Hanmi Financial (NASDAQ:HAFC) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

Hanmi Financial Corporation (NASDAQ:HAFC)’s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $28.51 and traded as high as $32.13. Hanmi Financial shares last traded at $31.60, with a volume of 201,107 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on HAFC shares. Capital One Financial set a $32.00 price objective on shares of Hanmi Financial in a research note on Thursday, May 28th. Brean Capital reissued a “neutral” rating and set a $32.00 target price on shares of Hanmi Financial in a research report on Thursday, May 28th. Weiss Ratings restated a “buy (b)” rating on shares of Hanmi Financial in a report on Wednesday, June 24th. Keefe, Bruyette & Woods upped their price target on shares of Hanmi Financial from $31.50 to $32.00 and gave the stock a “market perform” rating in a research report on Thursday, April 9th. Finally, Piper Sandler increased their price objective on shares of Hanmi Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $32.10.

Hanmi Financial Trading Up 0.3%

The stock has a market capitalization of $954.13 million, a P/E ratio of 11.96 and a beta of 0.72. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $30.88 and a 200 day moving average price of $28.56.

Hanmi Financial (NASDAQ:HAFC) last issued its quarterly earnings data on Tuesday, April 21st. The bank reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.04. The company had revenue of $134.94 million for the quarter, compared to the consensus estimate of $71.40 million. Hanmi Financial had a return on equity of 10.31% and a net margin of 18.05%. On average, research analysts forecast that Hanmi Financial Corporation will post 3.16 earnings per share for the current fiscal year.

Hanmi Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Monday, May 4th were given a $0.28 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.5%. Hanmi Financial’s payout ratio is presently 41.79%.

Insider Activity at Hanmi Financial

In other news, insider Matthew Fuhr sold 3,300 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $30.83, for a total transaction of $101,739.00. Following the transaction, the insider directly owned 34,002 shares of the company’s stock, valued at approximately $1,048,281.66. This represents a 8.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Anthony I. Kim sold 5,333 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $30.73, for a total value of $163,883.09. Following the sale, the insider owned 41,615 shares of the company’s stock, valued at approximately $1,278,828.95. This represents a 11.36% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.12% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in HAFC. Assenagon Asset Management S.A. purchased a new stake in Hanmi Financial in the second quarter valued at about $1,203,000. GAMMA Investing LLC boosted its holdings in Hanmi Financial by 22.5% in the second quarter. GAMMA Investing LLC now owns 2,487 shares of the bank’s stock worth $81,000 after acquiring an additional 456 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new stake in shares of Hanmi Financial during the first quarter worth about $1,615,000. Bank of America Corp DE increased its holdings in shares of Hanmi Financial by 23.2% during the first quarter. Bank of America Corp DE now owns 120,766 shares of the bank’s stock valued at $3,183,000 after acquiring an additional 22,726 shares in the last quarter. Finally, Amundi acquired a new position in shares of Hanmi Financial during the first quarter valued at about $312,000. 88.66% of the stock is owned by institutional investors and hedge funds.

About Hanmi Financial

Hanmi Financial Corporation is a bank holding company based in California, primarily operating through its wholly owned subsidiary, Hanmi Bank. Established in 1982 to serve the Korean‐American community in Los Angeles, the company has expanded its footprint to include branch locations throughout California as well as markets in Illinois, Texas and Washington State. Hanmi Bank offers a comprehensive suite of commercial and consumer banking products designed to meet the needs of small and medium‐sized businesses, professionals and individual clients.

On the commercial banking side, Hanmi Bank provides business checking and savings accounts, lines of credit, commercial real estate lending and SBA‐guaranteed loans.