Heritage Financial (NASDAQ:HFWA) Announces Quarterly Earnings Results

Key Points

• Heritage Financial reported a quarterly earnings per share (EPS) of $0.56, meeting analyst expectations while achieving a net margin of 15.22% and a return on equity of 7.34%.
• Shares traded at $22.88, reflecting a 0.5% decrease, with a market capitalization of approximately $776.61 million.
• Analysts have a consensus rating of "Moderate Buy" for Heritage Financial, with price targets ranging from $28.00 to $29.00.

Heritage Financial (NASDAQ:HFWA - Get Free Report) announced its quarterly earnings results on Thursday. The financial services provider reported $0.56 EPS for the quarter, meeting the consensus estimate of $0.56, Zacks reports. Heritage Financial had a net margin of 15.22% and a return on equity of 7.34%.

Heritage Financial Trading Down 0.5%

Shares of NASDAQ:HFWA traded down $0.11 during midday trading on Thursday, hitting $22.88. 29,723 shares of the stock traded hands, compared to its average volume of 207,698. The stock has a market capitalization of $776.61 million, a PE ratio of 16.01 and a beta of 0.53. The business's 50 day moving average is $24.04 and its two-hundred day moving average is $23.59. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.32. Heritage Financial has a one year low of $19.84 and a one year high of $27.58.

Wall Street Analysts Forecast Growth

Several research analysts have commented on HFWA shares. Weiss Ratings reissued a "hold (c)" rating on shares of Heritage Financial in a report on Wednesday, October 8th. DA Davidson set a $29.00 price target on shares of Heritage Financial in a report on Monday, September 29th. Keefe, Bruyette & Woods raised their price target on shares of Heritage Financial from $26.00 to $28.00 and gave the company a "market perform" rating in a report on Monday, September 29th. Wall Street Zen downgraded shares of Heritage Financial from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Finally, Zacks Research raised Heritage Financial from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Heritage Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.50.

Hedge Funds Weigh In On Heritage Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. raised its stake in shares of Heritage Financial by 1.7% during the second quarter. Ameriprise Financial Inc. now owns 393,619 shares of the financial services provider's stock valued at $9,384,000 after acquiring an additional 6,663 shares during the last quarter. Bridgeway Capital Management LLC increased its position in shares of Heritage Financial by 1.6% during the second quarter. Bridgeway Capital Management LLC now owns 250,129 shares of the financial services provider's stock valued at $5,963,000 after buying an additional 3,831 shares during the period. Bank of America Corp DE increased its position in shares of Heritage Financial by 16.6% during the second quarter. Bank of America Corp DE now owns 180,581 shares of the financial services provider's stock valued at $4,305,000 after buying an additional 25,673 shares during the period. Empowered Funds LLC increased 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 valued at $3,012,000 after buying an additional 4,947 shares during the period. Finally, Public Sector Pension Investment Board increased its position in shares of Heritage Financial by 7.8% during the second quarter. Public Sector Pension Investment Board now owns 116,282 shares of the financial services provider's stock valued at $2,772,000 after buying an additional 8,456 shares during the period. 78.30% of the stock is owned by institutional investors.

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.

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