Heritage Financial (NASDAQ:HFWA) Sets New 52-Week High on Earnings Beat

Heritage Financial Corporation (NASDAQ:HFWA)’s share price reached a new 52-week high on Thursday following a stronger than expected earnings report. The company traded as high as $28.19 and last traded at $27.20, with a volume of 115425 shares trading hands. The stock had previously closed at $26.26.

The financial services provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.09. Heritage Financial had a net margin of 17.27% and a return on equity of 8.21%.

Heritage Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 11th. Shareholders of record on Wednesday, January 28th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, January 28th. Heritage Financial’s payout ratio is currently 58.18%.

Wall Street Analysts Forecast Growth

HFWA has been the topic of several analyst reports. Wall Street Zen raised Heritage Financial from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. DA Davidson set a $29.00 price target on shares of Heritage Financial in a research report on Monday, September 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Heritage Financial in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their target price on shares of Heritage Financial from $26.00 to $28.00 and gave the stock a “market perform” rating in a research report on Monday, September 29th. Finally, Zacks Research lowered Heritage Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 25th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $29.33.

Insider Transactions at Heritage Financial

In related news, President Bryan Mcdonald acquired 19,106 shares of the stock in a transaction on Thursday, November 20th. The shares were acquired at an average price of $22.32 per share, with a total value of $426,445.92. Following the completion of the transaction, the president owned 31,363 shares in the company, valued at approximately $700,022.16. The trade was a 155.88% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Heritage Financial

Large investors have recently modified their holdings of the stock. State of Alaska Department of Revenue increased its position in Heritage Financial by 7.7% in the second quarter. State of Alaska Department of Revenue now owns 20,292 shares of the financial services provider’s stock worth $483,000 after buying an additional 1,457 shares during the last quarter. Deprince Race & Zollo Inc. lifted its holdings in Heritage Financial by 61.0% during the 3rd quarter. Deprince Race & Zollo Inc. now owns 70,514 shares of the financial services provider’s stock worth $1,706,000 after purchasing an additional 26,727 shares in the last quarter. Voya Investment Management LLC lifted its holdings in Heritage Financial by 34.2% during the 1st quarter. Voya Investment Management LLC now owns 38,048 shares of the financial services provider’s stock worth $926,000 after purchasing an additional 9,703 shares in the last quarter. Jennison Associates LLC boosted its stake in Heritage Financial by 8.2% in the 2nd quarter. Jennison Associates LLC now owns 2,977,315 shares of the financial services provider’s stock worth $70,979,000 after purchasing an additional 225,201 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Heritage Financial by 13.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 504,509 shares of the financial services provider’s stock valued at $12,027,000 after buying an additional 59,633 shares in the last quarter. Hedge funds and other institutional investors own 78.30% of the company’s stock.

Heritage Financial Stock Performance

The stock has a market capitalization of $927.45 million, a P/E ratio of 16.55 and a beta of 0.52. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.18. The company has a 50-day moving average price of $24.21 and a two-hundred day moving average price of $23.94.

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.