Public Sector Pension Investment Board Purchases 22,718 Shares of Heritage Financial Corporation $HFWA

Key Points

• The Public Sector Pension Investment Board increased its stake in Heritage Financial Corporation by 26.7%, owning approximately 0.32% of the company worth $2.63 million after acquiring an additional 22,718 shares.
• Heritage Financial announced a quarterly dividend of $0.24 per share to be paid on August 20th, providing a 4.1% dividend yield.
• Wall Street analysts have downgraded Heritage Financial's rating, with most recent target prices dropping to as low as $26.00 from prior highs, as the stock currently holds a consensus rating of "Hold".

Public Sector Pension Investment Board raised its holdings in Heritage Financial Corporation (NASDAQ:HFWA - Free Report) by 26.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 107,826 shares of the financial services provider's stock after buying an additional 22,718 shares during the quarter. Public Sector Pension Investment Board owned about 0.32% of Heritage Financial worth $2,623,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Bank of America Corp DE grew its position in shares of Heritage Financial by 45.5% in the 4th 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. grew its position in shares of Heritage Financial by 2.2% in the 1st quarter. Principal Financial Group Inc. now owns 193,820 shares of the financial services provider's stock worth $4,716,000 after buying an additional 4,101 shares during the last quarter. Deutsche Bank AG grew its position in shares of Heritage Financial by 60.1% in the 4th quarter. Deutsche Bank AG now owns 29,871 shares of the financial services provider's stock worth $732,000 after buying an additional 11,210 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Heritage Financial in the 1st quarter worth approximately $844,000. Finally, Jackson Creek Investment Advisors LLC purchased a new position in shares of Heritage Financial in the 1st quarter valued at approximately $1,505,000. 78.30% of the stock is currently owned by institutional investors.

Heritage Financial Stock Up 5.8%

NASDAQ:HFWA traded up $1.33 during trading hours on Friday, reaching $24.40. 235,154 shares of the company traded hands, compared to its average volume of 158,671. The business's 50-day moving average price is $23.84 and its two-hundred day moving average price is $23.60. The stock has a market capitalization of $828.45 million, a P/E ratio of 17.06 and a beta of 0.57. Heritage Financial Corporation has a 1 year low of $19.84 and a 1 year high of $27.58. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.32.

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

Heritage Financial Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on HFWA. Wall Street Zen cut Heritage Financial from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Keefe, Bruyette & Woods lowered their target price on Heritage Financial from $27.00 to $26.00 and set a "market perform" rating for the company in a research note on Monday, April 28th. Finally, Piper Sandler lowered their target price on Heritage Financial from $34.00 to $31.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average 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.