Brokerages forecast that Heritage Financial Corp (NASDAQ:HFWA) will post sales of $59.33 million for the current quarter, Zacks reports. Four analysts have provided estimates for Heritage Financial’s earnings, with the highest sales estimate coming in at $60.74 million and the lowest estimate coming in at $57.80 million. Heritage Financial reported sales of $59.18 million in the same quarter last year, which indicates a positive year over year growth rate of 0.3%. The business is scheduled to issue its next quarterly earnings report on Thursday, October 24th.
On average, analysts expect that Heritage Financial will report full year sales of $234.71 million for the current year, with estimates ranging from $230.40 million to $239.15 million. For the next financial year, analysts expect that the company will post sales of $247.45 million, with estimates ranging from $242.50 million to $252.40 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Heritage Financial.
Heritage Financial (NASDAQ:HFWA) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.07). Heritage Financial had a net margin of 25.83% and a return on equity of 8.86%. The company had revenue of $58.10 million for the quarter, compared to the consensus estimate of $59.73 million.
A number of equities research analysts recently weighed in on the company. ValuEngine raised Heritage Financial from a “sell” rating to a “hold” rating in a research report on Monday. Zacks Investment Research raised Heritage Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, July 24th. BidaskClub downgraded Heritage Financial from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 11th. Janney Montgomery Scott downgraded Heritage Financial from a “buy” rating to a “neutral” rating in a research report on Friday, July 26th. Finally, Sandler O’Neill downgraded Heritage Financial from a “buy” rating to a “hold” rating and dropped their price objective for the company from $34.00 to $32.00 in a research report on Friday, April 26th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $34.00.
In other Heritage Financial news, Director Lisa Banner sold 976 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $29.25, for a total value of $28,548.00. Following the completion of the sale, the director now directly owns 731 shares in the company, valued at $21,381.75. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.60% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in HFWA. Invesco Ltd. raised its stake in Heritage Financial by 110.8% in the second quarter. Invesco Ltd. now owns 1,059,728 shares of the financial services provider’s stock valued at $31,305,000 after buying an additional 557,062 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in Heritage Financial in the second quarter valued at about $4,330,000. OppenheimerFunds Inc. raised its stake in Heritage Financial by 33.6% in the first quarter. OppenheimerFunds Inc. now owns 537,593 shares of the financial services provider’s stock valued at $16,202,000 after buying an additional 135,264 shares during the last quarter. Jennison Associates LLC raised its stake in Heritage Financial by 31.1% in the first quarter. Jennison Associates LLC now owns 509,441 shares of the financial services provider’s stock valued at $15,355,000 after buying an additional 120,869 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in Heritage Financial by 55.6% in the second quarter. Wells Fargo & Company MN now owns 333,559 shares of the financial services provider’s stock valued at $9,853,000 after buying an additional 119,188 shares during the last quarter. Institutional investors own 81.27% of the company’s stock.
HFWA stock traded down $0.15 during trading on Thursday, reaching $26.75. 115,400 shares of the company traded hands, compared to its average volume of 124,733. Heritage Financial has a 12 month low of $26.00 and a 12 month high of $37.40. The business has a 50 day simple moving average of $28.53 and a 200 day simple moving average of $30.15. The company has a market capitalization of $1.00 billion, a price-to-earnings ratio of 15.20, a price-to-earnings-growth ratio of 2.09 and a beta of 0.72. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.86 and a current ratio of 0.86.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, August 7th. This is a boost from Heritage Financial’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a yield of 2.84%. Heritage Financial’s dividend payout ratio (DPR) is 43.18%.
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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