Key Points
- Heritage Financial EVP Kelli Ann Wilson sold 3,778 shares at an average price of $29.69, totaling approximately $112,169. The transaction reduced her ownership by 54.94%, leaving her with 3,099 shares.
- The company reported quarterly EPS of $0.57, exceeding analysts’ $0.44 estimate, although revenue of $84.13 million fell short of the $86.30 million consensus. Heritage Financial also raised its quarterly dividend to $0.25, equating to a 3.4% yield.
- Analysts have a “Moderate Buy” consensus rating and an average $32.50 price target, while institutional investors own 78.3% of the stock.
Heritage Financial Corporation (NASDAQ:HFWA - Get Free Report) EVP Kelli Ann Wilson sold 3,778 shares of the firm's stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $29.69, for a total value of $112,168.82. Following the sale, the executive vice president owned 3,099 shares in the company, valued at approximately $92,009.31. The trade was a 54.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
Heritage Financial Stock Performance
Heritage Financial stock opened at $29.52 on Friday. The firm has a market capitalization of $1.22 billion, a PE ratio of 14.06 and a beta of 0.49. Heritage Financial Corporation has a one year low of $21.32 and a one year high of $31.25. The stock's 50 day moving average price is $28.90 and its 200 day moving average price is $27.36. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.81 and a current ratio of 0.83.
Heritage Financial (NASDAQ:HFWA - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.13. The company had revenue of $84.13 million during the quarter, compared to the consensus estimate of $86.30 million. Heritage Financial had a net margin of 20.44% and a return on equity of 8.78%. As a group, sell-side analysts expect that Heritage Financial Corporation will post 2.37 EPS for the current fiscal year.
Heritage Financial Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 5th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.4%. This is a boost from Heritage Financial's previous quarterly dividend of $0.24. The ex-dividend date is Wednesday, August 5th. Heritage Financial's payout ratio is currently 47.62%.
Institutional Trading of Heritage Financial
A number of institutional investors have recently made changes to their positions in the stock. Deprince Race & Zollo Inc. boosted its holdings in shares of Heritage Financial by 71.4% in the fourth quarter. Deprince Race & Zollo Inc. now owns 120,867 shares of the financial services provider's stock valued at $2,859,000 after acquiring an additional 50,353 shares in the last quarter. Basswood Capital Management L.L.C. boosted its stake in Heritage Financial by 163.1% during the fourth quarter. Basswood Capital Management L.L.C. now owns 607,105 shares of the financial services provider's stock valued at $14,358,000 after buying an additional 376,368 shares in the last quarter. Rhino Investment Partners Inc grew its holdings in Heritage Financial by 77.7% during the first quarter. Rhino Investment Partners Inc now owns 330,459 shares of the financial services provider's stock worth $8,592,000 after acquiring an additional 144,515 shares during the period. Jennison Associates LLC grew its holdings in Heritage Financial by 3.4% during the first quarter. Jennison Associates LLC now owns 3,213,473 shares of the financial services provider's stock worth $83,550,000 after acquiring an additional 106,308 shares during the period. Finally, Vanguard Group Inc. raised its position in Heritage Financial by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 2,412,325 shares of the financial services provider's stock worth $57,051,000 after acquiring an additional 45,422 shares in the last quarter. 78.30% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms recently commented on HFWA. Keefe, Bruyette & Woods boosted their price target on Heritage Financial from $31.00 to $32.00 and gave the stock a "market perform" rating in a research note on Monday. Zacks Research upgraded Heritage Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, June 26th. Stephens lifted their price target 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. Weiss Ratings restated a "buy (b)" rating on shares of Heritage Financial in a research note on Tuesday, July 7th. Finally, Piper Sandler dropped their target price on shares of Heritage Financial from $34.00 to $32.00 and set an "overweight" rating on the stock in a report on Monday, April 27th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Heritage Financial currently has an average rating of "Moderate Buy" and an average target price of $32.50.
Get Our Latest Report on HFWA
About Heritage Financial
(
Get Free Report)
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.
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