Heritage Financial (NASDAQ:HFWA) Hits New 52-Week High – Still a Buy?

Heritage Financial Corporation (NASDAQ:HFWA) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $30.11 and last traded at $29.90, with a volume of 21187 shares changing hands. The stock had previously closed at $29.62.

Analyst Ratings Changes

A number of research firms have weighed in on HFWA. Piper Sandler reduced their target price on Heritage Financial from $34.00 to $32.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Wall Street Zen raised shares of Heritage Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Zacks Research raised shares of Heritage Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, June 26th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.50.

Heritage Financial Stock Up 2.2%

The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.81 and a current ratio of 0.81. The company has a fifty day simple moving average of $27.65 and a two-hundred day simple moving average of $26.53. The firm has a market capitalization of $1.25 billion, a PE ratio of 14.82 and a beta of 0.49.

Heritage Financial (NASDAQ:HFWA) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. The firm had revenue of $77.92 million during the quarter, compared to the consensus estimate of $80.31 million. Heritage Financial had a return on equity of 8.71% and a net margin of 20.50%. Analysts forecast that Heritage Financial Corporation will post 2.39 EPS for the current fiscal year.

Heritage Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Wednesday, May 6th were paid a dividend of $0.24 per share. The ex-dividend date was Wednesday, May 6th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.2%. Heritage Financial’s dividend payout ratio (DPR) is currently 47.06%.

Insider Buying and Selling

In related news, CFO Donald Hinson sold 3,842 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $28.37, for a total value of $108,997.54. Following the completion of the transaction, the chief financial officer owned 41,241 shares of the company’s stock, valued at $1,170,007.17. The trade was a 8.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in HFWA. Wellington Management Group LLP purchased a new stake in shares of Heritage Financial during the 3rd quarter worth $11,210,000. Basswood Capital Management L.L.C. grew its stake in Heritage Financial by 163.1% in the fourth quarter. Basswood Capital Management L.L.C. now owns 607,105 shares of the financial services provider’s stock valued at $14,358,000 after purchasing an additional 376,368 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Heritage Financial by 9.2% in the third quarter. Victory Capital Management Inc. now owns 2,626,334 shares of the financial services provider’s stock worth $63,531,000 after purchasing an additional 220,273 shares in the last quarter. Rhino Investment Partners Inc lifted its position in shares of Heritage Financial by 77.7% during the first quarter. Rhino Investment Partners Inc now owns 330,459 shares of the financial services provider’s stock valued at $8,592,000 after buying an additional 144,515 shares during the last quarter. Finally, Jennison Associates LLC lifted its position in shares of Heritage Financial by 3.4% during the first quarter. Jennison Associates LLC now owns 3,213,473 shares of the financial services provider’s stock valued at $83,550,000 after buying an additional 106,308 shares during the last quarter. 78.30% of the stock is currently owned by hedge funds and other institutional investors.

Heritage Financial Company Profile

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.