Hanmi Financial (NASDAQ:HAFC) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Hanmi Financial (NASDAQ:HAFC) from a sell rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

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) “

Several other equities analysts have also commented on HAFC. BidaskClub raised shares of Hanmi Financial from a sell rating to a hold rating in a report on Saturday, June 29th. ValuEngine raised shares of Hanmi Financial from a strong sell rating to a sell rating in a report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. The company has a consensus rating of Hold and a consensus price target of $25.50.

Shares of NASDAQ:HAFC traded down $0.15 during trading on Wednesday, reaching $19.86. The company had a trading volume of 84,605 shares, compared to its average volume of 145,696. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.97 and a quick ratio of 0.97. Hanmi Financial has a 12 month low of $17.56 and a 12 month high of $26.92. The company has a fifty day moving average price of $21.51. The stock has a market cap of $615.16 million, a PE ratio of 10.45, a P/E/G ratio of 1.19 and a beta of 1.10.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 9th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 4.83%. The ex-dividend date is Thursday, August 8th. Hanmi Financial’s dividend payout ratio is currently 50.53%.

In related news, Director Joseph K. Rho sold 21,204 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $22.79, for a total transaction of $483,239.16. Following the transaction, the director now owns 300,839 shares of the company’s stock, valued at approximately $6,856,120.81. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.90% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA grew its holdings in Hanmi Financial by 52,675.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 6,333 shares of the bank’s stock worth $135,000 after acquiring an additional 6,321 shares during the last quarter. Anderson Fisher LLC purchased a new stake in shares of Hanmi Financial in the 1st quarter worth about $173,000. Stone Ridge Asset Management LLC purchased a new stake in shares of Hanmi Financial in the 2nd quarter worth about $205,000. Metropolitan Life Insurance Co. NY lifted its position in shares of Hanmi Financial by 356.5% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 10,604 shares of the bank’s stock worth $209,000 after purchasing an additional 8,281 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in shares of Hanmi Financial in the 1st quarter worth about $255,000. 89.51% of the stock is currently owned by institutional investors.

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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