Hanmi Financial (NASDAQ:HAFC) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Hanmi Financial (NASDAQ:HAFC) from a neutral rating to an overweight rating in a research note released on Thursday morning, Marketbeat reports. The brokerage currently has $25.50 target price on the bank’s stock, up from their prior target price of $20.00.

A number of other analysts also recently issued reports on the stock. DA Davidson boosted their price objective on shares of Hanmi Financial from $20.00 to $22.00 and gave the company a “neutral” rating in a report on Wednesday. Keefe, Bruyette & Woods upgraded Hanmi Financial from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Finally, Wedbush restated a “neutral” rating and set a $21.00 price objective on shares of Hanmi Financial in a research note on Wednesday.

Hanmi Financial Price Performance

Hanmi Financial stock opened at $21.94 on Thursday. The company has a market capitalization of $664.12 million, a price-to-earnings ratio of 10.55 and a beta of 0.87. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60. Hanmi Financial has a 12 month low of $14.00 and a 12 month high of $23.14. The stock’s 50 day moving average is $19.41 and its 200-day moving average is $17.62.

Hanmi Financial (NASDAQ:HAFC) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.49 earnings per share for the quarter, hitting 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 return on equity of 8.97% and a net margin of 14.80%. During the same quarter last year, the business earned $0.62 EPS. Equities research analysts expect that Hanmi Financial will post 1.97 EPS for the current year.

Hanmi Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Monday, November 4th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date of this dividend is Monday, November 4th. Hanmi Financial’s dividend payout ratio (DPR) is presently 48.08%.

Institutional Trading of Hanmi Financial

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

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.