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

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

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

Several other research analysts have also recently weighed in on the company. DA Davidson cut Heritage Financial from a “buy” rating to a “neutral” rating in a research note on Tuesday, November 12th. Stephens reaffirmed a “hold” rating and set a $29.00 target price on shares of Heritage Financial in a research note on Thursday, October 24th. Finally, BidaskClub cut Heritage Financial from a “sell” rating to a “strong sell” rating in a research note on Tuesday, December 31st. One analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $30.67.

NASDAQ:HFWA opened at $26.26 on Monday. Heritage Financial has a 1 year low of $25.24 and a 1 year high of $33.22. The stock has a market cap of $982.84 million, a price-to-earnings ratio of 14.35 and a beta of 0.73. The business has a fifty day moving average of $27.86 and a 200-day moving average of $27.49. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.84 and a current ratio of 0.84.

Heritage Financial (NASDAQ:HFWA) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.01. Heritage Financial had a return on equity of 8.48% and a net margin of 26.99%. The company had revenue of $58.13 million during the quarter, compared to analysts’ expectations of $58.33 million. On average, equities research analysts predict that Heritage Financial will post 1.75 EPS for the current year.

In related news, insider David A. Spurling sold 8,661 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $27.47, for a total transaction of $237,917.67. Following the completion of the transaction, the insider now owns 20,299 shares of the company’s stock, valued at $557,613.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp lifted its holdings in shares of Heritage Financial by 2.3% during the third quarter. State Street Corp now owns 1,142,149 shares of the financial services provider’s stock valued at $30,792,000 after purchasing an additional 25,674 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Heritage Financial by 110.8% during the second quarter. Invesco Ltd. now owns 1,059,728 shares of the financial services provider’s stock valued at $31,305,000 after purchasing an additional 557,062 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Heritage Financial by 157.1% during the second quarter. Morgan Stanley now owns 166,872 shares of the financial services provider’s stock valued at $4,930,000 after purchasing an additional 101,972 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of Heritage Financial during the second quarter valued at $4,330,000. Finally, Stifel Financial Corp lifted its holdings in shares of Heritage Financial by 5.8% during the third quarter. Stifel Financial Corp now owns 146,550 shares of the financial services provider’s stock valued at $3,951,000 after purchasing an additional 8,034 shares during the last quarter. 80.17% of the stock is 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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