$41.59 Million in Sales Expected for Heritage Financial Corp (HFWA) This Quarter
Analysts forecast that Heritage Financial Corp (NASDAQ:HFWA) will announce $41.59 million in sales for the current quarter, according to Zacks. Three analysts have issued estimates for Heritage Financial Corp’s earnings, with the lowest sales estimate coming in at $41.47 million and the highest estimate coming in at $41.7 million. Heritage Financial Corp posted sales of $39.66 million in the same quarter last year, which suggests a positive year over year growth rate of 4.9%. The firm is scheduled to announce its next earnings results on Thursday, July 20th.
According to Zacks, analysts expect that Heritage Financial Corp will report full year sales of $41.59 million for the current fiscal year, with estimates ranging from $166.52 million to $167.8 million. For the next financial year, analysts expect that the business will report sales of $178.34 million per share, with estimates ranging from $176.81 million to $179.6 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Heritage Financial Corp.
Heritage Financial Corp (NASDAQ:HFWA) last announced its quarterly earnings results on Wednesday, April 26th. The financial services provider reported $0.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.01. The company had revenue of $40.50 million during the quarter, compared to analysts’ expectations of $40.79 million. Heritage Financial Corp had a net margin of 22.88% and a return on equity of 7.96%.
Several equities research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Heritage Financial Corp from a “hold” rating to a “sell” rating in a report on Tuesday. Piper Jaffray Companies reduced their price objective on shares of Heritage Financial Corp from $24.00 to $23.00 and set a “neutral” rating for the company in a report on Monday, April 17th.
Heritage Financial Corp (NASDAQ:HFWA) opened at 24.60 on Friday. Heritage Financial Corp has a one year low of $16.40 and a one year high of $27.30. The stock has a market cap of $731.55 million, a P/E ratio of 18.82 and a beta of 0.38. The stock has a 50 day moving average of $24.91 and a 200-day moving average of $24.14.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 24th. Shareholders of record on Wednesday, May 10th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.11%. This is an increase from Heritage Financial Corp’s previous quarterly dividend of $0.12. The ex-dividend date is Monday, May 8th. Heritage Financial Corp’s dividend payout ratio is presently 36.92%.
In other Heritage Financial Corp news, Director Brian L. Vance sold 8,562 shares of the company’s stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $25.80, for a total value of $220,899.60. Following the completion of the sale, the director now directly owns 160,280 shares of the company’s stock, valued at approximately $4,135,224. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David A. Spurling sold 2,000 shares of the company’s stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $25.32, for a total transaction of $50,640.00. Following the completion of the sale, the insider now directly owns 31,553 shares of the company’s stock, valued at $798,921.96. The disclosure for this sale can be found here. Insiders sold a total of 15,062 shares of company stock valued at $386,815 over the last three months. 2.80% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. increased its stake in shares of Heritage Financial Corp by 129.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,293 shares of the financial services provider’s stock worth $111,000 after buying an additional 2,419 shares during the last quarter. TFS Capital LLC acquired a new stake in shares of Heritage Financial Corp during the first quarter worth $210,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Heritage Financial Corp during the fourth quarter worth $240,000. O Shaughnessy Asset Management LLC increased its stake in shares of Heritage Financial Corp by 5.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 10,610 shares of the financial services provider’s stock worth $273,000 after buying an additional 547 shares during the last quarter. Finally, American International Group Inc. increased its stake in shares of Heritage Financial Corp by 7.0% in the first quarter. American International Group Inc. now owns 18,138 shares of the financial services provider’s stock worth $449,000 after buying an additional 1,179 shares during the last quarter. 73.32% of the stock is owned by institutional investors.
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About Heritage Financial Corp
Heritage Financial Corporation is a bank holding company. The Company is engaged in the business of planning, directing and coordinating the business activities of its bank subsidiary, Heritage Bank (the Bank). The Bank’s lending activities focus on commercial business lending. The Bank also originates consumer loans, real estate construction and land development loans, and one- to four-family residential loans.
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