Heritage Financial (HFWA) Downgraded by ValuEngine to “Hold”

Heritage Financial (NASDAQ:HFWA) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Several other research firms also recently commented on HFWA. BidaskClub downgraded shares of Heritage Financial from a “buy” rating to a “hold” rating in a research report on Friday, September 14th. Zacks Investment Research raised shares of Heritage Financial from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research report on Wednesday, September 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. Heritage Financial presently has an average rating of “Hold” and a consensus price target of $36.25.

Heritage Financial stock traded down $0.59 during mid-day trading on Thursday, hitting $32.54. 214,742 shares of the company’s stock were exchanged, compared to its average volume of 233,799. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 21.99, a PEG ratio of 2.64 and a beta of 0.55. Heritage Financial has a 1-year low of $28.46 and a 1-year high of $37.40.

Heritage Financial (NASDAQ:HFWA) last posted its earnings results on Thursday, October 25th. The financial services provider reported $0.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.01. The firm had revenue of $59.18 million for the quarter, compared to the consensus estimate of $57.63 million. Heritage Financial had a net margin of 20.10% and a return on equity of 8.92%. As a group, sell-side analysts anticipate that Heritage Financial will post 1.79 earnings per share for the current year.

In other news, Director Lisa Banner sold 1,326 shares of the firm’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $33.44, for a total value of $44,341.44. Following the sale, the director now directly owns 2,387 shares of the company’s stock, valued at $79,821.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Brian L. Vance sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $34.74, for a total value of $173,700.00. Following the completion of the sale, the director now directly owns 128,313 shares in the company, valued at $4,457,593.62. The disclosure for this sale can be found here. Insiders have sold 11,326 shares of company stock worth $390,491 over the last three months. Company insiders own 2.70% of the company’s stock.

Several large investors have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of Heritage Financial by 16.4% in the third quarter. BlackRock Inc. now owns 5,141,385 shares of the financial services provider’s stock valued at $180,719,000 after purchasing an additional 726,087 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Heritage Financial by 4.8% in the third quarter. Vanguard Group Inc. now owns 1,896,237 shares of the financial services provider’s stock valued at $66,652,000 after purchasing an additional 86,143 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Heritage Financial by 0.4% in the third quarter. Dimensional Fund Advisors LP now owns 1,705,001 shares of the financial services provider’s stock valued at $59,930,000 after purchasing an additional 6,399 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Heritage Financial by 4.6% in the third quarter. Bank of New York Mellon Corp now owns 837,848 shares of the financial services provider’s stock valued at $29,451,000 after purchasing an additional 36,948 shares during the last quarter. Finally, Waddell & Reed Financial Inc. grew its position in shares of Heritage Financial by 4.1% in the second quarter. Waddell & Reed Financial Inc. now owns 623,278 shares of the financial services provider’s stock valued at $21,722,000 after purchasing an additional 24,420 shares during the last quarter. 84.18% of the stock is currently owned by institutional investors.

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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