Heritage Financial (NASDAQ:HFWA) Given New $32.00 Price Target at Stephens

Key Points

• Stephens raised Heritage Financial’s price target from $30 to $32 while maintaining an “equal weight” rating, implying 7.38% upside from the prior close. Analysts’ average rating is “Moderate Buy,” with an average price target of $32.50.
• Heritage Financial reported quarterly EPS of $0.57, exceeding the $0.44 consensus estimate, although revenue of $84.13 million fell short of the $86.30 million forecast.
• The stock opened at $29.80, with a market capitalization of approximately $1.23 billion; institutional investors own 78.30% of outstanding shares, while company insiders own 1.49%.

Heritage Financial (NASDAQ:HFWA - Get Free Report) had its price target increased by research analysts at Stephens from $30.00 to $32.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the financial services provider's stock. Stephens' price objective would indicate a potential upside of 7.38% from the stock's previous close.

A number of other equities analysts also recently commented on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Heritage Financial in a research note on Tuesday, July 7th. Piper Sandler dropped their price target on shares of Heritage Financial from $34.00 to $32.00 and set an "overweight" rating for the company in a research note on Monday, April 27th. Keefe, Bruyette & Woods raised their price target on shares of Heritage Financial from $31.00 to $32.00 and gave the stock a "market perform" rating in a report on Monday. Wall Street Zen raised shares of Heritage Financial from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Finally, DA Davidson upped their price objective on Heritage Financial from $32.00 to $34.00 and gave the company a "buy" rating in a report on Friday. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Heritage Financial has an average rating of "Moderate Buy" and an average price target of $32.50.

Heritage Financial Stock Performance

Shares of Heritage Financial stock opened at $29.80 on Tuesday. The business's 50 day moving average price is $28.73 and its 200 day moving average price is $27.24. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 14.19 and a beta of 0.49. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.81 and a current ratio of 0.83. Heritage Financial has a one year low of $21.32 and a one year high of $31.25.

Heritage Financial (NASDAQ:HFWA - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.57 EPS for the quarter, topping the consensus estimate of $0.44 by $0.13. The business had revenue of $84.13 million for the quarter, compared to analyst estimates of $86.30 million. Heritage Financial had a return on equity of 8.78% and a net margin of 20.44%. On average, research analysts predict that Heritage Financial will post 2.42 EPS for the current year.

Insider Transactions at Heritage Financial

In other Heritage Financial news, CFO Donald Hinson sold 3,842 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The shares were 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 owned 41,241 shares of the company's stock, valued at $1,170,007.17. This trade represents a 8.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.49% of the stock is currently owned by company insiders.

Institutional Trading of Heritage Financial

A number of large investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 in the last quarter. Empowered Funds LLC increased its holdings in Heritage Financial by 4.2% during the 1st 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 increased its holdings in Heritage Financial by 7.4% during 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 during the period. Jane Street Group LLC raised its position in 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 valued at $2,615,000 after purchasing an additional 87,479 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised 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 in the last quarter. Hedge funds and other institutional investors own 78.30% of the company's stock.

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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