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

Heritage Financial Corporation (NASDAQ:HFWA) has been assigned an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $31.00.

HFWA has been the subject of several recent research reports. Wall Street Zen upgraded Heritage Financial from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. Stephens increased their target price on shares of Heritage Financial from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday, January 26th. Piper Sandler reduced their target price on Heritage Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Thursday, April 2nd. Weiss Ratings raised shares of Heritage Financial from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. Finally, DA Davidson increased their price objective on shares of Heritage Financial from $29.00 to $32.00 and gave the company a “buy” rating in a report on Friday, January 23rd.

Heritage Financial Price Performance

Shares of NASDAQ HFWA opened at $27.47 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.05. Heritage Financial has a 52 week low of $21.32 and a 52 week high of $28.98. The business’s 50 day moving average price is $26.49 and its 200 day moving average price is $24.98. The firm has a market cap of $1.13 billion, a P/E ratio of 14.07 and a beta of 0.49.

Heritage Financial (NASDAQ:HFWA) last released its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.09. The firm had revenue of $66.35 million for the quarter, compared to analyst estimates of $65.95 million. Heritage Financial had a net margin of 20.10% and a return on equity of 8.61%. On average, sell-side analysts expect that Heritage Financial will post 2.53 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Kelli Ann Wilson sold 1,900 shares of the stock in a transaction on Monday, January 26th. The stock was sold at an average price of $26.48, for a total value of $50,312.00. Following the completion of the transaction, the executive vice president directly owned 3,778 shares of the company’s stock, valued at approximately $100,041.44. This represents a 33.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Tony Chalfant sold 4,668 shares of the firm’s 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 transaction, the executive vice president directly owned 19,870 shares in the company, valued at $549,405.50. This trade represents a 19.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 8,368 shares of company stock worth $226,740. Corporate insiders own 1.49% of the company’s stock.

Institutional Investors Weigh In On Heritage Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HFWA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings 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 purchasing an additional 881 shares during the period. Empowered Funds LLC raised its holdings in Heritage Financial by 4.2% in the 1st quarter. Empowered Funds LLC now owns 123,798 shares of the financial services provider’s stock valued at $3,012,000 after buying an additional 4,947 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Heritage Financial by 7.4% in the first 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 valued at $1,901,000 after buying an additional 5,417 shares during the last quarter. Jane Street Group LLC boosted its stake in Heritage Financial by 437.3% during 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 during the period. Finally, EverSource Wealth Advisors LLC boosted its stake 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 period. 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.