Zacks: Brokerages Anticipate Heritage Financial Corp (NASDAQ:HFWA) Will Announce Quarterly Sales of $59.33 Million

Wall Street brokerages expect Heritage Financial Corp (NASDAQ:HFWA) to announce sales of $59.33 million for the current quarter, Zacks reports. Four analysts have issued estimates for Heritage Financial’s earnings. The highest sales estimate is $60.74 million and the lowest is $57.80 million. Heritage Financial posted sales of $59.18 million in the same quarter last year, which suggests a positive year over year growth rate of 0.3%. The company is scheduled to report its next quarterly earnings results on Thursday, October 24th.

According to Zacks, analysts expect that Heritage Financial will report full year sales of $234.71 million for the current fiscal year, with estimates ranging from $230.40 million to $239.15 million. For the next financial year, analysts anticipate that the business will post sales of $247.45 million, with estimates ranging from $242.50 million to $252.40 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Heritage Financial.

Heritage Financial (NASDAQ:HFWA) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.07). Heritage Financial had a net margin of 25.83% and a return on equity of 8.86%. The business had revenue of $58.10 million during the quarter, compared to analyst estimates of $59.73 million.

Several equities analysts have issued reports on HFWA shares. Zacks Investment Research upgraded shares of Heritage Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, July 24th. ValuEngine upgraded shares of Heritage Financial from a “sell” rating to a “hold” rating in a research report on Monday. BidaskClub cut shares of Heritage Financial from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 11th. Janney Montgomery Scott cut shares of Heritage Financial from a “buy” rating to a “neutral” rating in a research report on Friday, July 26th. Finally, Sandler O’Neill cut shares of Heritage Financial from a “buy” rating to a “hold” rating and decreased their price target for the company from $34.00 to $32.00 in a research report on Friday, April 26th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. The stock has an average rating of “Hold” and an average target price of $34.00.

In other news, Director Lisa Banner sold 976 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $29.25, for a total transaction of $28,548.00. Following the completion of the sale, the director now directly owns 731 shares in the company, valued at $21,381.75. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.60% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its position in shares of Heritage Financial by 119.1% during the second quarter. Nisa Investment Advisors LLC now owns 1,205 shares of the financial services provider’s stock worth $36,000 after buying an additional 655 shares during the period. Clearbridge Investments LLC boosted its stake in Heritage Financial by 54.9% during the first quarter. Clearbridge Investments LLC now owns 1,907 shares of the financial services provider’s stock worth $57,000 after acquiring an additional 676 shares in the last quarter. Capital Fund Management S.A. bought a new position in Heritage Financial during the second quarter worth $219,000. BNP Paribas Arbitrage SA lifted its stake in shares of Heritage Financial by 69,063.6% in the first quarter. BNP Paribas Arbitrage SA now owns 7,608 shares of the financial services provider’s stock valued at $229,000 after buying an additional 7,597 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. lifted its stake in shares of Heritage Financial by 6.6% in the first quarter. Piedmont Investment Advisors Inc. now owns 8,482 shares of the financial services provider’s stock valued at $256,000 after buying an additional 526 shares in the last quarter. Institutional investors own 81.27% of the company’s stock.

NASDAQ HFWA traded down $0.15 on Thursday, hitting $26.75. The company’s stock had a trading volume of 115,400 shares, compared to its average volume of 124,733. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.14. Heritage Financial has a 1-year low of $26.00 and a 1-year high of $37.40. The company’s 50-day moving average is $28.53 and its 200 day moving average is $30.15. The firm has a market cap of $1.00 billion, a PE ratio of 15.20, a PEG ratio of 2.09 and a beta of 0.72.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, August 7th. This is a boost from Heritage Financial’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 2.84%. Heritage Financial’s dividend payout ratio is 43.18%.

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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