their target price on shares of Hanmi Financial from $18.00 to $21.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods upgraded Hanmi Financial from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $20.00 to $22.00 in a report on Wednesday, October 2nd.

Hanmi Financial Stock Performance

The company has a market capitalization of $638.73 million, a price-to-earnings ratio of 8.76 and a beta of 0.87. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a 50 day simple moving average of $19.03 and a two-hundred day simple moving average of $17.33.

Hanmi Financial (NASDAQ:HAFC) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.48 EPS for the quarter, hitting the consensus estimate of $0.48. The firm had revenue of $106.72 million for the quarter, compared to analyst estimates of $59.07 million. Hanmi Financial had a net margin of 15.84% and a return on equity of 9.66%. During the same period last year, the business earned $0.67 EPS. As a group, analysts anticipate that Hanmi Financial Co. will post 1.97 earnings per share for the current year.

Hanmi Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 21st. Shareholders of record on Monday, August 5th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date of this dividend was Monday, August 5th. Hanmi Financial’s dividend payout ratio (DPR) is currently 41.67%.

Institutional Investors Weigh In On Hanmi Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its stake in shares of Hanmi Financial by 8.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,568 shares of the bank’s stock worth $193,000 after purchasing an additional 911 shares in the last quarter. EMC Capital Management raised its holdings in shares of Hanmi Financial by 8.9% in the first quarter. EMC Capital Management now owns 11,768 shares of the bank’s stock worth $187,000 after acquiring an additional 958 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Hanmi Financial by 47.0% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,773 shares of the bank’s stock valued at $63,000 after acquiring an additional 1,207 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Hanmi Financial by 10.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 17,559 shares of the bank’s stock valued at $280,000 after acquiring an additional 1,730 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in Hanmi Financial by 3.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 54,423 shares of the bank’s stock worth $866,000 after purchasing an additional 2,004 shares in the last quarter. 88.66% of the stock is currently owned by institutional investors and hedge funds.

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.