Hanmi Financial Co. (NASDAQ:HAFC) Increases Dividend to $0.27 Per Share

Hanmi Financial Co. (NASDAQ:HAFC) declared a quarterly dividend on Tuesday, January 28th,RTT News reports. Stockholders of record on Monday, February 10th will be given a dividend of 0.27 per share by the bank on Wednesday, February 26th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.72%. This is a positive change from Hanmi Financial’s previous quarterly dividend of $0.25.

Hanmi Financial has increased its dividend by an average of 22.8% annually over the last three years. Hanmi Financial has a payout ratio of 39.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Hanmi Financial to earn $2.28 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 43.9%.

Hanmi Financial Price Performance

Hanmi Financial stock traded down $0.14 during midday trading on Tuesday, hitting $22.89. 190,819 shares of the company’s stock were exchanged, compared to its average volume of 192,318. Hanmi Financial has a 52-week low of $14.45 and a 52-week high of $27.59. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.99 and a current ratio of 1.00. The company has a market cap of $691.28 million, a P/E ratio of 11.00 and a beta of 0.89. The stock has a 50-day moving average price of $24.33 and a two-hundred day moving average price of $21.58.

Hanmi Financial (NASDAQ:HAFC) last released its earnings results on Tuesday, January 28th. The bank reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. Hanmi Financial had a net margin of 14.80% and a return on equity of 8.87%. On average, equities research analysts forecast that Hanmi Financial will post 2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Wedbush reaffirmed a “neutral” rating and issued a $21.00 target price on shares of Hanmi Financial in a research report on Wednesday, October 23rd. DA Davidson upped their price objective on shares of Hanmi Financial from $20.00 to $22.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Janney Montgomery Scott upgraded shares of Hanmi Financial from a “neutral” rating to a “buy” rating in a report on Friday, November 15th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $29.00 price target (up previously from $24.00) on shares of Hanmi Financial in a research note on Wednesday, December 4th. Finally, Piper Sandler upgraded shares of Hanmi Financial from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $20.00 to $25.50 in a research note on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Hanmi Financial currently has a consensus rating of “Hold” and an average target price of $24.38.

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.