Heritage Financial (NASDAQ:HFWA) upgrade at Zacks Investment Research


Wealth Financial (NASDAQ: HFWA – Get a Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released Tuesday, Zacks.com reports. The brokerage currently has a target price of $29.00 on shares of the financial services provider. Zacks Investment Research’s target price would point to a potential upside of 14.85% from the stock’s previous close.

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

Separately, StockNews.com assumed coverage of Heritage Financial in a Thursday, March 31 report. They issued a “holding” rating on the stock.

Shares of Heritage Financial traded down $0.71 during trading hours on Tuesday, hitting $25.25. The stock recorded trading volume of 311,256 shares, compared to an average trading volume of 199,482 shares. The company has a 50-day simple moving average of $25.32 and a two-hundred-day simple moving average of $25.07. The company has a market capitalization of $884.89 million, a price-earnings ratio of 9.75 and a beta of 0.65. The company has a current ratio of 0.81, a quick ratio of 0.84 and a debt ratio of 0.03. Heritage Financial has a 1-year low of $20.95 and a 1-year high of $29.81.

Heritage Financial (NASDAQ:HFWA – Get Rating) last released its quarterly earnings data on Thursday, April 21. The financial services provider reported EPS of $0.56 for the quarter, beating analyst consensus estimates of $0.38 by $0.18. Heritage Financial achieved a return on equity of 10.94% and a net margin of 38.18%. During the same period a year earlier, the company posted EPS of $0.70. Sell-side analysts expect Heritage Financial to post EPS of 1.58 for the current year.

Several hedge funds have recently bought and sold shares of HFWA. Victory Capital Management Inc. increased its stake in shares of Heritage Financial by 40.6% in the third quarter. Victory Capital Management Inc. now owns 950,815 shares of the financial services provider valued at $24,246,000 after purchasing an additional 274,789 shares last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Heritage Financial in the fourth quarter worth approximately $6,515,000. Goldman Sachs Group Inc. increased its stake in shares of Heritage Financial by 13.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,332,037 shares of the financial services provider valued at $32,555,000 after buying an additional 158,006 shares last quarter. Millennium Management LLC increased its stake in shares of Heritage Financial by 468.4% in the fourth quarter. Millennium Management LLC now owns 148,016 shares of the financial services provider valued at $3,618,000 after purchasing an additional 121,974 shares last quarter. Finally, Morgan Stanley increased its stake in shares of Heritage Financial by 64.7% in the second quarter. Morgan Stanley now owns 237,966 shares of the financial services provider valued at $5,954,000 after buying an additional 93,519 shares last quarter. Institutional investors and hedge funds own 79.72% of the company’s shares.

Heritage Financial Company Profile (Get an assessment)

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

Further reading

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