Heritage Financial (NASDAQ:HFWA) Cut to Strong Sell at Zacks Research

Heritage Financial (NASDAQ:HFWA) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

A number of other equities analysts have also issued reports on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Heritage Financial in a research report on Tuesday, July 7th. Stephens increased their price objective on shares of Heritage Financial from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 28th. Brean Capital raised shares of Heritage Financial from a “neutral” rating to a “buy” rating and set a $33.00 target price for the company in a report on Tuesday. Keefe, Bruyette & Woods boosted their target price on shares of Heritage Financial from $31.00 to $32.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Finally, DA Davidson boosted their target price on shares of Heritage Financial from $32.00 to $34.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $32.67.

Heritage Financial Trading Up 1.1%

Shares of NASDAQ:HFWA opened at $28.25 on Wednesday. Heritage Financial has a 52-week low of $21.32 and a 52-week high of $31.25. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 13.45 and a beta of 0.48. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.17. The business has a 50-day moving average price of $29.22 and a 200-day moving average price of $28.02.

Heritage Financial (NASDAQ:HFWA) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.13. The firm had revenue of $84.12 million for the quarter, compared to analyst estimates of $86.30 million. Heritage Financial had a return on equity of 8.78% and a net margin of 20.44%. Equities analysts predict that Heritage Financial will post 2.37 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Kelli Wilson sold 3,778 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $29.69, for a total transaction of $112,168.82. Following the transaction, the executive vice president owned 3,099 shares in the company, valued at $92,009.31. This trade represents a 54.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jeffrey S. Lyon sold 10,000 shares of Heritage Financial stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the sale, the director directly owned 40,719 shares in the company, valued at $1,221,570. This represents a 19.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 22,004 shares of company stock valued at $657,200. 1.49% of the stock is owned by insiders.

Hedge Funds Weigh In On Heritage Financial

Large investors have recently added to or reduced their stakes in the stock. Tidal Investments LLC purchased a new position in Heritage Financial during the second quarter valued at $419,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Heritage Financial during the second quarter worth about $68,000. Squarepoint Ops LLC purchased a new stake in shares of Heritage Financial during the second quarter worth about $214,000. Arizona State Retirement System raised its position in shares of Heritage Financial by 21.7% during the 2nd quarter. Arizona State Retirement System now owns 11,349 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 2,022 shares during the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of Heritage Financial during the 2nd quarter worth about $5,299,000. 78.30% of the stock is currently owned by institutional investors and hedge funds.

About Heritage Financial

Heritage Financial Corporation (NASDAQ: HFWA) is a bank holding company headquartered in Olympia, Washington. Through its principal subsidiary, Heritage Bank, the company provides a range of banking and financial services to businesses, individuals, and organizations in communities across Washington and Oregon.

Heritage Bank’s offerings include commercial and industrial lending, commercial real estate and construction loans, residential real estate financing, consumer loans, deposit accounts, cash-management services, online and mobile banking, and other treasury-management solutions.