DA Davidson Comments on Heritage Financial Co.’s FY2024 Earnings (NASDAQ:HFWA)

Posted by Defense World Staff on Oct 5th, 2023

Heritage Financial Co. (NASDAQ:HFWA – Free Report) – DA Davidson reduced their FY2024 earnings per share (EPS) estimates for Heritage Financial in a research note issued on Tuesday, October 3rd. DA Davidson analyst J. Rulis now forecasts that the financial services provider will post earnings of $1.85 per share for the year, down from their prior estimate of $1.90. The consensus estimate for Heritage Financial’s current full-year earnings is $1.89 per share.

Heritage Financial (NASDAQ:HFWA – Get Free Report) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). The company had revenue of $77.35 million for the quarter, compared to analyst estimates of $64.90 million. Heritage Financial had a return on equity of 10.04% and a net margin of 27.55%. During the same period in the previous year, the business posted $0.52 earnings per share.

HFWA has been the topic of a number of other reports. StockNews.com initiated coverage on shares of Heritage Financial in a report on Thursday, August 17th. They issued a “sell” rating on the stock. Piper Sandler dropped their price target on Heritage Financial from $23.00 to $22.00 in a research note on Monday, July 24th. Finally, Stephens boosted their price target on Heritage Financial from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Friday, July 28th.

Get Our Latest Stock Report on HFWA

Heritage Financial Price Performance

Shares of NASDAQ:HFWA opened at $16.15 on Wednesday. The firm has a market capitalization of $566.06 million, a price-to-earnings ratio of 7.05 and a beta of 0.58. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.75 and a quick ratio of 0.75. Heritage Financial has a 12 month low of $14.85 and a 12 month high of $34.34. The business’s 50 day simple moving average is $17.40 and its 200-day simple moving average is $17.74.

Institutional Trading of Heritage Financial

Several hedge funds have recently added to or reduced their stakes in the company. Barclays PLC boosted its stake in shares of Heritage Financial by 85.1% in the 2nd quarter. Barclays PLC now owns 69,198 shares of the financial services provider’s stock valued at $1,118,000 after purchasing an additional 31,805 shares in the last quarter. CGC Financial Services LLC acquired a new position in Heritage Financial in the second quarter valued at approximately $100,000. Teachers Retirement System of The State of Kentucky boosted its stake in Heritage Financial by 5.7% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 11,423 shares of the financial services provider’s stock worth $184,000 after acquiring an additional 616 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Heritage Financial by 12.4% in the 2nd quarter. Alliancebernstein L.P. now owns 1,918,401 shares of the financial services provider’s stock valued at $31,021,000 after buying an additional 211,547 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in shares of Heritage Financial by 17.7% during the second quarter. Wells Fargo & Company MN now owns 16,131 shares of the financial services provider’s stock valued at $261,000 after acquiring an additional 2,423 shares in the last quarter. 78.42% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Brian Charneski bought 5,000 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were purchased at an average price of $16.70 per share, for a total transaction of $83,500.00. Following the purchase, the director now owns 36,540 shares of the company’s stock, valued at approximately $610,218. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.82% of the company’s stock.

Heritage Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 16th. Shareholders of record on Wednesday, August 2nd were issued a dividend of $0.22 per share. The ex-dividend date was Tuesday, August 1st. This represents a $0.88 annualized dividend and a yield of 5.45%. Heritage Financial’s dividend payout ratio is currently 38.43%.

Heritage Financial Company Profile

(Get Free Report)

Heritage Financial Corporation operates as the bank holding company for Heritage Bank that provides various financial services to small and medium sized businesses and individuals in the United States. The company accepts various deposit products, such as noninterest demand deposits, interest bearing demand deposits, money market accounts, savings accounts, personal checking accounts, and certificates of deposit.