Heritage Financial Corporation (NASDAQ:HFWA) Receives $29.33 Average Price Target from Analysts

Heritage Financial Corporation (NASDAQ:HFWA) has received an average rating of “Hold” from the five ratings firms that are currently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $29.3333.

HFWA has been the subject of a number of recent research reports. Wall Street Zen raised shares of Heritage Financial from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Heritage Financial in a research report on Wednesday, October 8th. Zacks Research downgraded Heritage Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 25th. DA Davidson set a $29.00 price objective on Heritage Financial in a research note on Monday, September 29th. Finally, Keefe, Bruyette & Woods raised their price objective on Heritage Financial from $26.00 to $28.00 and gave the company a “market perform” rating in a research report on Monday, September 29th.

Insider Activity

In other news, President Bryan Mcdonald acquired 19,106 shares of the business’s stock in a transaction dated Thursday, November 20th. The shares were purchased at an average price of $22.32 per share, with a total value of $426,445.92. Following the transaction, the president directly owned 31,363 shares in the company, valued at approximately $700,022.16. This represents a 155.88% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Heritage Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. Nuveen LLC purchased a new stake in shares of Heritage Financial during the 1st quarter valued at $2,491,000. Public Sector Pension Investment Board increased its position in Heritage Financial by 26.7% during the 1st quarter. Public Sector Pension Investment Board now owns 107,826 shares of the financial services provider’s stock valued at $2,623,000 after buying an additional 22,718 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Heritage Financial by 21.0% in the first quarter. Russell Investments Group Ltd. now owns 174,151 shares of the financial services provider’s stock valued at $4,237,000 after buying an additional 30,238 shares during the last quarter. Versor Investments LP purchased a new stake in Heritage Financial in the first quarter valued at about $925,000. Finally, Penn Capital Management Company LLC acquired a new stake in Heritage Financial in the first quarter worth about $631,000. 78.30% of the stock is owned by hedge funds and other institutional investors.

Heritage Financial Stock Down 3.7%

NASDAQ:HFWA opened at $24.89 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.84 and a quick ratio of 0.84. Heritage Financial has a 1-year low of $19.84 and a 1-year high of $26.09. The company has a 50-day moving average of $23.39 and a 200 day moving average of $23.80. The firm has a market cap of $845.33 million, a PE ratio of 15.09 and a beta of 0.52.

Heritage Financial (NASDAQ:HFWA) last posted its earnings results on Thursday, October 23rd. The financial services provider reported $0.56 EPS for the quarter, meeting analysts’ consensus estimates of $0.56. Heritage Financial had a net margin of 17.27% and a return on equity of 8.21%. The business had revenue of $65.70 million for the quarter, compared to the consensus estimate of $65.25 million. As a group, research analysts anticipate that Heritage Financial will post 2.09 EPS for the current fiscal year.

Heritage Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 19th. Stockholders of record on Wednesday, November 5th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Wednesday, November 5th. Heritage Financial’s dividend payout ratio (DPR) is currently 58.18%.

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.