Heritage Financial (NASDAQ:HFWA) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Heritage Financial (NASDAQ:HFWA) from a hold rating to a sell rating in a report published on Wednesday, Zacks.com reports.

According to Zacks, “Heritage Financial Corporation, Inc. is a bank holding company. “

Several other brokerages have also commented on HFWA. Janney Montgomery Scott lowered shares of Heritage Financial from a buy rating to a neutral rating in a research note on Friday, July 26th. BidaskClub lowered shares of Heritage Financial from a sell rating to a strong sell rating in a research note on Tuesday, June 11th. Finally, ValuEngine upgraded shares of Heritage Financial from a sell rating to a hold rating in a research note on Monday, August 12th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The stock has a consensus rating of Hold and an average price target of $34.00.

Shares of NASDAQ:HFWA traded up $0.26 during trading hours on Wednesday, hitting $26.39. The stock had a trading volume of 127,096 shares, compared to its average volume of 175,106. The stock’s fifty day simple moving average is $26.58 and its 200 day simple moving average is $28.75. Heritage Financial has a 1-year low of $25.24 and a 1-year high of $35.63. The firm has a market capitalization of $954.51 million, a price-to-earnings ratio of 14.99, a PEG ratio of 2.03 and a beta of 0.74. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.86 and a current ratio of 0.86.

Heritage Financial (NASDAQ:HFWA) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.43 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.07). Heritage Financial had a net margin of 25.83% and a return on equity of 8.86%. The firm had revenue of $58.10 million during the quarter, compared to analyst estimates of $59.73 million. As a group, research analysts anticipate that Heritage Financial will post 1.82 EPS for the current year.

In related news, Director Brian L. Vance sold 2,274 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $26.82, for a total transaction of $60,988.68. Following the transaction, the director now owns 98,737 shares in the company, valued at $2,648,126.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Bryan Mcdonald sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $26.67, for a total transaction of $106,680.00. Following the transaction, the chief operating officer now owns 11,119 shares in the company, valued at approximately $296,543.73. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC boosted its holdings in Heritage Financial by 119.1% during the second quarter. Nisa Investment Advisors LLC now owns 1,205 shares of the financial services provider’s stock worth $36,000 after buying an additional 655 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in Heritage Financial by 54.9% during the first quarter. Clearbridge Investments LLC now owns 1,907 shares of the financial services provider’s stock worth $57,000 after buying an additional 676 shares in the last quarter. Capital Fund Management S.A. bought a new stake in Heritage Financial during the second quarter worth approximately $219,000. Marshall Wace North America L.P. bought a new stake in Heritage Financial during the second quarter worth approximately $296,000. Finally, Elite Wealth Management Inc. bought a new stake in Heritage Financial during the third quarter worth approximately $377,000. Institutional investors and hedge funds own 80.63% of the company’s stock.

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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