Heritage Financial Corporation $HFWA Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its Heritage Financial stake by 32.2% in the first quarter, selling 89,612 shares and retaining 188,341 shares worth approximately $4.9 million. Institutional investors collectively own 78.3% of HFWA.
• Heritage Financial reported quarterly EPS of $0.57, beating estimates of $0.44, while revenue of $84.13 million fell short of the $86.30 million consensus forecast. The stock recently traded at $29.65, near its 52-week high of $31.25.
• The company raised its quarterly dividend to $0.25 per share from $0.24, representing a $1.00 annualized payout and a 3.4% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $32.50.

Renaissance Technologies LLC trimmed its position in shares of Heritage Financial Corporation (NASDAQ:HFWA - Free Report) by 32.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 188,341 shares of the financial services provider's stock after selling 89,612 shares during the period. Renaissance Technologies LLC owned approximately 0.46% of Heritage Financial worth $4,897,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in HFWA. EverSource Wealth Advisors LLC boosted its position in Heritage Financial by 27,871.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,958 shares of the financial services provider's stock valued at $47,000 after buying an additional 1,951 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Heritage Financial by 99.1% during the second quarter. Tower Research Capital LLC TRC now owns 2,875 shares of the financial services provider's stock worth $69,000 after acquiring an additional 1,431 shares during the last quarter. CWM LLC increased its position in shares of Heritage Financial by 7.7% during the fourth quarter. CWM LLC now owns 8,249 shares of the financial services provider's stock worth $195,000 after acquiring an additional 592 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Heritage Financial by 117.1% in the third quarter. BNP Paribas Financial Markets now owns 8,457 shares of the financial services provider's stock worth $205,000 after acquiring an additional 4,561 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new position in Heritage Financial in the third quarter valued at about $210,000. Hedge funds and other institutional investors own 78.30% of the company's stock.

Heritage Financial Trading Down 1.2%

NASDAQ:HFWA opened at $29.65 on Friday. The company has a market cap of $1.22 billion, a PE ratio of 14.12 and a beta of 0.50. The business's 50 day moving average is $29.17 and its two-hundred day moving average is $27.55. The company has a quick ratio of 0.81, a current ratio of 0.83 and a debt-to-equity ratio of 0.17. Heritage Financial Corporation has a 52 week low of $21.32 and a 52 week high of $31.25.

Heritage Financial (NASDAQ:HFWA - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.13. The firm had revenue of $84.13 million for the quarter, compared to analysts' expectations of $86.30 million. Heritage Financial had a return on equity of 8.78% and a net margin of 20.44%. On average, analysts predict that Heritage Financial Corporation will post 2.37 EPS for the current year.

Heritage Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 5th will be issued a $0.25 dividend. This is an increase from Heritage Financial's previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Wednesday, August 5th. Heritage Financial's dividend payout ratio is 47.62%.

Insider Buying and Selling

In other Heritage Financial news, CFO Donald Hinson sold 3,842 shares of Heritage Financial 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 completion of the transaction, the chief financial officer directly owned 41,241 shares in the company, valued at $1,170,007.17. The trade was a 8.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kelli Ann Wilson sold 3,778 shares of the firm's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $29.69, for a total value of $112,168.82. Following the completion of the sale, the executive vice president directly owned 3,099 shares in the company, valued at approximately $92,009.31. This trade represents a 54.94% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 20,854 shares of company stock valued at $617,928. 1.49% of the stock is currently owned by insiders.

Analyst Ratings Changes

HFWA has been the subject of a number of recent analyst reports. 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 upgraded Heritage Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, June 26th. 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 upped their price target on shares of Heritage Financial from $31.00 to $32.00 and gave the company a "market perform" rating in a report on Monday, July 27th. Finally, DA Davidson increased their price objective on shares of Heritage Financial from $32.00 to $34.00 and gave the company a "buy" rating in a research note on Friday, July 24th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $32.50.

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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