Hanmi Financial (NASDAQ:HAFC) Shares Gap Up on Earnings Beat

Hanmi Financial Co. (NASDAQ:HAFC) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $22.89, but opened at $24.09. Hanmi Financial shares last traded at $24.98, with a volume of 24,878 shares traded.

The bank reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. Hanmi Financial had a net margin of 14.80% and a return on equity of 8.87%.

Hanmi Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 26th. Shareholders of record on Monday, February 10th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 4.45%. This is a boost from Hanmi Financial’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, February 10th. Hanmi Financial’s payout ratio is 48.08%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on HAFC. Piper Sandler raised Hanmi Financial from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $20.00 to $25.50 in a research report on Thursday, October 24th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $29.00 target price (up from $24.00) on shares of Hanmi Financial in a research report on Wednesday, December 4th. Wedbush reiterated a “neutral” rating and set a $21.00 price objective on shares of Hanmi Financial in a research note on Wednesday, October 23rd. DA Davidson reiterated a “neutral” rating and issued a $27.50 target price on shares of Hanmi Financial in a research report on Thursday. Finally, Janney Montgomery Scott upgraded Hanmi Financial from a “neutral” rating to a “buy” rating in a research note on Friday, November 15th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Hanmi Financial currently has an average rating of “Hold” and an average target price of $25.75.

Institutional Investors Weigh In On Hanmi Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in HAFC. Savant Capital LLC grew its holdings in shares of Hanmi Financial by 4.4% during the fourth quarter. Savant Capital LLC now owns 18,243 shares of the bank’s stock worth $431,000 after buying an additional 776 shares in the last quarter. Empowered Funds LLC lifted its position in Hanmi Financial by 5.1% in the fourth quarter. Empowered Funds LLC now owns 108,704 shares of the bank’s stock valued at $2,568,000 after buying an additional 5,258 shares during the last quarter. EMC Capital Management boosted its position in shares of Hanmi Financial by 162.4% during the 4th quarter. EMC Capital Management now owns 11,768 shares of the bank’s stock worth $278,000 after purchasing an additional 7,284 shares during the period. R Squared Ltd acquired a new stake in shares of Hanmi Financial in the fourth quarter valued at $43,000. Finally, Hennion & Walsh Asset Management Inc. increased its stake in Hanmi Financial by 24.0% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 17,582 shares of the bank’s stock worth $415,000 after purchasing an additional 3,400 shares during the period. Hedge funds and other institutional investors own 88.66% of the company’s stock.

Hanmi Financial Stock Performance

The stock has a market capitalization of $732.35 million, a PE ratio of 11.66 and a beta of 0.89. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.99 and a current ratio of 1.00. The firm’s 50 day moving average is $24.21 and its two-hundred day moving average is $21.68.

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.