Bank of America Corp DE Buys 187,594 Shares of Heritage Financial Corporation $HFWA

Key Points

• Bank of America acquired 187,594 Heritage Financial shares worth approximately $5.6 million in the second quarter, while institutional investors collectively owned 78.3% of HFWA.
• Heritage Financial reported quarterly EPS of $0.57, beating estimates of $0.44, and increased its quarterly dividend to $0.25 per share, equating to a 3.5% annual yield.
• Analyst opinions remain mixed, with four Buy, two Hold, and one Sell rating; the consensus rating is Hold with a $32.67 price target, compared with the stock’s reported $28.57 price.

Bank of America Corp DE bought a new position in Heritage Financial Corporation (NASDAQ:HFWA - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 187,594 shares of the financial services provider's stock, valued at approximately $5,557,000. Bank of America Corp DE owned about 0.46% of Heritage Financial at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Basswood Capital Management L.L.C. bought a new position in shares of Heritage Financial in the 2nd quarter worth approximately $20,408,000. Odyssean LLC purchased a new position in shares of Heritage Financial during the 2nd quarter valued at $945,000. Jupiter Topco LLC bought a new position in shares of Heritage Financial in the second quarter worth about $454,000. Legal & General Group Plc bought a new position in Heritage Financial in the 2nd quarter worth approximately $2,665,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Heritage Financial during the second quarter worth $9,142,000. Institutional investors own 78.30% of the company's stock.

Heritage Financial Price Performance

HFWA stock opened at $28.57 on Monday. Heritage Financial Corporation has a 1 year low of $21.32 and a 1 year high of $31.25. The firm has a market capitalization of $1.17 billion, a PE ratio of 13.60 and a beta of 0.48. The business has a 50 day simple moving average of $29.18 and a 200-day simple moving average of $28.05. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.83 and a quick ratio of 0.83.

Heritage Financial (NASDAQ:HFWA - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.13. Heritage Financial had a return on equity of 8.78% and a net margin of 20.44%.The business had revenue of $84.12 million during the quarter, compared to analysts' expectations of $86.30 million. Equities research analysts anticipate that Heritage Financial Corporation will post 2.34 earnings per share for the current fiscal year.

Heritage Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 5th were paid a dividend of $0.25 per share. The ex-dividend date was Wednesday, August 5th. This is a positive change from Heritage Financial's previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 3.5%. Heritage Financial's dividend payout ratio (DPR) is presently 47.62%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on HFWA shares. DA Davidson lifted their price objective on shares of Heritage Financial from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Zacks Research lowered Heritage Financial from a "hold" rating to a "strong sell" rating in a research note on Wednesday, September 23rd. Brean Capital raised shares of Heritage Financial from a "neutral" rating to a "buy" rating and set a $33.00 target price on the stock in a research report on Tuesday, September 22nd. Weiss Ratings restated a "buy (b)" rating on shares of Heritage Financial in a report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of 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 analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Heritage Financial currently has a consensus rating of "Hold" and a consensus price target of $32.67.

Insider Buying and Selling at Heritage Financial

In related news, EVP Kelli Wilson sold 3,778 shares of the firm's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $29.69, for a total transaction of $112,168.82. Following the transaction, the executive vice president owned 3,099 shares of the company's stock, valued at $92,009.31. This trade represents a 54.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Jeffrey S. Lyon sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the completion of the transaction, the director directly owned 40,719 shares in the company, valued at approximately $1,221,570. The trade was a 19.72% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 22,004 shares of company stock worth $657,200. 1.49% of the stock is owned by insiders.

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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