Hanmi Financial (NASDAQ:HAFC) Upgraded by Janney Montgomery Scott to Buy Rating

Janney Montgomery Scott upgraded shares of Hanmi Financial (NASDAQ:HAFC) from a neutral rating to a buy rating in a report released on Friday, MarketBeat Ratings reports.

Other analysts also recently issued research reports about the stock. DA Davidson increased 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, October 23rd. Piper Sandler raised Hanmi Financial from a “neutral” rating to an “overweight” rating and increased their price target for the company from $20.00 to $25.50 in a report on Thursday, October 24th. Wedbush reissued a “neutral” rating and set a $21.00 price objective on shares of Hanmi Financial in a research note on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods upgraded Hanmi Financial from a “market perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Hanmi Financial presently has a consensus rating of “Moderate Buy” and an average price target of $22.63.

Hanmi Financial Price Performance

Shares of NASDAQ:HAFC traded up $0.30 during trading on Friday, reaching $25.65. The stock had a trading volume of 200,025 shares, compared to its average volume of 233,744. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.99 and a current ratio of 1.00. Hanmi Financial has a 1-year low of $14.45 and a 1-year high of $26.30. The stock has a market cap of $774.63 million, a PE ratio of 12.33 and a beta of 0.84. The business has a fifty day moving average price of $20.87 and a 200-day moving average price of $18.55.

Hanmi Financial (NASDAQ:HAFC) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.49 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.49. The company had revenue of $108.86 million for the quarter, compared to analysts’ expectations of $59.23 million. Hanmi Financial had a net margin of 14.80% and a return on equity of 8.87%. During the same quarter in the previous year, the company posted $0.62 EPS. On average, equities analysts forecast that Hanmi Financial will post 2.01 earnings per share for the current fiscal year.

Hanmi Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Monday, November 4th will be given a $0.25 dividend. The ex-dividend date is Monday, November 4th. This represents a $1.00 dividend on an annualized basis and a yield of 3.90%. Hanmi Financial’s dividend payout ratio is currently 48.08%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Point72 DIFC Ltd acquired a new position in shares of Hanmi Financial in the 3rd quarter worth approximately $28,000. Capital Performance Advisors LLP purchased a new position in shares of Hanmi Financial during the third quarter worth $49,000. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Hanmi Financial by 47.0% in the second 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. EntryPoint Capital LLC raised its holdings in shares of Hanmi Financial by 278.4% in the 1st quarter. EntryPoint Capital LLC now owns 8,484 shares of the bank’s stock valued at $135,000 after buying an additional 6,242 shares during the period. Finally, Marshall Wace LLP acquired a new position in Hanmi Financial during the 2nd quarter worth about $168,000. Institutional investors and hedge funds own 88.66% of the company’s stock.

Hanmi Financial Company 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.