Hanmi Financial Corp (HAFC) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Hanmi Financial Corp (NASDAQ:HAFC) have been assigned an average recommendation of “Hold” from the seven analysts that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $28.00.

Several research analysts have commented on the stock. Zacks Investment Research cut shares of Hanmi Financial from a “hold” rating to a “sell” rating in a report on Friday, April 26th. BidaskClub upgraded shares of Hanmi Financial from a “hold” rating to a “buy” rating in a report on Tuesday, April 30th. ValuEngine upgraded shares of Hanmi Financial from a “strong sell” rating to a “sell” rating in a report on Thursday, April 25th. Finally, TheStreet upgraded shares of Hanmi Financial from a “c+” rating to a “b-” rating in a report on Wednesday, February 20th.

Shares of HAFC opened at $22.72 on Thursday. Hanmi Financial has a fifty-two week low of $17.56 and a fifty-two week high of $31.25. The company has a market cap of $702.99 million, a P/E ratio of 11.96, a price-to-earnings-growth ratio of 1.36 and a beta of 1.02. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.21.

Hanmi Financial (NASDAQ:HAFC) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.48 EPS for the quarter, hitting the consensus estimate of $0.48. Hanmi Financial had a net margin of 21.65% and a return on equity of 10.71%. The company had revenue of $51.14 million during the quarter, compared to analysts’ expectations of $51.20 million. On average, research analysts forecast that Hanmi Financial will post 2.09 earnings per share for the current fiscal year.

Hanmi Financial declared that its board has approved a stock repurchase program on Thursday, January 24th that permits the company to buyback 1,500,000 shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, May 6th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 4.23%. The ex-dividend date of this dividend is Friday, May 3rd. Hanmi Financial’s dividend payout ratio (DPR) is presently 50.53%.

In other news, Director Joseph K. Rho sold 16,800 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $22.51, for a total value of $378,168.00. Following the completion of the transaction, the director now owns 301,139 shares in the company, valued at approximately $6,778,638.89. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Joseph K. Rho sold 64,499 shares of the company’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $22.32, for a total transaction of $1,439,617.68. Following the completion of the transaction, the director now owns 363,538 shares of the company’s stock, valued at approximately $8,114,168.16. The disclosure for this sale can be found here. Insiders have sold a total of 91,795 shares of company stock valued at $2,052,056 in the last quarter. 2.90% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the company. Flinton Capital Management LLC boosted its holdings in shares of Hanmi Financial by 30.3% in the 4th quarter. Flinton Capital Management LLC now owns 5,544 shares of the bank’s stock valued at $109,000 after buying an additional 1,288 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in Hanmi Financial by 52,675.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,333 shares of the bank’s stock worth $135,000 after purchasing an additional 6,321 shares during the period. Neuburgh Advisers LLC boosted its stake in Hanmi Financial by 30.3% during the 4th quarter. Neuburgh Advisers LLC now owns 6,732 shares of the bank’s stock worth $133,000 after purchasing an additional 1,564 shares during the period. Anderson Fisher LLC acquired a new stake in Hanmi Financial during the 1st quarter worth $173,000. Finally, Metropolitan Life Insurance Co. NY raised its position in Hanmi Financial by 356.5% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 10,604 shares of the bank’s stock worth $209,000 after buying an additional 8,281 shares during the last quarter. Institutional investors and hedge funds own 90.55% of the company’s stock.

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. The company offers various deposit products, including noninterest-bearing checking accounts, interest-bearing checking and savings accounts, negotiable order of withdrawal accounts, money market accounts, and certificates of deposit.

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