DA Davidson Forecasts Strong Price Appreciation for Heritage Financial (NASDAQ:HFWA) Stock

Heritage Financial (NASDAQ:HFWA) had its target price raised by stock analysts at DA Davidson from $32.00 to $34.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. DA Davidson’s price target points to a potential upside of 12.73% from the stock’s current price.

Several other analysts also recently commented on HFWA. Piper Sandler dropped their price objective on Heritage Financial from $34.00 to $32.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Wall Street Zen raised shares of Heritage Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Zacks Research raised shares of Heritage Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, June 26th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Heritage Financial in a report on Tuesday, July 7th. Three 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 Stock Performance

Heritage Financial stock opened at $30.16 on Friday. Heritage Financial has a 12-month low of $21.32 and a 12-month high of $31.25. The stock has a 50-day simple moving average of $28.67 and a 200 day simple moving average of $27.20. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 14.36 and a beta of 0.49. The company has a quick ratio of 0.81, a current ratio of 0.83 and a debt-to-equity ratio of 0.17.

Heritage Financial (NASDAQ:HFWA) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.13. The business had revenue of $84.13 million for the quarter, compared to analyst estimates of $86.30 million. Heritage Financial had a net margin of 20.44% and a return on equity of 8.78%. On average, research analysts anticipate that Heritage Financial will post 2.42 earnings per share for the current fiscal year.

Insider Transactions at Heritage Financial

In other Heritage Financial news, CFO Donald Hinson sold 3,842 shares of the company’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $28.37, for a total value of $108,997.54. Following the transaction, the chief financial officer directly owned 41,241 shares of the company’s stock, valued at $1,170,007.17. This represents a 8.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.49% of the stock is owned by company insiders.

Institutional Investors Weigh In On Heritage Financial

A number of institutional investors have recently modified their holdings of HFWA. EverSource Wealth Advisors LLC grew its stake in shares of Heritage Financial by 27,871.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,958 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 1,951 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of Heritage Financial by 99.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,875 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 1,431 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Heritage Financial by 12.2% during the second quarter. GAMMA Investing LLC now owns 6,519 shares of the financial services provider’s stock worth $193,000 after purchasing an additional 710 shares during the period. CWM LLC increased its holdings in shares of Heritage Financial by 7.7% during the fourth quarter. CWM LLC now owns 8,249 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 592 shares during the period. Finally, BNP Paribas Financial Markets raised its position in shares of Heritage Financial by 117.1% in the third quarter. BNP Paribas Financial Markets now owns 8,457 shares of the financial services provider’s stock valued at $205,000 after buying an additional 4,561 shares in the last quarter. Institutional investors own 78.30% of the company’s stock.

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.