Heritage Financial Co. (NASDAQ:HFWA) Declares $0.23 Quarterly Dividend

Heritage Financial Co. (NASDAQ:HFWA) declared a quarterly dividend on Wednesday, October 23rd, Zacks reports. Stockholders of record on Wednesday, November 6th will be given a dividend of 0.23 per share by the financial services provider on Wednesday, November 20th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Wednesday, November 6th.

Heritage Financial has raised its dividend payment by an average of 3.2% per year over the last three years and has increased its dividend every year for the last 13 years. Heritage Financial has a dividend payout ratio of 50.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Heritage Financial to earn $1.78 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 51.7%.

Heritage Financial Stock Up 2.2 %

Heritage Financial stock opened at $22.36 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.61. The firm has a market cap of $775.67 million, a P/E ratio of 16.81 and a beta of 0.53. The business has a fifty day moving average of $21.93 and a two-hundred day moving average of $19.92. Heritage Financial has a twelve month low of $15.50 and a twelve month high of $23.82.

Heritage Financial (NASDAQ:HFWA) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. Heritage Financial had a return on equity of 7.95% and a net margin of 14.59%. The firm had revenue of $56.36 million during the quarter, compared to analysts’ expectations of $58.27 million. On average, analysts forecast that Heritage Financial will post 1.66 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Heritage Financial from $20.00 to $23.00 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Piper Sandler upped their target price on Heritage Financial from $23.00 to $26.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Heritage Financial has a consensus rating of “Hold” and an average target price of $23.50.

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.