Heritage Financial (NASDAQ:HFWA) Posts Earnings Results

Heritage Financial (NASDAQ:HFWA) posted its quarterly earnings results on Thursday. The financial services provider reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.13, Zacks reports. Heritage Financial had a return on equity of 8.71% and a net margin of 20.50%.

Heritage Financial Stock Performance

Heritage Financial stock traded down $0.64 during midday trading on Thursday, hitting $29.55. The stock had a trading volume of 28,759 shares, compared to its average volume of 299,302. Heritage Financial has a 52-week low of $21.32 and a 52-week high of $31.25. The company has a market capitalization of $1.22 billion, a PE ratio of 14.50 and a beta of 0.49. The firm’s fifty day moving average is $28.51 and its two-hundred day moving average is $27.11. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.04.

Insiders Place Their Bets

In other Heritage Financial news, CFO Donald Hinson sold 3,842 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $28.37, for a total value of $108,997.54. Following the completion of the transaction, the chief financial officer directly owned 41,241 shares in the company, valued at $1,170,007.17. This represents a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.49% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of HFWA. EverSource Wealth Advisors LLC increased its stake in Heritage Financial by 27,871.4% in the 2nd 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 in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Heritage Financial by 99.1% in the second quarter. Tower Research Capital LLC TRC now owns 2,875 shares of the financial services provider’s stock valued at $69,000 after acquiring an additional 1,431 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Heritage Financial by 117.1% in the third quarter. BNP Paribas Financial Markets now owns 8,457 shares of the financial services provider’s stock worth $205,000 after acquiring an additional 4,561 shares during the period. Verition Fund Management LLC bought a new position in shares of Heritage Financial in the third quarter worth about $210,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Heritage Financial by 35.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,991 shares of the financial services provider’s stock worth $266,000 after purchasing an additional 2,862 shares in the last quarter. Hedge funds and other institutional investors own 78.30% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Piper Sandler decreased their target price 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. Zacks Research upgraded Heritage Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 26th. Weiss Ratings restated a “buy (b)” rating on shares of Heritage Financial in a research note on Tuesday, July 7th. Finally, Wall Street Zen raised Heritage Financial from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.50.

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.