Heritage Financial Corporation (NASDAQ:HFWA) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analysts give Heritage Financial a “Moderate Buy” consensus, with three buy ratings and three holds. The average 12-month price target is $32.50, above the reported share price of $29.84.
• Heritage Financial reported quarterly EPS of $0.57, beating the $0.44 consensus estimate, although revenue of $84.13 million fell short of the $86.30 million estimate.
• The company raised its quarterly dividend from $0.24 to $0.25 per share, representing a $1.00 annualized payout and a 3.4% yield. Institutional investors own 78.3% of the stock.

Heritage Financial Corporation (NASDAQ:HFWA - Get Free Report) has been given a consensus rating of "Moderate Buy" by the six analysts that are covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $32.50.

Several equities analysts have issued reports on HFWA shares. Wall Street Zen raised Heritage Financial from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Piper Sandler reduced their price objective on shares of Heritage Financial from $34.00 to $32.00 and set an "overweight" rating for the company in a research report on Monday, April 27th. Zacks Research upgraded shares of Heritage Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, June 26th. Stephens boosted their target price on shares of Heritage Financial from $30.00 to $32.00 and gave the company an "equal weight" rating in a research report on Tuesday. Finally, DA Davidson increased their target price 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.

Heritage Financial Stock Performance

Shares of Heritage Financial stock opened at $29.84 on Thursday. The business has a 50-day moving average price of $28.85 and a two-hundred day moving average price of $27.32. Heritage Financial has a 1-year low of $21.32 and a 1-year high of $31.25. The company has a current ratio of 0.83, a quick ratio of 0.81 and a debt-to-equity ratio of 0.17. The company has a market cap of $1.23 billion, a P/E ratio of 14.21 and a beta of 0.49.

Heritage Financial (NASDAQ:HFWA - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.57 EPS for the quarter, beating the consensus estimate of $0.44 by $0.13. Heritage Financial had a return on equity of 8.78% and a net margin of 20.44%.The company had revenue of $84.13 million for the quarter, compared to analyst estimates of $86.30 million. As a group, analysts anticipate that Heritage Financial will post 2.37 EPS for the current year.

Heritage Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 5th will be issued a dividend of $0.25 per share. This is an increase from Heritage Financial's previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Wednesday, August 5th. Heritage Financial's dividend payout ratio (DPR) is currently 45.71%.

Insider Activity

In other news, CFO Donald Hinson sold 3,842 shares of the stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $28.37, for a total transaction of $108,997.54. Following the transaction, the chief financial officer owned 41,241 shares of the company's stock, valued at $1,170,007.17. This represents a 8.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in HFWA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Heritage Financial by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,060 shares of the financial services provider's stock valued at $488,000 after acquiring an additional 881 shares during the period. Empowered Funds LLC raised its position in shares of Heritage Financial by 4.2% during the first quarter. Empowered Funds LLC now owns 123,798 shares of the financial services provider's stock worth $3,012,000 after purchasing an additional 4,947 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Heritage Financial by 7.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 78,130 shares of the financial services provider's stock worth $1,901,000 after purchasing an additional 5,417 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Heritage Financial by 437.3% in the 1st quarter. Jane Street Group LLC now owns 107,482 shares of the financial services provider's stock worth $2,615,000 after purchasing an additional 87,479 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew 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 purchasing an additional 1,951 shares during the period. Institutional investors own 78.30% of the company's stock.

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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