Heritage Financial (NASDAQ:HFWA) Price Target Cut to $34.00 by Analysts at Piper Sandler

Heritage Financial (NASDAQ:HFWA) had its price objective dropped by analysts at Piper Sandler from $35.00 to $34.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s target price points to a potential upside of 32.50% from the stock’s previous close.

Several other analysts have also issued reports on the stock. Weiss Ratings upgraded shares of Heritage Financial from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. Stephens boosted their price target on shares of Heritage Financial from $28.00 to $30.00 and gave the company an “equal weight” rating in a research note on Monday, January 26th. Wall Street Zen lowered shares of Heritage Financial from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Finally, DA Davidson increased their price objective on shares of Heritage Financial from $29.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Heritage Financial Price Performance

Shares of HFWA stock opened at $25.66 on Thursday. The firm’s 50-day moving average is $26.42 and its two-hundred day moving average is $24.75. Heritage Financial has a 12 month low of $19.84 and a 12 month high of $28.98. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $1.06 billion, a PE ratio of 13.34 and a beta of 0.49.

Heritage Financial (NASDAQ:HFWA) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.09. Heritage Financial had a return on equity of 8.61% and a net margin of 20.10%.The company had revenue of $66.35 million during the quarter, compared to analyst estimates of $65.95 million. Analysts predict that Heritage Financial will post 2.09 earnings per share for the current year.

Insider Activity

In other news, Director Frederick B. Rivera sold 1,800 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $26.31, for a total value of $47,358.00. Following the completion of the transaction, the director owned 4,972 shares of the company’s stock, valued at approximately $130,813.32. This trade represents a 26.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kelli Ann Wilson sold 1,900 shares of Heritage Financial stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $26.48, for a total transaction of $50,312.00. Following the completion of the transaction, the executive vice president owned 3,778 shares of the company’s stock, valued at $100,041.44. This trade represents a 33.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 8,368 shares of company stock valued at $226,740. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of Heritage Financial

Several hedge funds have recently modified their holdings of HFWA. Wellington Management Group LLP acquired a new position in Heritage Financial during the 3rd quarter worth $11,210,000. Algebris UK Ltd. purchased a new position in shares of Heritage Financial in the 3rd quarter valued at about $10,775,000. Basswood Capital Management L.L.C. boosted its stake in shares of Heritage Financial by 163.1% in the 4th quarter. Basswood Capital Management L.L.C. now owns 607,105 shares of the financial services provider’s stock valued at $14,358,000 after buying an additional 376,368 shares during the period. Victory Capital Management Inc. grew its position in shares of Heritage Financial by 9.2% during the third quarter. Victory Capital Management Inc. now owns 2,626,334 shares of the financial services provider’s stock worth $63,531,000 after buying an additional 220,273 shares in the last quarter. Finally, Jane Street Group LLC increased its stake in shares of Heritage Financial by 437.3% during the first quarter. Jane Street Group LLC now owns 107,482 shares of the financial services provider’s stock worth $2,615,000 after buying an additional 87,479 shares during the period. 78.30% of the stock is currently owned by institutional investors and hedge funds.

About Heritage Financial

Heritage Financial Corporation (NASDAQ:HFWA) is a bank holding company headquartered in Spokane, Washington. Through its primary subsidiary, Heritage Bank, the company provides a comprehensive range of banking and financial services to both individual and commercial clients. Heritage Bank’s offerings encompass deposit products, lending solutions, treasury and cash management services, mortgage banking, and wealth management, positioning the organization as a full-service community bank.

The company’s lending portfolio includes commercial real estate loans, agricultural loans, small business administration (SBA) loans, construction and development financing, and a variety of consumer mortgage products.