Zacks: Brokerages Anticipate Heritage Financial Corporation (HFWA) Will Announce Quarterly Sales of $42.85 Million

Analysts expect that Heritage Financial Corporation (NASDAQ:HFWA) will announce $42.85 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Heritage Financial Corporation’s earnings, with estimates ranging from $42.50 million to $43.45 million. Heritage Financial Corporation posted sales of $43.47 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 1.4%. The business is scheduled to issue its next quarterly earnings results on Thursday, October 26th.

According to Zacks, analysts expect that Heritage Financial Corporation will report full year sales of $42.85 million for the current fiscal year, with estimates ranging from $171.00 million to $172.49 million. For the next financial year, analysts forecast that the company will post sales of $201.30 million per share, with estimates ranging from $199.71 million to $203.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Heritage Financial Corporation.

Heritage Financial Corporation (NASDAQ:HFWA) last released its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $41.59 million.

HFWA has been the subject of a number of research analyst reports. Zacks Investment Research lowered shares of Heritage Financial Corporation from a “buy” rating to a “hold” rating in a report on Monday, May 1st. Piper Jaffray Companies reissued a “hold” rating and set a $25.00 target price on shares of Heritage Financial Corporation in a research report on Wednesday, July 12th. BidaskClub downgraded shares of Heritage Financial Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $27.00 price objective on shares of Heritage Financial Corporation in a research report on Friday, June 2nd. Finally, ValuEngine raised shares of Heritage Financial Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $28.67.

Heritage Financial Corporation (NASDAQ:HFWA) opened at 27.00 on Thursday. Heritage Financial Corporation has a 52-week low of $17.60 and a 52-week high of $27.70. The firm has a 50 day moving average of $26.66 and a 200-day moving average of $25.32. The stock has a market cap of $804.06 million, a PE ratio of 19.29 and a beta of 0.48.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Thursday, August 10th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend is Tuesday, August 8th. Heritage Financial Corporation’s payout ratio is presently 37.14%.

In related news, Director John A. Clees sold 2,000 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $27.28, for a total value of $54,560.00. Following the completion of the sale, the director now owns 49,042 shares of the company’s stock, valued at approximately $1,337,865.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.70% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in HFWA. Stifel Financial Corp raised its stake in shares of Heritage Financial Corporation by 13.7% in the first quarter. Stifel Financial Corp now owns 129,115 shares of the financial services provider’s stock worth $3,196,000 after buying an additional 15,604 shares in the last quarter. Thomson Horstmann & Bryant Inc. boosted its position in Heritage Financial Corporation by 12.0% in the first quarter. Thomson Horstmann & Bryant Inc. now owns 547,680 shares of the financial services provider’s stock worth $13,555,000 after buying an additional 58,840 shares during the last quarter. Parkwood LLC boosted its position in Heritage Financial Corporation by 14.8% in the second quarter. Parkwood LLC now owns 9,478 shares of the financial services provider’s stock worth $251,000 after buying an additional 1,225 shares during the last quarter. Swiss National Bank boosted its position in Heritage Financial Corporation by 3.6% in the first quarter. Swiss National Bank now owns 49,368 shares of the financial services provider’s stock worth $1,222,000 after buying an additional 1,700 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in Heritage Financial Corporation by 21.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 24,154 shares of the financial services provider’s stock worth $598,000 after buying an additional 4,257 shares during the last quarter. 78.94% of the stock is owned by institutional investors and hedge funds.

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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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