469,403 Shares in Heritage Financial Corporation $HFWA Purchased by Algebris UK Ltd.

Key Points

• Algebris UK Ltd. acquired 469,403 shares of Heritage Financial, worth approximately $13.86 million, giving it a 1.14% stake. Institutional investors collectively own 78.3% of the company.
• Heritage Financial reported quarterly EPS of $0.57, beating estimates of $0.44, while revenue came in at $84.12 million. The company also raised its quarterly dividend to $0.25, representing a 3.5% annualized yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $32.50, compared with the stock’s reported price of $28.85.

Algebris UK Ltd. purchased a new stake in shares of Heritage Financial Corporation (NASDAQ:HFWA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 469,403 shares of the financial services provider's stock, valued at approximately $13,860,000. Heritage Financial accounts for 0.9% of Algebris UK Ltd.'s portfolio, making the stock its 29th biggest holding. Algebris UK Ltd. owned 1.14% of Heritage Financial as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of HFWA. BlackRock Inc. bought a new position in Heritage Financial during the second quarter valued at about $172,125,000. Wellington Management Group LLP acquired a new position in Heritage Financial during the 3rd quarter valued at $11,210,000. Bank of New York Mellon Corp bought a new stake in shares of Heritage Financial in the second quarter valued at about $11,817,000. Basswood Capital Management L.L.C. lifted its position in Heritage Financial by 163.1% in the fourth quarter. Basswood Capital Management L.L.C. now owns 607,105 shares of the financial services provider's stock worth $14,358,000 after purchasing an additional 376,368 shares during the period. Finally, Great Lakes Advisors LLC bought a new position in shares of Heritage Financial during the 2nd quarter worth about $4,606,000. 78.30% of the stock is owned by hedge funds and other institutional investors.

Heritage Financial Price Performance

HFWA stock opened at $28.85 on Thursday. Heritage Financial Corporation has a 12 month low of $21.32 and a 12 month high of $31.25. The firm has a market cap of $1.18 billion, a P/E ratio of 13.74 and a beta of 0.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.17. The company's 50-day moving average price is $29.51 and its two-hundred day moving average price is $27.77.

Heritage Financial (NASDAQ:HFWA - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.57 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 the consensus estimate of $86.30 million. Heritage Financial had a net margin of 20.44% and a return on equity of 8.78%. On average, analysts anticipate that Heritage Financial Corporation will post 2.37 earnings per share for the current fiscal year.

Heritage Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 5th were issued a $0.25 dividend. This is an increase from Heritage Financial's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Wednesday, August 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.5%. Heritage Financial's payout ratio is presently 47.62%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on HFWA shares. Wall Street Zen upgraded shares of Heritage Financial from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Keefe, Bruyette & Woods increased their price objective on Heritage Financial from $31.00 to $32.00 and gave the company a "market perform" rating in a research report on Monday, July 27th. Weiss Ratings reissued a "buy (b)" rating on shares of Heritage Financial in a research note on Tuesday, July 7th. DA Davidson increased their target price on Heritage Financial from $32.00 to $34.00 and gave the company a "buy" rating in a research note on Friday, July 24th. Finally, Zacks Research upgraded Heritage Financial from a "strong sell" rating to a "hold" rating in a report on Friday, June 26th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $32.50.

Insider Buying and Selling at Heritage Financial

In related news, EVP Kelli Ann Wilson sold 3,778 shares of the business's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $29.69, for a total value of $112,168.82. Following the sale, the executive vice president directly owned 3,099 shares in the company, valued at approximately $92,009.31. The trade was a 54.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Matthew T. Ray sold 3,692 shares of Heritage Financial 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 owned 22,735 shares of the company's stock, valued at approximately $684,323.50. This trade represents a 13.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 24,546 shares of company stock valued at $729,057 in the last quarter. Insiders own 1.49% of the company's stock.

About Heritage Financial

Heritage Financial Corporation NASDAQ: HFWA is a bank holding company headquartered in Spokane, Washington. Through its primary subsidiary, Heritage Bank, the company provides a comprehensive range of banking and financial services to both individual and commercial clients. Heritage Bank's offerings encompass deposit products, lending solutions, treasury and cash management services, mortgage banking, and wealth management, positioning the organization as a full-service community bank.

The company's lending portfolio includes commercial real estate loans, agricultural loans, small business administration (SBA) loans, construction and development financing, and a variety of consumer mortgage products.

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