Principal Financial Group Inc. Increases Position in Hanmi Financial Co. (NASDAQ:HAFC)

Principal Financial Group Inc. lifted its holdings in shares of Hanmi Financial Co. (NASDAQ:HAFC) by 10.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 164,299 shares of the bank’s stock after acquiring an additional 15,385 shares during the quarter. Principal Financial Group Inc. owned 0.54% of Hanmi Financial worth $3,056,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of HAFC. State Board of Administration of Florida Retirement System purchased a new stake in shares of Hanmi Financial during the 1st quarter valued at $333,000. Vanguard Group Inc. raised its position in Hanmi Financial by 2.6% in the first quarter. Vanguard Group Inc. now owns 2,255,191 shares of the bank’s stock worth $35,903,000 after acquiring an additional 58,097 shares during the period. O Shaughnessy Asset Management LLC boosted its stake in Hanmi Financial by 3.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 54,423 shares of the bank’s stock valued at $866,000 after acquiring an additional 2,004 shares during the last quarter. Shell Asset Management Co. boosted its stake in Hanmi Financial by 13.7% in the first quarter. Shell Asset Management Co. now owns 17,786 shares of the bank’s stock valued at $283,000 after acquiring an additional 2,146 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Hanmi Financial during the 1st quarter valued at approximately $213,000. 88.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. DA Davidson upped their price objective on Hanmi Financial from $20.00 to $22.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Janney Montgomery Scott upgraded Hanmi Financial from a “neutral” rating to a “buy” rating in a research note on Friday, November 15th. Piper Sandler upgraded Hanmi Financial from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $20.00 to $25.50 in a research note on Thursday, October 24th. Keefe, Bruyette & Woods upgraded Hanmi Financial from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $20.00 to $22.00 in a research note on Wednesday, October 2nd. Finally, Wedbush reaffirmed a “neutral” rating and set a $21.00 price objective on shares of Hanmi Financial in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.63.

Hanmi Financial Price Performance

Hanmi Financial stock opened at $26.55 on Friday. The firm has a market capitalization of $801.81 million, a P/E ratio of 12.38 and a beta of 0.84. Hanmi Financial Co. has a one year low of $14.45 and a one year high of $26.61. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.00 and a quick ratio of 0.99. The business has a fifty day moving average price of $21.43 and a 200-day moving average price of $18.83.

Hanmi Financial (NASDAQ:HAFC) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.49 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.49. Hanmi Financial had a return on equity of 8.87% and a net margin of 14.80%. The business had revenue of $108.86 million during the quarter, compared to analyst estimates of $59.23 million. During the same quarter in the previous year, the firm earned $0.62 EPS. As a group, equities research analysts forecast that Hanmi Financial Co. will post 2 EPS for the current year.

Hanmi Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 20th. Shareholders of record on Monday, November 4th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend was Monday, November 4th. Hanmi Financial’s dividend payout ratio is presently 48.08%.

Hanmi Financial Profile

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.