Hanmi Financial (NASDAQ:HAFC) Price Target Raised to $37.00

by · The Cerbat Gem

Hanmi Financial (NASDAQ:HAFC – Free Report) had its price objective raised by Piper Sandler from $36.00 to $37.00 in a report released on Thursday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

HAFC has been the topic of a number of other research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Hanmi Financial in a report on Monday, September 21st. DA Davidson boosted their target price on Hanmi Financial from $31.50 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Hanmi Financial presently has an average rating of “Hold” and a consensus price target of $33.40.

Read Our Latest Report on HAFC

Hanmi Financial Stock Performance

Shares of HAFC stock opened at $32.55 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.98 and a debt-to-equity ratio of 0.09. The firm has a fifty day moving average price of $31.61 and a 200 day moving average price of $29.88. The company has a market cap of $965.11 million, a P/E ratio of 10.71 and a beta of 0.75. Hanmi Financial has a 12 month low of $24.54 and a 12 month high of $33.50.

Hanmi Financial (NASDAQ:HAFC – Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The bank reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.01). The business had revenue of $76.60 million during the quarter, compared to analyst estimates of $75.13 million. Hanmi Financial had a net margin of 20.06% and a return on equity of 11.30%. Sell-side analysts predict that Hanmi Financial will post 3.20 earnings per share for the current fiscal year.

Hanmi Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 25th. Investors of record on Monday, November 9th will be given a $0.28 dividend. The ex-dividend date of this dividend is Monday, November 9th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.4%. Hanmi Financial’s dividend payout ratio is 36.84%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in HAFC. Dimensional Fund Advisors LP grew its position in Hanmi Financial by 3.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,760,855 shares of the bank’s stock worth $46,416,000 after purchasing an additional 56,102 shares during the last quarter. Rhino Investment Partners Inc raised its holdings in shares of Hanmi Financial by 4.9% in the first quarter. Rhino Investment Partners Inc now owns 881,957 shares of the bank’s stock valued at $23,248,000 after buying an additional 41,008 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Hanmi Financial in the second quarter valued at about $12,570,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Hanmi Financial by 26.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 413,571 shares of the bank’s stock worth $10,902,000 after buying an additional 87,655 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Hanmi Financial by 47.2% during the first quarter. Principal Financial Group Inc. now owns 208,398 shares of the bank’s stock worth $5,493,000 after buying an additional 66,833 shares during the period. Institutional investors and hedge funds own 88.66% of the company’s stock.

Hanmi Financial Company Profile

(Get Free Report)

Hanmi Financial Corporation is the holding company for Hanmi Bank, a commercial bank headquartered in Los Angeles, California. Founded in 1982, Hanmi Bank was established to serve Korean American and other small-business communities and has developed into a full-service regional bank serving individuals, businesses, and professional organizations.

Hanmi Bank offers commercial and consumer deposit accounts, business and personal lending, commercial real estate financing, small business loans, construction loans, and trade finance services.

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