Heritage Financial Corporation (HFWA) Expected to Post Quarterly Sales of $42.85 Million
Equities analysts predict that Heritage Financial Corporation (NASDAQ:HFWA) will announce $42.85 million in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Heritage Financial Corporation’s earnings, with estimates ranging from $42.50 million to $43.45 million. Heritage Financial Corporation posted sales of $43.47 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 1.4%. The firm is expected to report its next quarterly earnings report before the market opens on Thursday, October 26th.
On average, analysts expect that Heritage Financial Corporation will report full year sales of $42.85 million for the current financial year, with estimates ranging from $171.00 million to $172.49 million. For the next year, analysts expect that the business will report sales of $201.30 million per share, with estimates ranging from $199.71 million to $203.00 million. Zacks’ sales calculations are an average based on a survey of analysts that follow Heritage Financial Corporation.
Heritage Financial Corporation (NASDAQ:HFWA) last posted its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.07. The business had revenue of $44.84 million for the quarter, compared to analysts’ expectations of $41.59 million. Heritage Financial Corporation had a net margin of 23.81% and a return on equity of 8.56%.
A number of equities research analysts recently weighed in on HFWA shares. Piper Jaffray Companies set a $29.00 target price on Heritage Financial Corporation and gave the stock a “hold” rating in a report on Monday, August 14th. Zacks Investment Research raised Heritage Financial Corporation from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Friday, July 28th. ValuEngine raised Heritage Financial Corporation from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, BidaskClub downgraded Heritage Financial Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $29.33.
In related news, Director John A. Clees sold 2,000 shares of the business’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $27.28, for a total value of $54,560.00. Following the completion of the sale, the director now directly owns 49,042 shares of the company’s stock, valued at approximately $1,337,865.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.70% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the stock. Parkwood LLC increased its holdings in Heritage Financial Corporation by 14.8% during the 2nd quarter. Parkwood LLC now owns 9,478 shares of the financial services provider’s stock worth $251,000 after purchasing an additional 1,225 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Heritage Financial Corporation by 5.3% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 101,730 shares of the financial services provider’s stock worth $2,518,000 after purchasing an additional 5,130 shares in the last quarter. Schroder Investment Management Group increased its holdings in Heritage Financial Corporation by 3.3% during the 2nd quarter. Schroder Investment Management Group now owns 635,212 shares of the financial services provider’s stock worth $16,833,000 after purchasing an additional 20,273 shares in the last quarter. Systematic Financial Management LP increased its holdings in Heritage Financial Corporation by 8.7% during the 2nd quarter. Systematic Financial Management LP now owns 60,450 shares of the financial services provider’s stock worth $1,602,000 after purchasing an additional 4,855 shares in the last quarter. Finally, Swiss National Bank increased its holdings in Heritage Financial Corporation by 3.6% during the 1st quarter. Swiss National Bank now owns 49,368 shares of the financial services provider’s stock worth $1,222,000 after purchasing an additional 1,700 shares in the last quarter. 75.92% of the stock is owned by institutional investors and hedge funds.
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Heritage Financial Corporation (NASDAQ:HFWA) opened at 29.35 on Wednesday. The stock has a market capitalization of $874.04 million, a price-to-earnings ratio of 20.96 and a beta of 0.50. The stock’s 50 day moving average is $27.62 and its 200 day moving average is $26.08. Heritage Financial Corporation has a one year low of $17.75 and a one year high of $30.00.
About Heritage Financial Corporation
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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