Heritage Financial (NASDAQ:HFWA) Hits New 1-Year High – Here’s Why

Heritage Financial Corporation (NASDAQ:HFWA) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $30.11 and last traded at $29.90, with a volume of 21187 shares changing hands. The stock had previously closed at $29.62.

Analysts Set New Price Targets

A number of research firms have weighed in on HFWA. Zacks Research upgraded Heritage Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 26th. Wall Street Zen upgraded Heritage Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Piper Sandler dropped their target price on Heritage Financial from $34.00 to $32.00 and set an “overweight” rating on the stock in a report on Monday, April 27th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.50.

Heritage Financial Trading Down 1.8%

The company has a market cap of $1.22 billion, a price-to-earnings ratio of 14.56 and a beta of 0.49. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.04. The company’s 50-day moving average is $27.75 and its 200 day moving average is $26.60.

Heritage Financial (NASDAQ:HFWA) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Heritage Financial had a net margin of 20.50% and a return on equity of 8.71%. The business had revenue of $77.92 million during the quarter, compared to the consensus estimate of $80.31 million. Research analysts predict that Heritage Financial Corporation will post 2.39 EPS for the current year.

Heritage Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Wednesday, May 6th were given a dividend of $0.24 per share. The ex-dividend date was Wednesday, May 6th. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. Heritage Financial’s dividend payout ratio is currently 47.06%.

Insider Buying and Selling

In other news, CFO Donald Hinson sold 3,842 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $28.37, for a total value of $108,997.54. Following the completion of the sale, the chief financial officer directly owned 41,241 shares in the company, valued at $1,170,007.17. The trade was a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.49% of the company’s stock.

Institutional Investors Weigh In On Heritage Financial

Institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Heritage Financial by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,060 shares of the financial services provider’s stock valued at $488,000 after purchasing an additional 881 shares in the last quarter. Empowered Funds LLC raised its position in shares of Heritage Financial by 4.2% during the 1st quarter. Empowered Funds LLC now owns 123,798 shares of the financial services provider’s stock worth $3,012,000 after purchasing an additional 4,947 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Heritage Financial by 7.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 78,130 shares of the financial services provider’s stock worth $1,901,000 after purchasing an additional 5,417 shares during the last quarter. Jane Street Group LLC lifted its stake in Heritage Financial by 437.3% in the 1st quarter. Jane Street Group LLC now owns 107,482 shares of the financial services provider’s stock valued at $2,615,000 after buying an additional 87,479 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Heritage Financial by 27,871.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,958 shares of the financial services provider’s stock worth $47,000 after buying an additional 1,951 shares during the last quarter. Institutional investors and hedge funds own 78.30% of the company’s stock.

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.