Hanmi Financial (NASDAQ:HAFC) Trading Up 7% After Dividend Announcement

Hanmi Financial Co. (NASDAQ:HAFC) was up 7% during trading on Thursday after the company announced a dividend. The stock traded as high as $23.07 and last traded at $23.07. Approximately 191,972 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 232,657 shares. The stock had previously closed at $21.56.

The newly announced 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 4.56%. The ex-dividend date is Monday, November 4th. Hanmi Financial’s payout ratio is 41.67%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on HAFC shares. DA Davidson raised their price objective on shares of Hanmi Financial from $20.00 to $22.00 and gave the company a “neutral” rating in a research note on Wednesday. Keefe, Bruyette & Woods raised shares of 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 research note on Wednesday, October 2nd. Wedbush reissued a “neutral” rating and issued a $21.00 price objective on shares of Hanmi Financial in a research note on Wednesday. Finally, Piper Sandler raised shares of Hanmi Financial from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $20.00 to $25.50 in a research note on Thursday.

Hanmi Financial Trading Down 4.8 %

The company’s fifty day moving average is $19.41 and its two-hundred day moving average is $17.60. The stock has a market cap of $666.69 million, a price-to-earnings ratio of 9.14 and a beta of 0.87. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.60.

Hanmi Financial (NASDAQ:HAFC) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.49 earnings per share for the quarter, meeting the consensus estimate of $0.49. The firm had revenue of $108.86 million for the quarter, compared to analysts’ expectations of $59.23 million. Hanmi Financial had a net margin of 15.84% and a return on equity of 9.66%. During the same quarter last year, the company earned $0.62 earnings per share. On average, research analysts predict that Hanmi Financial Co. will post 1.97 EPS for the current fiscal year.

Institutional Trading of Hanmi Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pallas Capital Advisors LLC acquired a new stake in Hanmi Financial during the third quarter worth approximately $220,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Hanmi Financial during the third quarter worth approximately $349,000. Assenagon Asset Management S.A. raised its holdings 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 worth $7,352,000 after purchasing an additional 157,792 shares in the last quarter. CWM LLC raised its holdings in Hanmi Financial by 71.8% during the third quarter. CWM LLC now owns 29,184 shares of the bank’s stock worth $543,000 after purchasing an additional 12,193 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in Hanmi Financial by 49.1% during the third quarter. SG Americas Securities LLC now owns 28,746 shares of the bank’s stock worth $535,000 after purchasing an additional 9,465 shares in the last quarter. Institutional investors and hedge funds 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.