Hanmi Financial (NASDAQ:HAFC) Shares Gap Up on Earnings Beat

Hanmi Financial Co. (NASDAQ:HAFC)’s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. 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 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 disclosed a quarterly dividend, which will be paid on Wednesday, February 26th. Shareholders of record on Monday, February 10th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 4.37%. This is a positive change from Hanmi Financial’s previous quarterly dividend of $0.25. Hanmi Financial’s dividend payout ratio (DPR) is 48.08%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. DA Davidson upped their target price on shares of Hanmi Financial from $20.00 to $22.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $29.00 price objective (up previously from $24.00) on shares of Hanmi Financial in a research note on Wednesday, December 4th. Janney Montgomery Scott upgraded Hanmi Financial from a “neutral” rating to a “buy” rating in a research report on Friday, November 15th. Wedbush restated a “neutral” rating and set a $21.00 price objective on shares of Hanmi Financial in a research report on Wednesday, October 23rd. Finally, Piper Sandler raised Hanmi Financial from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $20.00 to $25.50 in a research report on Thursday, October 24th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $24.38.

Hedge Funds Weigh In On Hanmi Financial

Several hedge funds have recently made changes to their positions in HAFC. Point72 DIFC Ltd acquired a new position in shares of Hanmi Financial in the third quarter worth about $28,000. R Squared Ltd acquired a new position in Hanmi Financial in the 4th quarter worth about $43,000. Versant Capital Management Inc raised its stake in shares of Hanmi Financial by 110.7% during 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 in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Hanmi Financial during the 3rd quarter valued at about $49,000. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings 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 during the last quarter. Institutional investors and hedge funds own 88.66% of the company’s stock.

Hanmi Financial Stock Up 7.9 %

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.00 and a quick ratio of 0.99. The stock has a market cap of $745.94 million, a price-to-earnings ratio of 11.94 and a beta of 0.89. The business has a fifty day moving average of $24.22 and a 200 day moving average of $21.66.

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.