Heritage Financial (NASDAQ:HFWA) Cut to “Neutral” at DA Davidson

Heritage Financial (NASDAQ:HFWA) was downgraded by investment analysts at DA Davidson from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday, The Fly reports.

Other research analysts also recently issued research reports about the company. Stephens reaffirmed a “hold” rating and set a $29.00 price target on shares of Heritage Financial in a research note on Thursday, October 24th. BidaskClub raised Heritage Financial from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 19th. ValuEngine raised Heritage Financial from a “sell” rating to a “hold” rating in a research note on Monday, August 12th. Zacks Investment Research raised Heritage Financial from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Janney Montgomery Scott downgraded Heritage Financial from a “buy” rating to a “neutral” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $31.67.

Heritage Financial stock opened at $28.69 on Tuesday. Heritage Financial has a one year low of $25.24 and a one year high of $35.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.84 and a current ratio of 0.84. The business has a fifty day moving average of $27.23 and a two-hundred day moving average of $28.29. The company has a market cap of $1.06 billion, a P/E ratio of 16.30 and a beta of 0.72.

Heritage Financial (NASDAQ:HFWA) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.01. Heritage Financial had a return on equity of 8.67% and a net margin of 26.72%. The company had revenue of $58.70 million during the quarter, compared to the consensus estimate of $59.04 million. Sell-side analysts predict that Heritage Financial will post 1.82 EPS for the current year.

In related news, COO Bryan Mcdonald sold 4,000 shares of Heritage Financial stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $26.67, for a total transaction of $106,680.00. Following the completion of the sale, the chief operating officer now owns 11,119 shares in the company, valued at approximately $296,543.73. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Brian L. Vance sold 2,274 shares of Heritage Financial stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $26.82, for a total value of $60,988.68. Following the sale, the director now owns 98,737 shares of the company’s stock, valued at approximately $2,648,126.34. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Invesco Ltd. increased its position in Heritage Financial by 110.8% during the 2nd quarter. Invesco Ltd. now owns 1,059,728 shares of the financial services provider’s stock worth $31,305,000 after purchasing an additional 557,062 shares in the last quarter. Northern Trust Corp increased its position in Heritage Financial by 1.3% during the 2nd quarter. Northern Trust Corp now owns 631,389 shares of the financial services provider’s stock worth $18,651,000 after purchasing an additional 7,923 shares in the last quarter. Bank of New York Mellon Corp increased its position in Heritage Financial by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 472,533 shares of the financial services provider’s stock worth $13,959,000 after purchasing an additional 2,970 shares in the last quarter. Wells Fargo & Company MN increased its position in Heritage Financial by 55.6% during the 2nd quarter. Wells Fargo & Company MN now owns 333,559 shares of the financial services provider’s stock worth $9,853,000 after purchasing an additional 119,188 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Heritage Financial by 1.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 199,801 shares of the financial services provider’s stock worth $5,903,000 after purchasing an additional 2,805 shares in the last quarter. Hedge funds and other institutional investors own 79.73% 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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