Heritage Financial (HFWA) Rating Lowered to Hold at ValuEngine

ValuEngine downgraded shares of Heritage Financial (NASDAQ:HFWA) from a buy rating to a hold rating in a report released on Thursday morning.

HFWA has been the topic of a number of other research reports. BidaskClub raised Heritage Financial from a hold rating to a buy rating in a research report on Thursday, September 6th. Zacks Investment Research lowered Heritage Financial from a hold rating to a sell rating in a report on Wednesday, October 31st. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Heritage Financial has an average rating of Hold and an average price target of $36.25.

Heritage Financial stock opened at $32.36 on Thursday. Heritage Financial has a twelve month low of $28.46 and a twelve month high of $37.40. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market cap of $1.19 billion, a PE ratio of 21.86, a P/E/G ratio of 2.58 and a beta of 0.55.

Heritage Financial (NASDAQ:HFWA) last posted its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.01. Heritage Financial had a return on equity of 8.92% and a net margin of 20.10%. The business had revenue of $59.18 million for the quarter, compared to analyst estimates of $57.63 million. Analysts predict that Heritage Financial will post 1.79 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 21st. Investors of record on Wednesday, November 7th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.10%. The ex-dividend date was Tuesday, November 6th. This is a positive change from Heritage Financial’s previous quarterly dividend of $0.15. Heritage Financial’s dividend payout ratio is 45.95%.

In related news, Director Brian L. Vance sold 5,000 shares of the stock in a transaction on Wednesday, November 28th. The stock was sold at an average price of $34.74, for a total value of $173,700.00. Following the transaction, the director now owns 128,313 shares of the company’s stock, valued at $4,457,593.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lisa Banner sold 1,326 shares of the company’s stock in a transaction on Thursday, November 15th. The shares were sold at an average price of $33.44, for a total transaction of $44,341.44. Following the completion of the transaction, the director now owns 2,387 shares of the company’s stock, valued at approximately $79,821.28. The disclosure for this sale can be found here. Insiders sold 11,326 shares of company stock worth $390,491 in the last three months. 2.70% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HFWA. Principal Financial Group Inc. boosted its stake in Heritage Financial by 10.3% in the first quarter. Principal Financial Group Inc. now owns 19,486 shares of the financial services provider’s stock valued at $596,000 after acquiring an additional 1,820 shares in the last quarter. Bank of Montreal Can acquired a new position in Heritage Financial in the second quarter valued at $360,000. Texas Permanent School Fund acquired a new position in Heritage Financial in the second quarter valued at $295,000. Piedmont Investment Advisors LLC acquired a new position in Heritage Financial in the second quarter valued at $235,000. Finally, Alps Advisors Inc. acquired a new position in Heritage Financial in the second quarter valued at $539,000. Institutional investors own 84.18% of the company’s stock.

About Heritage Financial

Heritage Financial Corporation operates as the bank holding company for Heritage Bank that provides various financial services to businesses and individuals in the United States. The company accepts various deposit products, such as noninterest demand accounts, interest bearing demand deposits, money market accounts, savings accounts, personal checking accounts, and certificates of deposit.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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