Heritage Financial Corporation (NASDAQ:HFWA) Downgraded by Zacks Investment Research

Heritage Financial Corporation (NASDAQ:HFWA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, August 1st.

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

Several other research firms have also weighed in on HFWA. BidaskClub lowered shares of Heritage Financial Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Piper Jaffray Companies restated a “hold” rating and set a $25.00 price target on shares of Heritage Financial Corporation in a research report on Wednesday, July 12th. ValuEngine upgraded shares of Heritage Financial Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $27.00 price target on shares of Heritage Financial Corporation in a research report on Friday, June 2nd. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. Heritage Financial Corporation has an average rating of “Hold” and a consensus price target of $28.67.

Shares of Heritage Financial Corporation (NASDAQ HFWA) traded up 1.36% on Tuesday, reaching $26.15. 116,706 shares of the company’s stock traded hands. The stock has a market capitalization of $778.75 million, a PE ratio of 18.68 and a beta of 0.48. Heritage Financial Corporation has a 52 week low of $17.60 and a 52 week high of $27.70. The company has a 50 day moving average of $26.63 and a 200-day moving average of $25.32.

Heritage Financial Corporation (NASDAQ:HFWA) last released its earnings results on Wednesday, July 26th. The financial services provider reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.07. Heritage Financial Corporation had a net margin of 23.81% and a return on equity of 8.56%. The firm had revenue of $44.84 million during the quarter, compared to analyst estimates of $41.59 million. Equities research analysts forecast that Heritage Financial Corporation will post $1.42 earnings per share for the current year.

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In other news, Director John A. Clees sold 2,000 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $27.28, for a total value of $54,560.00. Following the transaction, the director now owns 49,042 shares in the company, valued at approximately $1,337,865.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.70% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the stock. MUFG Americas Holdings Corp increased its position in shares of Heritage Financial Corporation by 1.2% in the second quarter. MUFG Americas Holdings Corp now owns 3,952 shares of the financial services provider’s stock worth $105,000 after buying an additional 45 shares in the last quarter. Alps Advisors Inc. increased its position in Heritage Financial Corporation by 0.3% in the second quarter. Alps Advisors Inc. now owns 20,120 shares of the financial services provider’s stock worth $533,000 after buying an additional 52 shares in the last quarter. Legal & General Group Plc increased its position in Heritage Financial Corporation by 4.2% in the second quarter. Legal & General Group Plc now owns 7,369 shares of the financial services provider’s stock worth $195,000 after buying an additional 297 shares in the last quarter. Pinnacle Associates Ltd. increased its position in Heritage Financial Corporation by 2.9% in the second quarter. Pinnacle Associates Ltd. now owns 10,600 shares of the financial services provider’s stock worth $281,000 after buying an additional 300 shares in the last quarter. Finally, PDT Partners LLC increased its position in Heritage Financial Corporation by 2.1% in the second quarter. PDT Partners LLC now owns 19,290 shares of the financial services provider’s stock worth $511,000 after buying an additional 390 shares in the last quarter. Institutional investors own 78.94% of the company’s stock.

About Heritage Financial Corporation

Heritage Financial Corporation is a bank holding company. The Company is engaged in the business of planning, directing and coordinating the business activities of its bank subsidiary, Heritage Bank (the Bank). The Bank’s lending activities focus on commercial business lending. The Bank also originates consumer loans, real estate construction and land development loans, and one- to four-family residential loans.

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