Constitutive material models play an integral role in finite element (FE) modeling of structural components and systems and are governed by a set of parameters. The values of the material model parameters are important for the FE model to be able to predict the real structural behavior as closely as possible. Realistic cyclic material constitutive models well calibrated to experimental data are critical when predicting the nonlinear dynamic response of structural systems to extreme loads (e.g., earthquakes, high winds, blast). Hence, this study focuses on the inference and uncertainty quantification of material model parameters from an experimental dataset consisting of data from experiments on multiple specimens of the same kind, which is a topic of great interest to the structural modeling and simulation community. Traditionally, Bayesian inference is performed by pooling the data from all the specimens, or by considering the data from a single specimen, disregarding the inherent variability (aleatory uncertainty) among specimens of the same kind. Consequently, traditional approaches fail to capture the population distribution of material model parameters, which represents the aleatory specimen-to-specimen variability that is essential for conducting reliability analysis and uncertainty propagation studies. Moreover, these approaches cannot accurately simulate the response of new specimens. To overcome these limitations, this study introduces a novel application of hierarchical Bayesian inference for calibrating material model parameters. By simultaneously considering experimental data from multiple specimens of the same kind, hierarchical Bayesian modeling quantifies both epistemic uncertainty and aleatory specimen-to-specimen variability. In this study, the parameters of the well-known Giuffré-Menegotto-Pinto (GMP) uniaxial material model for reinforcing steel are calibrated and validated based on a dataset of experimental cyclic tests conducted on thirty-six steel specimens, or coupons, originating from three different manufacturing mills, complying to two different manufacturing standards, and subjected to different strain histories. These strain histories are similar to those experienced during seismic events by reinforcing steel bars within reinforced concrete structures. The material model parameters are calibrated using both the traditional and the hierarchical Bayesian approach and the results are compared. Based on the experimental dataset employed in this study, a joint probability distribution of the GMP material model parameters that quantifies both epistemic (due to finite sample size) and aleatory (coupon-to-coupon) variability or uncertainty is provided which can be used for uncertainty propagation in reliability and risk analyses of nonlinear dynamic systems.