Zacks: Analysts Anticipate Heritage Financial Corp (NASDAQ:HFWA) Will Post Quarterly Sales of $58.33 Million

Wall Street analysts expect Heritage Financial Corp (NASDAQ:HFWA) to announce $58.33 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Heritage Financial’s earnings, with the highest sales estimate coming in at $58.80 million and the lowest estimate coming in at $57.50 million. Heritage Financial reported sales of $59.73 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 2.3%. The company is scheduled to issue its next earnings results on Thursday, January 23rd.

On average, analysts expect that Heritage Financial will report full-year sales of $232.23 million for the current financial year, with estimates ranging from $231.50 million to $232.90 million. For the next fiscal year, analysts anticipate that the company will post sales of $234.73 million, with estimates ranging from $232.30 million to $237.20 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Heritage Financial.

Heritage Financial (NASDAQ:HFWA) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.01. The firm had revenue of $58.70 million during the quarter, compared to the consensus estimate of $59.04 million. Heritage Financial had a return on equity of 8.67% and a net margin of 26.72%.

Several brokerages have issued reports on HFWA. BidaskClub upgraded Heritage Financial from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 19th. ValuEngine upgraded Heritage Financial from a “sell” rating to a “hold” rating in a research note on Monday, August 12th. Janney Montgomery Scott cut Heritage Financial from a “buy” rating to a “neutral” rating in a research note on Friday, July 26th. Zacks Investment Research upgraded Heritage Financial from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Stephens restated a “hold” rating and set a $29.00 price objective on shares of Heritage Financial in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Heritage Financial has an average rating of “Hold” and a consensus target price of $31.67.

Shares of HFWA traded up $0.14 during midday trading on Thursday, reaching $28.91. 105,600 shares of the company were exchanged, compared to its average volume of 135,027. The stock has a 50-day moving average price of $27.18 and a 200-day moving average price of $28.31. Heritage Financial has a 1-year low of $25.24 and a 1-year high of $35.63. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 16.43 and a beta of 0.72. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.03.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend is Wednesday, November 6th. Heritage Financial’s payout ratio is currently 43.18%.

In other news, COO Bryan Mcdonald sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $26.67, for a total transaction of $106,680.00. Following the completion of the transaction, the chief operating officer now directly owns 11,119 shares of the company’s stock, valued at $296,543.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian L. Vance sold 2,274 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $26.82, for a total value of $60,988.68. Following the transaction, the director now directly owns 98,737 shares of the company’s stock, valued at $2,648,126.34. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.

Several large investors have recently bought and sold shares of HFWA. Invesco Ltd. grew its holdings in shares of Heritage Financial by 110.8% during the second quarter. Invesco Ltd. now owns 1,059,728 shares of the financial services provider’s stock valued at $31,305,000 after purchasing an additional 557,062 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of Heritage Financial during the second quarter valued at approximately $4,330,000. Wells Fargo & Company MN grew its holdings in shares of Heritage Financial by 55.6% during the second quarter. Wells Fargo & Company MN now owns 333,559 shares of the financial services provider’s stock valued at $9,853,000 after purchasing an additional 119,188 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Heritage Financial during the second quarter valued at approximately $3,047,000. Finally, Morgan Stanley grew its holdings in shares of Heritage Financial by 157.1% during the second quarter. Morgan Stanley now owns 166,872 shares of the financial services provider’s stock valued at $4,930,000 after purchasing an additional 101,972 shares during the last quarter. 80.67% of the stock is owned by institutional investors.

Heritage Financial Company Profile

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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Earnings History and Estimates for Heritage Financial (NASDAQ:HFWA)

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