Zacks Investment Research Upgrades Heritage Financial (NASDAQ:HFWA) to “Hold”

Heritage Financial (NASDAQ:HFWA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday, Zacks.com reports.

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

A number of other brokerages have also recently commented on HFWA. Sandler O’Neill cut shares of Heritage Financial from a “buy” rating to a “hold” rating and reduced their target price for the company from $34.00 to $32.00 in a report on Friday, April 26th. BidaskClub cut shares of Xencor from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 11th. ValuEngine cut shares of Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Finally, Stephens reaffirmed a “hold” rating and issued a $33.00 target price on shares of Bancorpsouth Bank in a report on Thursday, March 21st. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $34.00.

Shares of NASDAQ:HFWA opened at $29.64 on Friday. The company has a 50-day simple moving average of $29.35. Heritage Financial has a one year low of $27.81 and a one year 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 stock has a market capitalization of $1.09 billion, a PE ratio of 16.84, a price-to-earnings-growth ratio of 2.11 and a beta of 0.73.

Heritage Financial (NASDAQ:HFWA) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.45 EPS 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 during the quarter, compared to analysts’ expectations of $59.73 million. On average, equities research analysts forecast that Heritage Financial will post 1.99 earnings per share for the current fiscal year.

In related news, Director Lisa Banner sold 976 shares of the stock in a transaction dated 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 transaction, the director now directly owns 731 shares of the company’s stock, valued at $21,381.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brian L. Vance sold 3,885 shares of the stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $30.74, for a total transaction of $119,424.90. Following the transaction, the director now directly owns 101,011 shares of the company’s stock, valued at $3,105,078.14. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of HFWA. OppenheimerFunds Inc. raised its holdings in Heritage Financial by 33.6% during the first quarter. OppenheimerFunds Inc. now owns 537,593 shares of the financial services provider’s stock worth $16,202,000 after purchasing an additional 135,264 shares in the last quarter. Jennison Associates LLC raised its holdings in Heritage Financial by 31.1% during the first quarter. Jennison Associates LLC now owns 509,441 shares of the financial services provider’s stock worth $15,355,000 after purchasing an additional 120,869 shares in the last quarter. BlackRock Inc. raised its holdings in Heritage Financial by 1.7% during the fourth quarter. BlackRock Inc. now owns 5,227,934 shares of the financial services provider’s stock worth $155,374,000 after purchasing an additional 86,549 shares in the last quarter. Millennium Management LLC raised its holdings in Heritage Financial by 64.5% during the fourth quarter. Millennium Management LLC now owns 213,281 shares of the financial services provider’s stock worth $6,339,000 after purchasing an additional 83,648 shares in the last quarter. Finally, Context BH Capital Management LP purchased a new position in Heritage Financial during the first quarter worth about $1,264,000. 81.34% of the stock is owned by hedge funds and other institutional investors.

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.

Read More: Price to Earnings Ratio (PE) Basics

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