Heritage Financial (NASDAQ:HFWA) Announces Earnings Results

Heritage Financial (NASDAQ:HFWA) posted its quarterly earnings data on Thursday. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.13, Zacks reports. Heritage Financial had a net margin of 20.50% and a return on equity of 8.71%.

Heritage Financial Trading Down 1.0%

HFWA traded down $0.32 during midday trading on Thursday, reaching $29.86. 88,522 shares of the company’s stock traded hands, compared to its average volume of 299,611. The firm has a fifty day moving average of $28.51 and a two-hundred day moving average of $27.11. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 14.63 and a beta of 0.49. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.81 and a quick ratio of 0.81. Heritage Financial has a 52 week low of $21.32 and a 52 week high of $31.25.

Insider Buying and Selling at Heritage Financial

In related news, CFO Donald Hinson sold 3,842 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $28.37, for a total transaction of $108,997.54. Following the sale, the chief financial officer directly owned 41,241 shares of the company’s stock, valued at $1,170,007.17. This trade represents a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.49% of the stock is owned by corporate insiders.

Institutional Trading of Heritage Financial

A number of large investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC raised its stake in Heritage Financial by 27,871.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,958 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,951 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Heritage Financial by 99.1% in the second quarter. Tower Research Capital LLC TRC now owns 2,875 shares of the financial services provider’s stock worth $69,000 after buying an additional 1,431 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Heritage Financial by 117.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 8,457 shares of the financial services provider’s stock valued at $205,000 after buying an additional 4,561 shares in the last quarter. Verition Fund Management LLC bought a new position in shares of Heritage Financial during the 3rd quarter valued at approximately $210,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Heritage Financial by 35.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,991 shares of the financial services provider’s stock worth $266,000 after acquiring an additional 2,862 shares in the last quarter. 78.30% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Heritage Financial in a report on Tuesday, July 7th. Zacks Research raised Heritage Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, June 26th. Wall Street Zen raised Heritage Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Piper Sandler cut their target price on shares of Heritage Financial from $34.00 to $32.00 and set an “overweight” rating on the stock in a report on Monday, April 27th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.50.

About Heritage Financial

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.