Bank of Montreal Can Sells 5,720 Shares of Hanmi Financial Corp (HAFC)
Bank of Montreal Can cut its stake in shares of Hanmi Financial Corp (NASDAQ:HAFC) by 3.9% during the first quarter, HoldingsChannel.com reports. The firm owned 142,144 shares of the bank’s stock after selling 5,720 shares during the quarter. Bank of Montreal Can’s holdings in Hanmi Financial were worth $3,022,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of HAFC. Bank of New York Mellon Corp lifted its position in Hanmi Financial by 3.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 467,045 shares of the bank’s stock worth $11,629,000 after buying an additional 15,761 shares in the last quarter. MetLife Investment Advisors LLC lifted its position in Hanmi Financial by 52.8% during the 3rd quarter. MetLife Investment Advisors LLC now owns 23,962 shares of the bank’s stock worth $597,000 after buying an additional 8,281 shares in the last quarter. Teachers Advisors LLC lifted its position in Hanmi Financial by 4.2% during the 3rd quarter. Teachers Advisors LLC now owns 61,143 shares of the bank’s stock worth $1,522,000 after buying an additional 2,443 shares in the last quarter. TIAA CREF Investment Management LLC lifted its position in Hanmi Financial by 32.2% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 162,190 shares of the bank’s stock worth $4,039,000 after buying an additional 39,505 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Hanmi Financial by 9.1% during the 3rd quarter. Legal & General Group Plc now owns 69,786 shares of the bank’s stock worth $1,740,000 after buying an additional 5,834 shares in the last quarter. Institutional investors and hedge funds own 90.55% of the company’s stock.
Several brokerages recently issued reports on HAFC. Zacks Investment Research downgraded shares of Hanmi Financial from a “hold” rating to a “sell” rating in a research report on Friday, April 26th. BidaskClub upgraded shares of Hanmi Financial from a “hold” rating to a “buy” rating in a research report on Tuesday, April 30th. ValuEngine upgraded shares of Hanmi Financial from a “strong sell” rating to a “sell” rating in a research report on Thursday, April 25th. Finally, TheStreet upgraded shares of Hanmi Financial from a “c+” rating to a “b-” rating in a research report on Wednesday, February 20th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $27.33.
Hanmi Financial (NASDAQ:HAFC) last released its earnings results on Tuesday, April 23rd. The bank reported $0.48 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.48. Hanmi Financial had a net margin of 21.65% and a return on equity of 10.71%. The company had revenue of $51.14 million for the quarter, compared to the consensus estimate of $51.20 million. On average, analysts forecast that Hanmi Financial Corp will post 2.09 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, May 6th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $0.96 dividend on an annualized basis and a yield of 4.23%. Hanmi Financial’s payout ratio is presently 50.53%.
Hanmi Financial announced that its Board of Directors has authorized a share repurchase plan on Thursday, January 24th that permits the company to repurchase 1,500,000 outstanding shares. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Joseph K. Rho sold 64,499 shares of the stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $22.32, for a total value of $1,439,617.68. Following the sale, the director now directly owns 363,538 shares in the company, valued at approximately $8,114,168.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph K. Rho sold 16,800 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $22.51, for a total transaction of $378,168.00. Following the completion of the sale, the director now owns 301,139 shares in the company, valued at $6,778,638.89. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 91,795 shares of company stock worth $2,052,056. Corporate insiders own 2.90% of the company’s stock.
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.
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