Heritage Financial (HFWA) Downgraded by Zacks Investment Research to Sell

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Heritage Financial (NASDAQ:HFWA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Heritage Financial Corporation, Inc. is a bank holding company. “

A number of other research analysts also recently commented on HFWA. BidaskClub raised Heritage Financial from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 30th. Stephens initiated coverage on Heritage Financial in a report on Wednesday, March 6th. They set an “equal weight” rating and a $36.00 target price on the stock. Finally, Sandler O’Neill downgraded Heritage Financial from a “buy” rating to a “hold” rating and reduced their target price for the stock from $34.00 to $32.00 in a report on Friday, April 26th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company. Heritage Financial presently has a consensus rating of “Hold” and a consensus target price of $34.00.

Shares of NASDAQ HFWA opened at $29.25 on Thursday. Heritage Financial has a fifty-two week low of $27.98 and a fifty-two week high of $37.40. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.06. The company has a market cap of $1.12 billion, a price-to-earnings ratio of 16.62, a price-to-earnings-growth ratio of 2.15 and a beta of 0.70.

Heritage Financial (NASDAQ:HFWA) last issued its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.04). Heritage Financial had a net margin of 25.04% and a return on equity of 8.77%. The business had revenue of $57.22 million for the quarter, compared to analyst estimates of $59.73 million. Equities analysts expect that Heritage Financial will post 2.01 earnings per share for the current fiscal year.

In related news, Director Brian L. Vance sold 3,885 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $30.74, for a total value of $119,424.90. Following the sale, the director now owns 101,011 shares of the company’s stock, valued at approximately $3,105,078.14. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Brian L. Vance sold 13,621 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $31.53, for a total value of $429,470.13. Following the completion of the sale, the director now directly owns 115,630 shares in the company, valued at approximately $3,645,813.90. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantamental Technologies LLC bought a new stake in shares of Heritage Financial in the 4th quarter worth approximately $30,000. PNC Financial Services Group Inc. lifted its holdings in shares of Heritage Financial by 601.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,228 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 1,053 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Heritage Financial by 86.1% in the 1st quarter. Fifth Third Bancorp now owns 1,329 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 615 shares during the last quarter. Paloma Partners Management Co bought a new stake in shares of Heritage Financial in the 4th quarter worth approximately $206,000. Finally, BNP Paribas Arbitrage SA lifted its holdings in shares of Heritage Financial by 69,063.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 7,608 shares of the financial services provider’s stock worth $229,000 after purchasing an additional 7,597 shares during the last quarter. 81.50% of the stock is currently owned by institutional investors and hedge funds.

Heritage Financial Company Profile

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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