Hotchkis & Wiley Capital Management LLC Sells 31,390 Shares of Heritage Financial Corporation $HFWA

Key Points

• Hotchkis & Wiley Capital Management LLC has reduced its stake in Heritage Financial Corporation by 9.7%, owning about 0.86% of the company, valued at $7.1 million.
• Heritage Financial reported earnings of $0.53 per share for the last quarter, exceeding the consensus estimate of $0.50, although its revenue fell short of expectations at $56.5 million.
• The company recently paid a quarterly dividend of $0.24 per share, reflecting an annualized yield of 3.9%, with a payout ratio of 67.13%.

Hotchkis & Wiley Capital Management LLC cut its stake in shares of Heritage Financial Corporation (NASDAQ:HFWA - Free Report) by 9.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 291,900 shares of the financial services provider's stock after selling 31,390 shares during the period. Hotchkis & Wiley Capital Management LLC owned about 0.86% of Heritage Financial worth $7,102,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in HFWA. Bank of America Corp DE lifted its stake in shares of Heritage Financial by 45.5% in the fourth quarter. Bank of America Corp DE now owns 147,887 shares of the financial services provider's stock worth $3,623,000 after buying an additional 46,260 shares during the last quarter. Principal Financial Group Inc. raised its stake in Heritage Financial by 2.2% during the 1st quarter. Principal Financial Group Inc. now owns 193,820 shares of the financial services provider's stock valued at $4,716,000 after purchasing an additional 4,101 shares during the last quarter. Deutsche Bank AG raised its stake in Heritage Financial by 60.1% during the 4th quarter. Deutsche Bank AG now owns 29,871 shares of the financial services provider's stock valued at $732,000 after purchasing an additional 11,210 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Heritage Financial during the 1st quarter valued at $844,000. Finally, Jackson Creek Investment Advisors LLC acquired a new position in Heritage Financial during the 1st quarter valued at $1,505,000. 78.30% of the stock is currently owned by institutional investors and hedge funds.

Heritage Financial Stock Down 0.4%

HFWA traded down $0.09 during trading on Friday, reaching $24.44. The company had a trading volume of 60,811 shares, compared to its average volume of 214,910. The company has a market cap of $829.91 million, a P/E ratio of 17.09 and a beta of 0.57. Heritage Financial Corporation has a 12 month low of $19.84 and a 12 month high of $27.58. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.85 and a quick ratio of 0.85. The business's fifty day moving average price is $23.99 and its 200 day moving average price is $23.58.

Heritage Financial (NASDAQ:HFWA - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.03. Heritage Financial had a net margin of 15.22% and a return on equity of 7.34%. The company had revenue of $56.50 million during the quarter, compared to analysts' expectations of $63.54 million. Equities analysts anticipate that Heritage Financial Corporation will post 2.09 EPS for the current year.

Heritage Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 6th were issued a $0.24 dividend. The ex-dividend date was Wednesday, August 6th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.9%. Heritage Financial's dividend payout ratio (DPR) is 67.13%.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of Heritage Financial from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $27.67.

About Heritage Financial

Heritage Financial Corporation operates as the bank holding company for Heritage Bank that provides various financial services to small and medium sized businesses and individuals in the United States. It accepts various deposit products, such as noninterest demand deposits, interest bearing demand deposits, money market accounts, savings accounts, personal checking accounts, and certificates of deposit.