Hanmi Financial (NASDAQ:HAFC) Shares Gap Up After Better-Than-Expected Earnings

Hanmi Financial Co. (NASDAQ:HAFC - Get Free Report) shares gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $22.89, but opened at $24.09. Hanmi Financial shares last traded at $24.98, with a volume of 24,878 shares.

The bank reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. Hanmi Financial had a return on equity of 8.87% and a net margin of 14.80%.

Hanmi Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 26th. Shareholders of record on Monday, February 10th will be issued a $0.27 dividend. The ex-dividend date is Monday, February 10th. This represents a $1.08 annualized dividend and a yield of 4.45%. This is a positive change from Hanmi Financial's previous quarterly dividend of $0.25. Hanmi Financial's dividend payout ratio is presently 48.08%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on HAFC shares. Janney Montgomery Scott upgraded Hanmi Financial from a "neutral" rating to a "buy" rating in a report on Friday, November 15th. DA Davidson restated a "neutral" rating and issued a $27.50 target price on shares of Hanmi Financial in a report on Thursday. Piper Sandler upgraded Hanmi Financial from a "neutral" rating to an "overweight" rating and raised their target price for the company from $20.00 to $25.50 in a report on Thursday, October 24th. Wedbush restated a "neutral" rating and issued a $21.00 target price on shares of Hanmi Financial in a report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $29.00 target price (up from $24.00) on shares of Hanmi Financial in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $25.75.

Hedge Funds Weigh In On Hanmi Financial

Several hedge funds have recently made changes to their positions in HAFC. Point72 DIFC Ltd bought a new stake in Hanmi Financial during the third quarter valued at $28,000. R Squared Ltd bought a new stake in Hanmi Financial during the fourth quarter valued at $43,000. Versant Capital Management Inc boosted its stake in Hanmi Financial by 110.7% during the fourth quarter. Versant Capital Management Inc now owns 1,970 shares of the bank's stock valued at $47,000 after buying an additional 1,035 shares during the period. Capital Performance Advisors LLP bought a new stake in Hanmi Financial during the third quarter valued at $49,000. Finally, Point72 Asia Singapore Pte. Ltd. boosted its stake in Hanmi Financial by 47.0% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,773 shares of the bank's stock valued at $63,000 after buying an additional 1,207 shares during the period. 88.66% of the stock is currently owned by hedge funds and other institutional investors.

Hanmi Financial Stock Down 1.2 %

The company has a market cap of $732.35 million, a P/E ratio of 11.66 and a beta of 0.89. The company has a 50 day moving average of $24.21 and a 200-day moving average of $21.68. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.00 and a quick ratio of 0.99.

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. It offers various deposit products, including noninterest-bearing checking accounts, savings accounts, negotiable order of withdrawal accounts, money market accounts, and certificates of deposit.