Heritage Financial (NASDAQ:HFWA) Price Target Raised to $34.00

Heritage Financial (NASDAQ:HFWA) had its target price upped by DA Davidson from $32.00 to $34.00 in a research report released on Friday,Benzinga reports. DA Davidson currently has a buy rating on the financial services provider’s stock.

HFWA has been the subject of several other reports. Piper Sandler dropped their target price on shares of Heritage Financial from $34.00 to $32.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Wall Street Zen raised shares of Heritage Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Heritage Financial in a research report on Tuesday, July 7th. Finally, Zacks Research raised shares of Heritage Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 26th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

Heritage Financial Price Performance

Heritage Financial stock opened at $30.16 on Friday. 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 firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 14.36 and a beta of 0.49. Heritage Financial has a fifty-two week low of $21.32 and a fifty-two week high of $31.25. The stock’s fifty day moving average is $28.67 and its two-hundred day moving average is $27.20.

Heritage Financial (NASDAQ:HFWA) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.13. The business had revenue of $84.13 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 predict that Heritage Financial will post 2.42 EPS for the current fiscal year.

Heritage Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 5th will be paid a dividend of $0.25 per share. 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 dividend on an annualized basis and a dividend yield of 3.3%. Heritage Financial’s dividend payout ratio is 45.71%.

Insider Activity at Heritage Financial

In related news, CFO Donald Hinson sold 3,842 shares of Heritage Financial stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $28.37, for a total transaction of $108,997.54. Following the completion of the sale, the chief financial officer owned 41,241 shares in the company, valued at approximately $1,170,007.17. This trade represents a 8.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.49% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Heritage Financial

A number of hedge funds and other institutional investors have recently modified their holdings of HFWA. Deprince Race & Zollo Inc. lifted its stake in shares of Heritage Financial by 71.4% during 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 buying an additional 50,353 shares during the period. 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 worth $14,358,000 after acquiring an additional 376,368 shares during the period. Jennison Associates LLC raised 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 valued at $83,550,000 after acquiring an additional 106,308 shares during the last quarter. Vanguard Group Inc. raised its holdings in Heritage Financial by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 2,412,325 shares of the financial services provider’s stock valued at $57,051,000 after acquiring an additional 45,422 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new position in shares of Heritage Financial during the 1st quarter worth $473,000. 78.30% of the stock is currently owned by hedge funds and other institutional investors.

Heritage Financial Company Profile

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.