Heritage Financial (NASDAQ:HFWA) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Key Points

• Heritage Financial reported quarterly EPS of $0.55, beating analysts’ consensus estimate of $0.50 by $0.05. The company posted a 20.44% net margin and 8.78% return on equity.
• Shares rose 1.5% to open at $28.10, giving the company a market capitalization of approximately $1.15 billion and a price-to-earnings ratio of 13.38.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $32.67; insiders sold 22,004 shares worth about $657,200 over the past three months.

Heritage Financial (NASDAQ:HFWA - Get Free Report) announced its quarterly earnings results on Thursday. The financial services provider reported $0.55 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.05, Zacks reports. Heritage Financial had a net margin of 20.44% and a return on equity of 8.78%.

Heritage Financial Stock Up 1.5%

Shares of NASDAQ:HFWA opened at $28.10 on Thursday. Heritage Financial has a 1 year low of $21.32 and a 1 year high of $31.25. The business has a 50 day simple moving average of $28.33 and a two-hundred day simple moving average of $28.33. The firm has a market capitalization of $1.15 billion, a PE ratio of 13.38 and a beta of 0.50. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.83 and a quick ratio of 0.83.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on HFWA shares. Keefe, Bruyette & Woods boosted 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. Stephens raised their price objective on Heritage Financial from $30.00 to $32.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 28th. Zacks Research lowered Heritage Financial from a "hold" rating to a "strong sell" rating in a research note on Wednesday, September 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Heritage Financial in a report on Friday, October 2nd. Finally, Brean Capital upgraded Heritage Financial from a "neutral" rating to a "buy" rating and set a $33.00 target price for the company in a report on Tuesday, September 22nd. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Heritage Financial presently has a consensus rating of "Hold" and a consensus target price of $32.67.

Insider Activity

In related news, Director Frederick Rivera sold 1,300 shares of the business's stock in a transaction 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 completion of the transaction, the director owned 5,890 shares in the company, valued at $168,277.30. The trade was a 18.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Matthew Ray sold 3,692 shares of the company's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $30.10, for a total value of $111,129.20. Following the completion of the transaction, the executive vice president directly owned 22,735 shares in the company, valued at $684,323.50. This trade represents a 13.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,004 shares of company stock worth $657,200 in the last three months. Corporate insiders own 1.49% of the company's stock.

Heritage Financial Company Profile

Heritage Financial Corporation NASDAQ: HFWA is a bank holding company headquartered in Olympia, Washington. The company operates primarily through Heritage Bank, a community-focused financial institution serving businesses, individuals and organizations in Washington and Oregon.

Heritage Bank provides commercial and residential real estate lending, business and consumer loans, deposit accounts, cash-management and treasury services, online and mobile banking, and other traditional banking products.

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