Key Points
- Heritage Financial EVP Matthew Ray sold 3,692 shares at an average price of $30.10, generating $111,129.20 and reducing his direct stake by 13.97% to 22,735 shares.
- The company reported quarterly EPS of $0.57, exceeding analyst expectations of $0.44, although revenue of $84.12 million fell short of the $86.30 million estimate.
- Heritage Financial increased its quarterly dividend from $0.24 to $0.25 per share, implying a $1.00 annualized payout and a 3.3% yield; analysts maintain a “Moderate Buy” consensus with a $32.50 target price.
Heritage Financial Corporation (NASDAQ:HFWA - Get Free Report) EVP Matthew Ray sold 3,692 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $30.10, for a total value of $111,129.20. Following the transaction, the executive vice president directly owned 22,735 shares in the company, valued at approximately $684,323.50. The trade was a 13.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
Heritage Financial Stock Up 0.6%
HFWA opened at $29.98 on Friday. Heritage Financial Corporation has a one year low of $21.32 and a one year high of $31.25. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.81 and a current ratio of 0.83. The stock has a market capitalization of $1.23 billion, a P/E ratio of 14.28 and a beta of 0.50. The business's 50-day simple moving average is $29.41 and its 200-day simple moving average is $27.67.
Heritage Financial (NASDAQ:HFWA - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.13. The firm had revenue of $84.12 million during the quarter, compared to analysts' expectations of $86.30 million. Heritage Financial had a return on equity of 8.78% and a net margin of 20.44%. Analysts anticipate that Heritage Financial Corporation will post 2.37 EPS for the current year.
Heritage Financial Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders 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 an increase from Heritage Financial's previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 3.3%. Heritage Financial's dividend payout ratio is currently 47.62%.
Analyst Upgrades and Downgrades
HFWA has been the subject of several research reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Heritage Financial in a research report on Tuesday, July 7th. Stephens boosted their price objective on shares of Heritage Financial from $30.00 to $32.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 28th. DA Davidson boosted their target price on Heritage Financial from $32.00 to $34.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Zacks Research raised Heritage Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, June 26th. Finally, Wall Street Zen raised Heritage Financial from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.50.
Read Our Latest Stock Analysis on Heritage Financial
Institutional Trading of Heritage Financial
A number of hedge funds have recently bought and sold shares of the company. Allworth Financial LP purchased a new stake in Heritage Financial in the 2nd quarter worth approximately $40,000. EverSource Wealth Advisors LLC grew its position in shares of Heritage Financial by 27,871.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,958 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 1,951 shares during the period. Tower Research Capital LLC TRC increased its stake in Heritage Financial by 99.1% in the second quarter. Tower Research Capital LLC TRC now owns 2,875 shares of the financial services provider's stock valued at $69,000 after purchasing an additional 1,431 shares during the last quarter. Global Retirement Partners LLC purchased a new position in Heritage Financial during the second quarter worth about $95,000. Finally, GAMMA Investing LLC boosted its stake in Heritage Financial by 12.2% in the 2nd quarter. GAMMA Investing LLC now owns 6,519 shares of the financial services provider's stock worth $193,000 after buying an additional 710 shares during the last quarter. 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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