Heritage Financial (NASDAQ:HFWA) Sets New 52-Week High – Time to Buy?

Shares of Heritage Financial Corporation (NASDAQ:HFWA) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $29.50 and last traded at $29.2340, with a volume of 9175 shares. The stock had previously closed at $28.98.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Zacks Research downgraded Heritage Financial from a “hold” rating to a “strong sell” rating in a report on Thursday, April 30th. Weiss Ratings upgraded shares of Heritage Financial from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. Piper Sandler lowered their price target on Heritage Financial from $34.00 to $32.00 and set an “overweight” rating on the stock in a report on Monday, April 27th. Finally, Wall Street Zen upgraded 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, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Heritage Financial currently has a consensus rating of “Hold” and an average target price of $30.50.

Heritage Financial Stock Performance

The company has a market capitalization of $1.22 billion, a P/E ratio of 14.47 and a beta of 0.49. The stock has a fifty day simple moving average of $27.56 and a 200-day simple moving average of $26.45. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.04.

Heritage Financial (NASDAQ:HFWA) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Heritage Financial had a net margin of 20.50% and a return on equity of 8.71%. The company had revenue of $77.92 million during the quarter, compared to analysts’ expectations of $80.31 million. Equities analysts forecast that Heritage Financial Corporation will post 2.39 EPS for the current year.

Heritage Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Wednesday, May 6th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, May 6th. Heritage Financial’s payout ratio is 47.06%.

Insider Activity

In related news, CFO Donald Hinson sold 3,842 shares of Heritage Financial 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 transaction, the chief financial officer directly owned 41,241 shares of the company’s stock, valued at $1,170,007.17. This trade represents a 8.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.49% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Heritage Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,060 shares of the financial services provider’s stock valued at $488,000 after buying an additional 881 shares during the period. Empowered Funds LLC raised its position in Heritage Financial by 4.2% during the 1st quarter. Empowered Funds LLC now owns 123,798 shares of the financial services provider’s stock valued at $3,012,000 after purchasing an additional 4,947 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Heritage Financial by 7.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 78,130 shares of the financial services provider’s stock worth $1,901,000 after purchasing an additional 5,417 shares during the period. Jane Street Group LLC boosted its position in shares of Heritage Financial by 437.3% during the first quarter. Jane Street Group LLC now owns 107,482 shares of the financial services provider’s stock valued at $2,615,000 after purchasing an additional 87,479 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Heritage Financial by 27,871.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,958 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 1,951 shares in the last quarter. 78.30% of the stock is owned by institutional investors.

Heritage Financial Company Profile

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.