Bank of America Corp DE lowered its stake in Hanmi Financial Corp (NASDAQ:HAFC) by 44.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,260 shares of the bank’s stock after selling 10,682 shares during the quarter. Bank of America Corp DE’s holdings in Hanmi Financial were worth $376,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in HAFC. American Century Companies Inc. acquired a new stake in shares of Hanmi Financial in the second quarter valued at about $220,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Hanmi Financial in the second quarter valued at about $225,000. Wedge Capital Management L L P NC acquired a new stake in shares of Hanmi Financial in the second quarter valued at about $254,000. Russell Investments Group Ltd. acquired a new stake in shares of Hanmi Financial in the second quarter valued at about $491,000. Finally, Alps Advisors Inc. acquired a new stake in shares of Hanmi Financial in the second quarter valued at about $521,000. 90.28% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have weighed in on HAFC. ValuEngine raised Hanmi Financial from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 18th. Raymond James lowered their price target on Hanmi Financial from $32.00 to $29.00 and set an “outperform” rating on the stock in a research report on Monday, July 30th. Zacks Investment Research raised Hanmi Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, September 26th. TheStreet downgraded Hanmi Financial from a “b-” rating to a “c+” rating in a research report on Thursday, October 18th. Finally, FIG Partners downgraded Hanmi Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $28.50.
Hanmi Financial (NASDAQ:HAFC) last announced its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). The business had revenue of $51.54 million for the quarter, compared to analyst estimates of $53.60 million. Hanmi Financial had a return on equity of 10.92% and a net margin of 22.82%. On average, analysts anticipate that Hanmi Financial Corp will post 1.94 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 26th. Shareholders of record on Friday, November 2nd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 4.51%. The ex-dividend date of this dividend is Thursday, November 1st. Hanmi Financial’s dividend payout ratio (DPR) is presently 53.04%.
Hanmi Financial declared that its Board of Directors has authorized a share repurchase program on Thursday, August 30th that allows the company to buyback 1,600,000 outstanding shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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. 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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