Hanmi Financial (NASDAQ:HAFC) Shares Gap Up on Better-Than-Expected Earnings

Hanmi Financial Co. (NASDAQ:HAFCGet Free Report) shares gapped up before the market opened on Wednesday following a better than expected earnings announcement. 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 trading hands.

The bank reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 26th. Stockholders of record on Monday, February 10th will be given a dividend of $0.27 per share. The ex-dividend date is Monday, February 10th. This is a positive change from Hanmi Financial’s previous quarterly dividend of $0.25. This represents a $1.08 annualized dividend and a dividend yield of 4.45%. Hanmi Financial’s dividend payout ratio (DPR) is currently 48.08%.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Research Report on HAFC

Hedge Funds Weigh In On Hanmi Financial

Institutional investors have recently bought and sold shares of the stock. Point72 DIFC Ltd bought a new position in shares of Hanmi Financial during the third quarter valued at approximately $28,000. R Squared Ltd bought a new stake in shares of Hanmi Financial in the fourth quarter worth $43,000. Versant Capital Management Inc lifted its stake in shares of Hanmi Financial by 110.7% in the 4th quarter. Versant Capital Management Inc now owns 1,970 shares of the bank’s stock worth $47,000 after purchasing an additional 1,035 shares during the period. Capital Performance Advisors LLP bought a new position in Hanmi Financial in the 3rd quarter worth $49,000. Finally, Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Hanmi Financial by 47.0% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,773 shares of the bank’s stock valued at $63,000 after buying an additional 1,207 shares in the last quarter. 88.66% of the stock is owned by institutional investors.

Hanmi Financial Trading Down 1.2 %

The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.58. The stock’s 50 day moving average price is $24.21 and its 200-day moving average price is $21.68. The stock has a market capitalization of $732.35 million, a PE ratio of 11.66 and a beta of 0.89.

Hanmi Financial Company Profile

(Get Free Report)

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.

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