Heritage Financial (NASDAQ:HFWA) Releases Quarterly Earnings Results, Beats Expectations By $0.28 EPS

Heritage Financial (NASDAQ:HFWA) released its quarterly earnings results on Thursday. The financial services provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.28, Zacks reports. Heritage Financial had a return on equity of 8.61% and a net margin of 20.10%.

Heritage Financial Stock Performance

HFWA traded up $0.78 during trading on Thursday, hitting $28.11. The stock had a trading volume of 66,336 shares, compared to its average volume of 292,602. The firm has a market cap of $1.16 billion, a PE ratio of 14.30 and a beta of 0.49. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.05. Heritage Financial has a 12 month low of $21.32 and a 12 month high of $28.98. The company has a 50 day simple moving average of $26.47 and a 200-day simple moving average of $25.02.

Insider Activity

In related news, EVP Tony Chalfant sold 4,668 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $27.65, for a total transaction of $129,070.20. Following the completion of the sale, the executive vice president owned 19,870 shares in the company, valued at $549,405.50. This represents a 19.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kelli Ann Wilson sold 1,900 shares of the firm’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $26.48, for a total value of $50,312.00. Following the completion of the sale, the executive vice president directly owned 3,778 shares in the company, valued at $100,041.44. This trade represents a 33.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 8,368 shares of company stock valued at $226,740. 1.49% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Wells Fargo & Company MN increased its position in Heritage Financial by 50.7% during the fourth quarter. Wells Fargo & Company MN now owns 43,106 shares of the financial services provider’s stock worth $1,019,000 after acquiring an additional 14,494 shares during the period. First Trust Advisors LP boosted its holdings in Heritage Financial by 70.9% in the 2nd quarter. First Trust Advisors LP now owns 39,535 shares of the financial services provider’s stock valued at $943,000 after purchasing an additional 16,401 shares during the period. Federated Hermes Inc. grew its position in Heritage Financial by 15.2% in the 4th quarter. Federated Hermes Inc. now owns 37,848 shares of the financial services provider’s stock worth $895,000 after purchasing an additional 4,990 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Heritage Financial by 7.7% during the 4th quarter. Deutsche Bank AG now owns 28,546 shares of the financial services provider’s stock worth $675,000 after purchasing an additional 2,036 shares during the period. Finally, Odyssean LLC bought a new position in shares of Heritage Financial during the 4th quarter worth about $572,000. 78.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

HFWA has been the topic of several recent analyst reports. Stephens boosted their price objective on Heritage Financial from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Monday, January 26th. Piper Sandler dropped their target price on shares of Heritage Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. Wall Street Zen upgraded shares of Heritage Financial from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. Weiss Ratings raised shares of Heritage Financial from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, March 2nd. Finally, DA Davidson upped their price target on Heritage Financial from $29.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $31.00.

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.