Hanmi Financial (HAFC) Lowered to “Hold” at BidaskClub

BidaskClub downgraded shares of Hanmi Financial (NASDAQ:HAFC) from a buy rating to a hold rating in a research report sent to investors on Wednesday, BidAskClub reports.

Several other analysts have also issued reports on HAFC. Zacks Investment Research lowered Hanmi Financial from a hold rating to a sell rating in a report on Friday, April 26th. ValuEngine raised Hanmi Financial from a strong sell rating to a sell rating in a research report on Thursday, April 25th. Finally, TheStreet raised Hanmi Financial from a c+ rating to a b- rating in a research report on Wednesday, February 20th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Hanmi Financial has an average rating of Hold and a consensus target price of $27.33.

HAFC opened at $21.88 on Wednesday. Hanmi Financial has a 52-week low of $17.56 and a 52-week high of $31.25. The stock has a market cap of $676.71 million, a P/E ratio of 11.52, a P/E/G ratio of 1.34 and a beta of 1.02. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.97 and a current ratio of 0.97.

Hanmi Financial (NASDAQ:HAFC) last released its earnings results on Tuesday, April 23rd. The bank reported $0.48 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.48. Hanmi Financial had a return on equity of 10.71% and a net margin of 21.65%. The business had revenue of $51.14 million for the quarter, compared to analyst estimates of $51.20 million. Equities research analysts predict that Hanmi Financial will post 2.09 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, May 6th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend is Friday, May 3rd. Hanmi Financial’s dividend payout ratio (DPR) is presently 50.53%.

In other Hanmi Financial news, Director Joseph K. Rho sold 16,800 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $22.51, for a total transaction of $378,168.00. Following the transaction, the director now owns 301,139 shares of the company’s stock, valued at $6,778,638.89. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Joseph K. Rho sold 10,496 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $22.32, for a total value of $234,270.72. Following the transaction, the director now directly owns 376,039 shares in the company, valued at approximately $8,393,190.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 112,999 shares of company stock worth $2,535,296. Company insiders own 2.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Two Sigma Advisers LP increased its position in Hanmi Financial by 1.7% during the fourth quarter. Two Sigma Advisers LP now owns 49,971 shares of the bank’s stock worth $984,000 after buying an additional 836 shares during the last quarter. Rhumbline Advisers grew its position in shares of Hanmi Financial by 0.8% in the first quarter. Rhumbline Advisers now owns 112,340 shares of the bank’s stock valued at $2,389,000 after purchasing an additional 895 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Hanmi Financial by 9.7% in the first quarter. The Manufacturers Life Insurance Company now owns 11,137 shares of the bank’s stock valued at $237,000 after purchasing an additional 983 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Hanmi Financial by 0.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 175,661 shares of the bank’s stock valued at $3,737,000 after purchasing an additional 1,222 shares during the last quarter. Finally, Flinton Capital Management LLC grew its position in shares of Hanmi Financial by 30.3% in the fourth quarter. Flinton Capital Management LLC now owns 5,544 shares of the bank’s stock valued at $109,000 after purchasing an additional 1,288 shares during the last quarter. 89.55% of the stock is currently owned by hedge funds and other institutional investors.

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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