Piper Sandler Cuts Hanmi Financial (NASDAQ:HAFC) Price Target to $32.00

Hanmi Financial (NASDAQ:HAFC) had its target price cut by Piper Sandler from $34.00 to $32.00 in a research report report published on Thursday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other research analysts have also issued research reports about the stock. Zacks Research lowered shares of Hanmi Financial from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. DA Davidson restated a “neutral” rating and set a $29.50 price target on shares of Hanmi Financial in a research note on Thursday, January 29th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Hanmi Financial in a report on Monday, December 29th. Finally, Wall Street Zen downgraded Hanmi Financial from a “buy” rating to a “hold” rating in a research report on Saturday, January 24th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Hanmi Financial presently has an average rating of “Hold” and an average price target of $30.67.

Hanmi Financial Price Performance

Shares of NASDAQ:HAFC opened at $26.47 on Thursday. Hanmi Financial has a 52 week low of $19.25 and a 52 week high of $30.20. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $791.19 million, a P/E ratio of 10.55 and a beta of 0.68. The firm’s 50 day moving average is $26.52 and its two-hundred day moving average is $26.73.

Hanmi Financial (NASDAQ:HAFC) last announced its quarterly earnings data on Tuesday, January 27th. The bank reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.01). The company had revenue of $71.20 million during the quarter, compared to analyst estimates of $71.40 million. Hanmi Financial had a return on equity of 9.85% and a net margin of 17.10%. Analysts anticipate that Hanmi Financial will post 2.6 earnings per share for the current year.

Hanmi Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 25th. Stockholders of record on Monday, February 9th were given a dividend of $0.28 per share. This is an increase from Hanmi Financial’s previous quarterly dividend of $0.27. The ex-dividend date was Monday, February 9th. This represents a $1.12 annualized dividend and a dividend yield of 4.2%. Hanmi Financial’s dividend payout ratio (DPR) is presently 44.62%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. AlphaQuest LLC lifted its stake in Hanmi Financial by 201.7% during the third quarter. AlphaQuest LLC now owns 1,792 shares of the bank’s stock worth $44,000 after purchasing an additional 1,198 shares during the period. Royal Bank of Canada grew its stake in shares of Hanmi Financial by 30.5% in the 4th quarter. Royal Bank of Canada now owns 1,880 shares of the bank’s stock valued at $51,000 after purchasing an additional 439 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Hanmi Financial by 343.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the bank’s stock worth $56,000 after buying an additional 1,764 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Hanmi Financial by 148.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,414 shares of the bank’s stock worth $60,000 after buying an additional 1,442 shares in the last quarter. Finally, SummitTX Capital L.P. bought a new position in shares of Hanmi Financial during the 4th quarter worth approximately $203,000. Institutional investors and hedge funds own 88.66% of the company’s stock.

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.