Hanmi Financial Corp (NASDAQ:HAFC) announced a quarterly dividend on Thursday, April 25th, RTT News reports. Shareholders of record on Monday, May 6th will be given a dividend of 0.24 per share by the bank on Friday, May 31st. This represents a $0.96 annualized dividend and a yield of 4.18%.
Hanmi Financial has raised its dividend payment by an average of 33.9% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Hanmi Financial has a dividend payout ratio of 49.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Hanmi Financial to earn $2.32 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 41.4%.
Shares of HAFC stock opened at $22.94 on Thursday. The company has a market cap of $695.92 million, a PE ratio of 12.07, a price-to-earnings-growth ratio of 1.33 and a beta of 0.99. Hanmi Financial has a 12-month low of $17.56 and a 12-month high of $31.25. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.31.
In other news, Director Joseph K. Rho sold 64,499 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $22.32, for a total transaction of $1,439,617.68. Following the completion of the transaction, the director now directly owns 363,538 shares in the company, valued at $8,114,168.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph K. Rho sold 16,800 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $22.51, for a total value of $378,168.00. Following the transaction, the director now owns 301,139 shares of the company’s stock, valued at $6,778,638.89. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,795 shares of company stock valued at $2,052,056. 2.90% of the stock is currently owned by insiders.
Hanmi Financial declared that its Board of Directors has authorized a share buyback plan on Thursday, January 24th that permits the company to repurchase 1,500,000 outstanding shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
A number of brokerages recently weighed in on HAFC. Zacks Investment Research upgraded Hanmi Financial from a “sell” rating to a “hold” rating in a report on Friday, December 28th. BidaskClub upgraded Hanmi Financial from a “strong sell” rating to a “sell” rating in a research note on Monday, April 1st. Raymond James downgraded Hanmi Financial from an “outperform” rating to a “market perform” rating in a research note on Monday, January 7th. TheStreet upgraded Hanmi Financial from a “c+” rating to a “b-” rating in a research note on Wednesday, February 20th. Finally, ValuEngine downgraded Hanmi Financial from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 7th. Three equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $27.33.
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. 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.
Further Reading: Special Dividends
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