Heritage Financial Corp (HFWA) Expected to Announce Earnings of $0.48 Per Share

Wall Street brokerages forecast that Heritage Financial Corp (NASDAQ:HFWA) will report $0.48 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Heritage Financial’s earnings, with the highest EPS estimate coming in at $0.51 and the lowest estimate coming in at $0.47. Heritage Financial posted earnings per share of $0.35 in the same quarter last year, which would suggest a positive year-over-year growth rate of 37.1%. The firm is expected to issue its next earnings report before the market opens on Thursday, October 25th.

On average, analysts expect that Heritage Financial will report full-year earnings of $1.78 per share for the current year. For the next financial year, analysts forecast that the firm will post earnings of $2.15 per share, with EPS estimates ranging from $2.10 to $2.23. Zacks’ EPS calculations are a mean average based on a survey of research firms that that provide coverage for Heritage Financial.

Heritage Financial (NASDAQ:HFWA) last announced its quarterly earnings results on Wednesday, July 25th. The financial services provider reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.09). Heritage Financial had a net margin of 19.36% and a return on equity of 8.54%. The company had revenue of $51.32 million during the quarter, compared to analyst estimates of $50.90 million.

A number of research analysts recently commented on HFWA shares. BidaskClub upgraded shares of Heritage Financial from a “hold” rating to a “buy” rating in a research note on Thursday, September 6th. Zacks Investment Research upgraded shares of Heritage Financial from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research note on Wednesday, September 26th. ValuEngine lowered shares of Heritage Financial from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods lowered shares of Heritage Financial from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. Heritage Financial currently has a consensus rating of “Hold” and a consensus target price of $36.20.

In other Heritage Financial news, Director John A. Clees sold 1,000 shares of the stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $36.26, for a total transaction of $36,260.00. Following the transaction, the director now owns 45,209 shares in the company, valued at approximately $1,639,278.34. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Donald Hinson sold 1,316 shares of the stock in a transaction that occurred on Friday, July 27th. The stock was sold at an average price of $36.11, for a total transaction of $47,520.76. Following the transaction, the chief financial officer now owns 31,909 shares in the company, valued at approximately $1,152,233.99. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,665 shares of company stock worth $350,697. Company insiders own 1.80% of the company’s stock.

Several large investors have recently made changes to their positions in the business. Louisiana State Employees Retirement System grew its position in shares of Heritage Financial by 14.1% during the 3rd quarter. Louisiana State Employees Retirement System now owns 14,600 shares of the financial services provider’s stock worth $513,000 after purchasing an additional 1,800 shares in the last quarter. State of Alaska Department of Revenue grew its position in shares of Heritage Financial by 307.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 10,320 shares of the financial services provider’s stock worth $362,000 after purchasing an additional 7,790 shares in the last quarter. Northern Trust Corp grew its position in shares of Heritage Financial by 9.0% during the 2nd quarter. Northern Trust Corp now owns 572,632 shares of the financial services provider’s stock worth $19,957,000 after purchasing an additional 47,270 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Heritage Financial by 26.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 800,900 shares of the financial services provider’s stock worth $27,912,000 after acquiring an additional 166,844 shares during the period. Finally, Waddell & Reed Financial Inc. lifted its holdings in shares of Heritage Financial by 4.1% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 623,278 shares of the financial services provider’s stock worth $21,722,000 after acquiring an additional 24,420 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

HFWA traded down $0.70 on Thursday, reaching $32.53. The company had a trading volume of 103,000 shares, compared to its average volume of 247,282. Heritage Financial has a fifty-two week low of $28.46 and a fifty-two week high of $37.40. The firm has a market cap of $1.30 billion, a P/E ratio of 21.98, a price-to-earnings-growth ratio of 1.96 and a beta of 0.48. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.85 and a current ratio of 0.85.

About Heritage Financial

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

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