Heritage Financial (NASDAQ:HFWA) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Heritage Financial from “hold” to “sell.” Analyst opinions remain mixed: MarketBeat reports a “Moderate Buy” consensus and an average price target of $32.67.
• Heritage Financial reported quarterly EPS of $0.55, beating the $0.50 consensus estimate, while revenue of $86.51 million slightly exceeded expectations.
• Shares opened at $28.25, near their 50-day and 200-day moving averages; they have traded between $21.32 and $31.25 over the past year.

Heritage Financial (NASDAQ:HFWA - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday, Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the company. DA Davidson lifted their price objective on Heritage Financial from $32.00 to $34.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Zacks Research raised Heritage Financial from a "strong sell" rating to a "hold" rating in a research note on Thursday, October 22nd. Stephens lifted 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. Capital One Financial set a $33.00 price target on Heritage Financial in a report on Tuesday, September 22nd. Finally, Brean Capital raised shares of Heritage Financial from a "neutral" rating to a "buy" rating and set a $33.00 price objective for the company in a research note on Tuesday, September 22nd. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $32.67.

Heritage Financial Stock Up 0.1%

Shares of NASDAQ HFWA opened at $28.25 on Friday. Heritage Financial has a 1 year low of $21.32 and a 1 year high of $31.25. The firm's 50 day moving average price is $28.20 and its 200 day moving average price is $27.91. The firm has a market cap of $1.15 billion, a P/E ratio of 14.05 and a beta of 0.53. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.83 and a current ratio of 0.83.

Heritage Financial (NASDAQ:HFWA - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.05. Heritage Financial had a return on equity of 8.70% and a net margin of 19.24%. The company had revenue of $86.51 million during the quarter, compared to the consensus estimate of $86.11 million. As a group, sell-side analysts anticipate that Heritage Financial will post 2.32 earnings per share for the current year.

Insider Activity at Heritage Financial

In related news, Director Frederick Rivera sold 1,300 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $28.57, for a total value of $37,141.00. Following the transaction, the director directly owned 5,890 shares of the company's stock, valued at approximately $168,277.30. This trade represents a 18.08% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.49% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Heritage Financial

Institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP acquired a new stake in Heritage Financial during the second quarter worth about $40,000. Integrated Wealth Concepts LLC purchased a new position in shares of Heritage Financial in the 2nd quarter worth about $68,000. Global Retirement Partners LLC acquired a new position in shares of Heritage Financial in the 2nd quarter valued at about $95,000. GAMMA Investing LLC lifted its stake in shares of Heritage Financial by 12.2% in the 2nd quarter. GAMMA Investing LLC now owns 6,519 shares of the financial services provider's stock valued at $193,000 after purchasing an additional 710 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of Heritage Financial in the 2nd quarter valued at about $214,000. Hedge funds and other institutional investors own 78.30% of the company's stock.

About Heritage Financial

Heritage Financial Corporation is a bank holding company whose principal subsidiary, Heritage Bank, provides commercial and consumer banking services. Its offerings include business and personal deposit accounts, commercial and residential lending, mortgage services, cash management and other banking services. The company serves individuals, businesses and organizations in Washington and Oregon, with a focus on communities in the Pacific Northwest. Its services include financing for businesses and real estate, as well as everyday banking and digital account services.

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