Bank of New York Mellon Corp Takes Position in Heritage Financial Corporation $HFWA

Bank of New York Mellon Corp purchased a new position in shares of Heritage Financial Corporation (NASDAQ:HFWA - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 398,963 shares of the financial services provider's stock, valued at approximately $11,817,000. Bank of New York Mellon Corp owned 0.97% of Heritage Financial as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Jennison Associates LLC lifted its holdings in Heritage Financial by 3.4% during the 1st quarter. Jennison Associates LLC now owns 3,213,473 shares of the financial services provider's stock valued at $83,550,000 after purchasing an additional 106,308 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Heritage Financial by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 2,412,325 shares of the financial services provider's stock valued at $57,051,000 after purchasing an additional 45,422 shares during the period. State Street Corp lifted its stake in shares of Heritage Financial by 3.2% during the 4th quarter. State Street Corp now owns 1,573,458 shares of the financial services provider's stock worth $37,212,000 after buying an additional 48,765 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Heritage Financial by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 842,598 shares of the financial services provider's stock worth $19,929,000 after buying an additional 4,170 shares during the period. Finally, Basswood Capital Management L.L.C. boosted its holdings in shares of Heritage Financial by 163.1% during the 4th quarter. Basswood Capital Management L.L.C. now owns 607,105 shares of the financial services provider's stock worth $14,358,000 after buying an additional 376,368 shares during the period. Institutional investors own 78.30% of the company's stock.

Insider Buying and Selling

In related news, CFO Donald Hinson sold 3,842 shares of the company's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $28.37, for a total value of $108,997.54. Following the transaction, the chief financial officer owned 41,241 shares in the company, valued at approximately $1,170,007.17. This represents a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 transaction, the executive vice president directly owned 20,362 shares of the company's stock, valued at approximately $609,231.04. This trade represents a 13.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 24,546 shares of company stock worth $729,057 in the last three months. Insiders own 1.49% of the company's stock.

Heritage Financial Stock Down 0.0%

HFWA opened at $28.56 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.83 and a quick ratio of 0.83. The company's 50-day moving average is $29.60 and its 200 day moving average is $27.87. Heritage Financial Corporation has a fifty-two week low of $21.32 and a fifty-two week high of $31.25. The firm has a market capitalization of $1.17 billion, a P/E ratio of 13.60 and a beta of 0.49.

Heritage Financial (NASDAQ:HFWA - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.44 by $0.13. The business had revenue of $84.12 million during 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%. Research analysts expect 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. Stockholders of record on Wednesday, August 5th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Wednesday, August 5th. This is an increase from Heritage Financial's previous quarterly dividend of $0.24. Heritage Financial's dividend payout ratio (DPR) is 47.62%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on HFWA. Zacks Research upgraded shares of Heritage Financial from a "strong sell" rating to a "hold" rating in a research report on Friday, June 26th. Wall Street Zen upgraded Heritage Financial from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Stephens boosted their price objective on Heritage Financial from $30.00 to $32.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 28th. Keefe, Bruyette & Woods increased 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. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Heritage Financial in a report on Tuesday, July 7th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Heritage Financial currently has a consensus rating of "Moderate Buy" and an average target price of $32.50.

Heritage Financial Company Profile

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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