Shares of Hanmi Financial Corporation (NASDAQ:HAFC) have been assigned an average target price of $28.50 by several brokerages, according to MarketBeat. The five research firms currently covering the stock have issued a consensus recommendation of “Hold.” Among these, three analysts have rated the stock as a hold, while two have given it a buy recommendation.
The average price objective among analysts over the past year is $29.33. Recently, several firms have provided insights into their evaluations. DA Davidson reaffirmed a “neutral” rating, setting a target price of $29.50 in a report released on Thursday. On December 29, Weiss Ratings maintained a “buy (B-)” rating for Hanmi Financial. Conversely, Wall Street Zen downgraded the stock from a “buy” to a “hold” on January 24. Similarly, Zacks Research reduced its rating from “strong-buy” to “hold” on December 26. Keefe, Bruyette & Woods increased their target price from $29.00 to $30.50 on October 22, assigning the company a “market perform” rating.
Stock Performance and Financial Highlights
On Tuesday, Hanmi Financial shares opened at $26.57, reflecting a 7.3% increase. Over the past year, the stock has fluctuated between a low of $19.25 and a high of $30.20. The company’s market capitalization stands at approximately $795.77 million, with a price-to-earnings ratio of 10.59. Hanmi Financial also reported a quick ratio of 0.97 and a current ratio of 0.99, indicating a stable liquidity position.
The latest quarterly earnings, released on January 27, revealed earnings per share (EPS) of $0.70, which fell short of analysts’ expectations of $0.71 by $0.01. The company reported revenue of $134.06 million, significantly surpassing the consensus estimate of $71.40 million. Analysts predict that Hanmi Financial will achieve an EPS of $2.60 for the current fiscal year.
Dividend Announcement
In a positive development, Hanmi Financial has announced an increase in its quarterly dividend. Shareholders of record on February 9 will receive a dividend of $0.28 per share, up from the previous dividend of $0.27. This dividend will be paid on February 25. The annualized dividend now amounts to $1.12, representing a yield of 4.2%. The company’s payout ratio currently stands at 43.03%.
Established in 1982, Hanmi Financial Corporation operates primarily through its wholly-owned subsidiary, Hanmi Bank. Originally created to serve the Korean-American community in Los Angeles, the bank has expanded its presence across California, as well as into markets in Illinois, Texas, and Washington State. Hanmi Bank offers a full suite of commercial and consumer banking products to small and medium-sized businesses, professionals, and individual clients.
As the company navigates the current financial landscape, analysts and investors will be closely watching its performance and strategic moves.
