Heritage Financial Corporation (NASDAQ:HFWA) Receives Consensus Rating of “Moderate Buy” from Brokerages

Heritage Financial Corporation (NASDAQ:HFWA) has been given an average recommendation of “Moderate Buy” by the six brokerages that are covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $30.50.

HFWA has been the topic of several analyst reports. Wall Street Zen raised shares of Heritage Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Zacks Research raised shares of Heritage Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 26th. Finally, Piper Sandler decreased their price objective on shares of Heritage Financial from $34.00 to $32.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th.

Heritage Financial Price Performance

NASDAQ HFWA opened at $29.70 on Friday. The stock’s 50-day moving average price is $27.80 and its 200-day moving average price is $26.62. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.04. Heritage Financial has a 52 week low of $21.32 and a 52 week high of $30.58. The company has a market capitalization of $1.22 billion, a P/E ratio of 14.56 and a beta of 0.49.

Heritage Financial (NASDAQ:HFWA) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The company had revenue of $77.92 million during the quarter, compared to the consensus estimate of $80.31 million. Heritage Financial had a return on equity of 8.71% and a net margin of 20.50%. On average, equities research analysts predict that Heritage Financial will post 2.39 earnings per share for the current year.

Heritage Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Wednesday, May 6th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Wednesday, May 6th. Heritage Financial’s dividend payout ratio is presently 47.06%.

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 dated Tuesday, June 9th. The stock was sold at an average price of $28.37, for a total transaction of $108,997.54. Following the sale, the chief financial officer directly owned 41,241 shares of the company’s stock, valued at $1,170,007.17. This trade represents a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.49% of the company’s stock.

Institutional Trading of Heritage Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP bought a new position in Heritage Financial in the 3rd quarter worth approximately $11,210,000. Basswood Capital Management L.L.C. raised its position in shares of Heritage Financial by 163.1% during the fourth quarter. Basswood Capital Management L.L.C. now owns 607,105 shares of the financial services provider’s stock valued at $14,358,000 after buying an additional 376,368 shares during the last quarter. Rhino Investment Partners Inc raised its position in shares of Heritage Financial by 77.7% during the first quarter. Rhino Investment Partners Inc now owns 330,459 shares of the financial services provider’s stock valued at $8,592,000 after buying an additional 144,515 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Heritage Financial by 3.4% in the first quarter. Jennison Associates LLC now owns 3,213,473 shares of the financial services provider’s stock worth $83,550,000 after buying an additional 106,308 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Heritage Financial by 437.3% in the first quarter. Jane Street Group LLC now owns 107,482 shares of the financial services provider’s stock worth $2,615,000 after buying an additional 87,479 shares in the last quarter. 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.