Heritage Financial (NASDAQ:HFWA) Stock Price Expected to Rise, DA Davidson Analyst Says

Key Points

• DA Davidson raised Heritage Financial’s price target to $34 from $32 and maintained a “buy” rating, implying 12.73% upside from the reported $30.16 share price.
• Analyst sentiment is moderately positive: three analysts rate HFWA a Buy and three rate it Hold, resulting in a consensus “Moderate Buy” rating and a $31 average price target.
• Heritage Financial exceeded quarterly earnings expectations, reporting $0.57 EPS versus the $0.44 consensus, although revenue of $84.13 million fell short of the $86.30 million estimate.

Heritage Financial (NASDAQ:HFWA - Get Free Report) had its price objective increased by stock analysts at DA Davidson from $32.00 to $34.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. DA Davidson's price target would indicate a potential upside of 12.73% from the company's current price.

HFWA has been the topic of several other reports. Zacks Research raised shares of Heritage Financial from a "strong sell" rating to a "hold" rating in a research report on Friday, June 26th. Piper Sandler decreased their price objective on shares of Heritage Financial from $34.00 to $32.00 and set an "overweight" rating for the company in a report on Monday, April 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of Heritage Financial in a research report on Tuesday, July 7th. Finally, Wall Street Zen raised shares of Heritage Financial from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $31.00.

Heritage Financial Stock Performance

Shares of Heritage Financial stock opened at $30.16 on Friday. 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 stock has a market cap of $1.24 billion, a price-to-earnings ratio of 14.36 and a beta of 0.49. The company has a fifty day simple moving average of $28.67 and a 200-day simple moving average of $27.20. Heritage Financial has a 12-month low of $21.32 and a 12-month high of $31.25.

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

Insider Transactions at Heritage Financial

In related news, CFO Donald Hinson sold 3,842 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $28.37, for a total value of $108,997.54. Following the sale, the chief financial officer owned 41,241 shares of the company's stock, valued at $1,170,007.17. The trade was a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.49% of the stock is owned by company insiders.

Institutional Trading of Heritage Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HFWA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Heritage Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,060 shares of the financial services provider's stock worth $488,000 after buying an additional 881 shares during the period. Empowered Funds LLC increased its position in shares of Heritage Financial by 4.2% in the first quarter. Empowered Funds LLC now owns 123,798 shares of the financial services provider's stock valued at $3,012,000 after acquiring an additional 4,947 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of 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 in the last quarter. Jane Street Group LLC grew its position 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 valued at $2,615,000 after acquiring an additional 87,479 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in Heritage Financial by 27,871.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,958 shares of the financial services provider's stock worth $47,000 after buying an additional 1,951 shares during the last quarter. 78.30% of the stock is currently owned by institutional investors and hedge funds.

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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