Heritage Financial (NASDAQ:HFWA) Stock Dropped to "Strong Sell" by Zacks Research

Key Points

• Zacks Research downgraded Heritage Financial to “strong sell” from “hold,” although other analysts remain more positive. The consensus rating is “Hold,” with a consensus price target of $32.67.
• Heritage Financial reported quarterly EPS of $0.57, exceeding estimates of $0.44, while revenue of $84.12 million fell short of the $86.30 million consensus forecast.
• The stock opened at $28.25, with a market capitalization of approximately $1.16 billion and a 52-week range of $21.32 to $31.25. Insiders sold 22,004 shares worth about $657,200 during the last quarter.

Heritage Financial (NASDAQ:HFWA - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Wednesday, Zacks reports.

Several other brokerages also recently weighed in on HFWA. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Heritage Financial in a report on Tuesday, July 7th. Stephens raised their price target on Heritage Financial from $30.00 to $32.00 and gave the company an "equal weight" rating in a report on Tuesday, July 28th. Brean Capital upgraded Heritage Financial from a "neutral" rating to a "buy" rating and set a $33.00 price objective on the stock in a research report on Tuesday. DA Davidson upped their price objective on Heritage Financial from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Finally, Keefe, Bruyette & Woods upped their price objective on Heritage Financial from $31.00 to $32.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $32.67.

Heritage Financial Price Performance

HFWA opened at $28.25 on Wednesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $1.16 billion, a P/E ratio of 13.45 and a beta of 0.48. The company's 50-day simple moving average is $29.22 and its two-hundred day simple moving average is $28.02. Heritage Financial has a 52-week low of $21.32 and a 52-week high of $31.25.

Heritage Financial (NASDAQ:HFWA - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.13. The business had revenue of $84.12 million for the quarter, compared to analysts' expectations of $86.30 million. Heritage Financial had a return on equity of 8.78% and a net margin of 20.44%. As a group, analysts predict that Heritage Financial will post 2.37 EPS for the current year.

Insider Transactions at Heritage Financial

In other news, Director Frederick Rivera sold 1,300 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $28.57, for a total transaction of $37,141.00. Following the transaction, the director owned 5,890 shares of the company's stock, valued at approximately $168,277.30. The trade was a 18.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Tony Chalfant sold 3,234 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $29.92, for a total value of $96,761.28. Following the sale, the executive vice president owned 20,362 shares in the company, valued at $609,231.04. The trade was a 13.71% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 22,004 shares of company stock worth $657,200. 1.49% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Heritage Financial

Several hedge funds and other institutional investors have recently made changes to their positions in HFWA. Illinois Municipal Retirement Fund grew its position in Heritage Financial by 2.9% during the 1st quarter. Illinois Municipal Retirement Fund now owns 18,381 shares of the financial services provider's stock worth $478,000 after purchasing an additional 514 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Heritage Financial by 12.2% in the second quarter. GAMMA Investing LLC now owns 6,519 shares of the financial services provider's stock worth $193,000 after buying an additional 710 shares during the last quarter. Swiss National Bank raised its holdings in shares of Heritage Financial by 1.5% in the first quarter. Swiss National Bank now owns 67,168 shares of the financial services provider's stock worth $1,746,000 after buying an additional 1,000 shares during the last quarter. Allworth Financial LP acquired a new stake in shares of Heritage Financial during the second quarter worth $40,000. Finally, Keybank National Association OH lifted its stake in shares of Heritage Financial by 2.4% during the first quarter. Keybank National Association OH now owns 66,614 shares of the financial services provider's stock worth $1,732,000 after buying an additional 1,566 shares during the period. Hedge funds and other institutional investors own 78.30% of the company's stock.

About Heritage Financial

Heritage Financial Corporation NASDAQ: HFWA is a bank holding company headquartered in Olympia, Washington. Through its principal subsidiary, Heritage Bank, the company provides a range of banking and financial services to businesses, individuals, and organizations in communities across Washington and Oregon.

Heritage Bank's offerings include commercial and industrial lending, commercial real estate and construction loans, residential real estate financing, consumer loans, deposit accounts, cash-management services, online and mobile banking, and other treasury-management solutions.

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