Key Points
- Director Jeffrey Lyon sold 10,000 Heritage Financial shares at an average price of $30, generating $300,000 and reducing his direct holdings by 19.72% to 40,719 shares.
- Heritage Financial exceeded quarterly EPS expectations, reporting $0.57 versus the $0.44 consensus, though revenue of $84.13 million fell short of estimates. The stock opened at $30.01 and has a 52-week range of $21.32 to $31.25.
- The company raised its quarterly dividend to $0.25 from $0.24, equivalent to a $1.00 annualized payout and a 3.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $32.50.
Heritage Financial Corporation (NASDAQ:HFWA - Get Free Report) EVP Tony Chalfant sold 3,234 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $29.92, for a total transaction of $96,761.28. Following the completion of the transaction, the executive vice president owned 20,362 shares in the company, valued at approximately $609,231.04. This trade represents a 13.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.
Heritage Financial Stock Performance
HFWA opened at $30.01 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.81 and a debt-to-equity ratio of 0.17. Heritage Financial Corporation has a 12-month low of $21.32 and a 12-month high of $31.25. The firm has a 50 day moving average of $29.12 and a two-hundred day moving average of $27.51. The firm has a market capitalization of $1.24 billion, a PE ratio of 14.29 and a beta of 0.50.
Heritage Financial (NASDAQ:HFWA - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.57 EPS for the quarter, beating the consensus estimate of $0.44 by $0.13. The business had revenue of $84.13 million for 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%. On average, analysts anticipate that Heritage Financial Corporation will post 2.37 EPS for the current year.
Heritage Financial Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 5th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, August 5th. This is a positive change from Heritage Financial's previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 3.3%. Heritage Financial's dividend payout ratio is currently 47.62%.
Wall Street Analysts Forecast Growth
HFWA has been the subject of a number of recent research reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Heritage Financial in a research note on Tuesday, July 7th. DA Davidson raised their target price on Heritage Financial from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Piper Sandler reduced their price target on Heritage Financial from $34.00 to $32.00 and set an "overweight" rating for the company in a research report on Monday, April 27th. Zacks Research raised Heritage Financial from a "strong sell" rating to a "hold" rating in a report on Friday, June 26th. Finally, Stephens boosted their price target on Heritage Financial from $30.00 to $32.00 and gave the company an "equal weight" rating in a report on Tuesday, July 28th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $32.50.
Get Our Latest Report on Heritage Financial
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of HFWA. Wellington Management Group LLP acquired a new position in shares of Heritage Financial during the 3rd quarter worth approximately $11,210,000. Basswood Capital Management L.L.C. grew its stake in Heritage Financial by 163.1% in the 4th 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 acquiring an additional 376,368 shares during the period. Rhino Investment Partners Inc increased its holdings in Heritage Financial by 77.7% in the 1st 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 in the last quarter. Jennison Associates LLC increased its holdings in Heritage Financial by 3.4% in the 1st 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 in the last quarter. Finally, Jane Street Group LLC raised its position in 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 worth $2,615,000 after acquiring an additional 87,479 shares during the period. Institutional investors and hedge funds own 78.30% of the company's stock.
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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