BidaskClub Lowers Heritage Financial (NASDAQ:HFWA) to Strong Sell

Heritage Financial (NASDAQ:HFWA) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Friday, March 22nd, BidAskClub reports.

HFWA has been the topic of a number of other research reports. Zacks Investment Research downgraded Heritage Financial from a “hold” rating to a “sell” rating in a report on Tuesday, March 5th. Stephens reissued a “hold” rating and issued a $36.00 target price on shares of Heritage Financial in a report on Thursday, March 21st. Finally, ValuEngine downgraded Heritage Financial from a “buy” rating to a “hold” rating in a report on Thursday, December 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $35.00.

Heritage Financial stock traded down $0.63 during mid-day trading on Friday, hitting $30.93. The company had a trading volume of 54,500 shares, compared to its average volume of 111,051. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.03. Heritage Financial has a 12 month low of $27.98 and a 12 month high of $37.40. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of 17.57, a price-to-earnings-growth ratio of 2.14 and a beta of 0.71.

Heritage Financial (NASDAQ:HFWA) last announced its quarterly earnings results on Thursday, January 24th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The business had revenue of $59.73 million for the quarter, compared to the consensus estimate of $59.40 million. Heritage Financial had a net margin of 22.94% and a return on equity of 8.82%. On average, equities research analysts predict that Heritage Financial will post 2.08 EPS for the current year.

In related news, Director Brian L. Vance sold 13,621 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $31.53, for a total transaction of $429,470.13. Following the completion of the sale, the director now owns 115,630 shares in the company, valued at $3,645,813.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Donald Hinson sold 3,268 shares of the stock in a transaction dated Wednesday, February 6th. The stock was sold at an average price of $31.60, for a total value of $103,268.80. Following the sale, the chief financial officer now owns 30,625 shares of the company’s stock, valued at approximately $967,750. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,600 shares of company stock valued at $555,221. Company insiders own 1.60% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its stake in shares of Heritage Financial by 26.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 800,900 shares of the financial services provider’s stock valued at $27,912,000 after purchasing an additional 166,844 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Heritage Financial by 17.4% in the 3rd quarter. First Trust Advisors LP now owns 116,400 shares of the financial services provider’s stock valued at $4,091,000 after purchasing an additional 17,289 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Heritage Financial by 2.7% in the 3rd quarter. Victory Capital Management Inc. now owns 74,685 shares of the financial services provider’s stock valued at $2,625,000 after purchasing an additional 1,980 shares during the last quarter. Prudential Financial Inc. lifted its stake in shares of Heritage Financial by 17.9% in the 3rd quarter. Prudential Financial Inc. now owns 55,221 shares of the financial services provider’s stock valued at $1,941,000 after purchasing an additional 8,380 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Heritage Financial by 16.8% in the 3rd quarter. Rhumbline Advisers now owns 89,840 shares of the financial services provider’s stock valued at $3,158,000 after purchasing an additional 12,941 shares during the last quarter. 81.87% of the stock is owned by institutional investors.

About Heritage Financial

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.

Further Reading: Stock Split

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