Mengis Capital Management Inc. trimmed its holdings in shares of Heritage Financial Corp (NASDAQ:HFWA) by 30.4% during the first quarter, HoldingsChannel.com reports. The firm owned 10,485 shares of the financial services provider’s stock after selling 4,589 shares during the quarter. Mengis Capital Management Inc.’s holdings in Heritage Financial were worth $316,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also modified their holdings of the company. Victory Capital Management Inc. boosted its stake in Heritage Financial by 13.6% in the first quarter. Victory Capital Management Inc. now owns 83,743 shares of the financial services provider’s stock worth $2,524,000 after purchasing an additional 10,030 shares in the last quarter. Boston Partners boosted its stake in Heritage Financial by 3.5% in the first quarter. Boston Partners now owns 147,614 shares of the financial services provider’s stock worth $4,449,000 after purchasing an additional 5,012 shares in the last quarter. Texas Permanent School Fund boosted its stake in Heritage Financial by 3.8% in the first quarter. Texas Permanent School Fund now owns 22,537 shares of the financial services provider’s stock worth $679,000 after purchasing an additional 821 shares in the last quarter. Comerica Bank boosted its stake in Heritage Financial by 0.5% in the first quarter. Comerica Bank now owns 114,699 shares of the financial services provider’s stock worth $3,537,000 after purchasing an additional 591 shares in the last quarter. Finally, Menta Capital LLC acquired a new position in Heritage Financial in the first quarter worth $377,000. 81.76% of the stock is currently owned by institutional investors.
A number of research firms have commented on HFWA. Zacks Investment Research lowered Heritage Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, March 5th. BidaskClub lowered Heritage Financial from a “sell” rating to a “strong sell” rating in a research note on Friday, March 22nd. Finally, Stephens reissued a “hold” rating and issued a $36.00 price objective on shares of Heritage Financial in a research note on Thursday, March 21st. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $34.00.
Heritage Financial (NASDAQ:HFWA) last released its earnings results on Thursday, April 25th. The financial services provider reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.04). The firm had revenue of $57.22 million for the quarter, compared to the consensus estimate of $59.73 million. Heritage Financial had a return on equity of 8.77% and a net margin of 25.04%. As a group, equities research analysts anticipate that Heritage Financial Corp will post 2.01 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 8th will be given a dividend of $0.18 per share. The ex-dividend date is Tuesday, May 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.38%. Heritage Financial’s payout ratio is currently 40.91%.
In other news, Director Brian L. Vance sold 13,621 shares of the business’s stock in a transaction on 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 filing with the SEC, which is available at this hyperlink. Also, Director Brian L. Vance sold 3,885 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $30.74, for a total value of $119,424.90. Following the completion of the sale, the director now owns 101,011 shares of the company’s stock, valued at approximately $3,105,078.14. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.
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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.
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