Pallas Capital Advisors LLC Acquires New Holdings in Hanmi Financial Co. (NASDAQ:HAFC)

Pallas Capital Advisors LLC acquired a new stake in Hanmi Financial Co. (NASDAQ:HAFC) in the third quarter, HoldingsChannel reports. The firm acquired 11,827 shares of the bank’s stock, valued at approximately $220,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in HAFC. PNC Financial Services Group Inc. increased its position in Hanmi Financial by 90.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,151 shares of the bank’s stock valued at $100,000 after purchasing an additional 2,441 shares during the period. Allspring Global Investments Holdings LLC increased its position in Hanmi Financial by 10.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,559 shares of the bank’s stock valued at $280,000 after purchasing an additional 1,730 shares during the period. BNP Paribas Financial Markets increased its position in Hanmi Financial by 113.5% during the 1st quarter. BNP Paribas Financial Markets now owns 82,130 shares of the bank’s stock valued at $1,308,000 after purchasing an additional 43,662 shares during the period. Quantbot Technologies LP increased its position in Hanmi Financial by 244.3% during the 1st quarter. Quantbot Technologies LP now owns 13,374 shares of the bank’s stock valued at $213,000 after purchasing an additional 9,490 shares during the period. Finally, Empowered Funds LLC increased its position in Hanmi Financial by 7.9% during the 1st quarter. Empowered Funds LLC now owns 64,196 shares of the bank’s stock valued at $1,022,000 after purchasing an additional 4,725 shares during the period. Institutional investors and hedge funds own 88.66% of the company’s stock.

Hanmi Financial Stock Performance

NASDAQ HAFC opened at $22.92 on Friday. The company has a fifty day simple moving average of $19.80 and a 200 day simple moving average of $17.88. Hanmi Financial Co. has a 12-month low of $14.45 and a 12-month high of $23.67. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 0.58. The company has a market cap of $693.79 million, a P/E ratio of 11.02 and a beta of 0.87.

Hanmi Financial (NASDAQ:HAFC) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.49 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.49. Hanmi Financial had a net margin of 14.80% and a return on equity of 8.87%. The business had revenue of $108.86 million during the quarter, compared to the consensus estimate of $59.23 million. During the same quarter last year, the firm posted $0.62 EPS. Sell-side analysts predict that Hanmi Financial Co. will post 2.01 earnings per share for the current fiscal year.

Hanmi Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Monday, November 4th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 4.36%. The ex-dividend date of this dividend is Monday, November 4th. Hanmi Financial’s payout ratio is currently 48.08%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on HAFC. DA Davidson raised their price objective on shares of Hanmi Financial from $20.00 to $22.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Piper Sandler raised shares of Hanmi Financial from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $20.00 to $25.50 in a research report on Thursday, October 24th. Wedbush reaffirmed a “neutral” rating and set a $21.00 price objective on shares of Hanmi Financial in a research report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods raised shares of Hanmi Financial from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $20.00 to $22.00 in a research report on Wednesday, October 2nd.

Hanmi Financial 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.