Hanmi Financial (HAFC) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Hanmi Financial (NASDAQ:HAFC) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

According to Zacks, “Hanmi Financial Corporation is the holding company for Hanmi Bank, one of the leading banks providing services to the multi-ethnic communities of Southern California with full service offices. Hanmi Bank is a business bank conducting a general community banking business, with its primary market encompassing multi-ethnic small business customers. The bank specializes in commercial, SBA, trade finance, and consumer lending and is a recognized community leader serving the diverse communities throughout Southern California. (PRESS RELEASE) “

A number of other equities research analysts have also recently issued reports on the stock. BidaskClub raised shares of Hanmi Financial from a sell rating to a hold rating in a report on Saturday, January 13th. Keefe, Bruyette & Woods reissued a hold rating and set a $32.00 target price on shares of Hanmi Financial in a report on Friday, December 22nd. Finally, ValuEngine cut shares of Hanmi Financial from a buy rating to a hold rating in a report on Thursday, November 9th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Hanmi Financial has a consensus rating of Hold and an average target price of $33.00.

Shares of Hanmi Financial (NASDAQ HAFC) traded up $0.55 during mid-day trading on Wednesday, reaching $31.25. 190,100 shares of the company’s stock were exchanged, compared to its average volume of 180,013. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.02 and a quick ratio of 1.01. Hanmi Financial has a 1-year low of $25.45 and a 1-year high of $34.55. The company has a market cap of $995.65, a PE ratio of 18.38, a price-to-earnings-growth ratio of 1.66 and a beta of 0.63.

Hanmi Financial (NASDAQ:HAFC) last issued its earnings results on Tuesday, January 23rd. The bank reported $0.48 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.48. Hanmi Financial had a net margin of 22.52% and a return on equity of 10.59%. The business had revenue of $54.03 million for the quarter, compared to analysts’ expectations of $54.53 million. analysts forecast that Hanmi Financial will post 2.31 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Monday, February 5th will be issued a $0.24 dividend. The ex-dividend date is Friday, February 2nd. This represents a $0.96 annualized dividend and a dividend yield of 3.07%. This is a boost from Hanmi Financial’s previous quarterly dividend of $0.21. Hanmi Financial’s dividend payout ratio is presently 56.47%.

In other news, Director John J. Ahn purchased 3,000 shares of the firm’s stock in a transaction dated Friday, January 26th. The shares were purchased at an average price of $31.56 per share, with a total value of $94,680.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.91% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in HAFC. Teachers Advisors LLC increased its holdings in shares of Hanmi Financial by 10.1% in the second quarter. Teachers Advisors LLC now owns 64,084 shares of the bank’s stock worth $1,823,000 after purchasing an additional 5,885 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of Hanmi Financial by 0.3% in the second quarter. Ameriprise Financial Inc. now owns 223,715 shares of the bank’s stock worth $6,365,000 after purchasing an additional 651 shares during the period. BlackRock Inc. increased its holdings in shares of Hanmi Financial by 0.6% in the second quarter. BlackRock Inc. now owns 4,007,958 shares of the bank’s stock worth $114,026,000 after purchasing an additional 24,016 shares during the period. Northern Trust Corp increased its holdings in shares of Hanmi Financial by 1.1% in the second quarter. Northern Trust Corp now owns 633,215 shares of the bank’s stock worth $18,015,000 after purchasing an additional 6,879 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Hanmi Financial by 2.3% in the second quarter. Vanguard Group Inc. now owns 1,699,379 shares of the bank’s stock worth $48,348,000 after purchasing an additional 37,465 shares during the period. 89.28% of the stock is currently owned by hedge funds and other institutional investors.

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About Hanmi Financial

Hanmi Financial Corporation is the holding company for Hanmi Bank (the Bank). The Bank is a community bank conducting general business banking, with its primary market encompassing the Korean-American community, as well as other ethnic communities across California, Colorado, Georgia, Illinois, New York, Texas, Virginia and Washington.

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