Heritage Financial (NASDAQ:HFWA) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Heritage Financial (NASDAQ:HFWA - Get Free Report) issued its quarterly earnings results on Thursday. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.06, Zacks reports. Heritage Financial had a net margin of 12.27% and a return on equity of 7.01%.

Heritage Financial Price Performance

HFWA stock traded up $0.25 during trading on Thursday, hitting $24.85. The company had a trading volume of 275,505 shares, compared to its average volume of 159,129. The firm has a market capitalization of $848.63 million, a price-to-earnings ratio of 23.01 and a beta of 0.57. The business has a 50 day moving average of $25.16 and a 200 day moving average of $23.14. Heritage Financial has a fifty-two week low of $16.55 and a fifty-two week high of $27.58. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.46.

Insider Buying and Selling

In related news, EVP Tony Chalfant sold 2,975 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $26.50, for a total value of $78,837.50. Following the completion of the sale, the executive vice president now owns 20,119 shares of the company's stock, valued at $533,153.50. This represents a 12.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on HFWA shares. Piper Sandler boosted their target price on shares of Heritage Financial from $27.00 to $28.00 and gave the company an "overweight" rating in a research note on Monday, October 28th. Stephens boosted their price target on shares of Heritage Financial from $24.00 to $26.00 and gave the company an "equal weight" rating in a report on Tuesday, October 29th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $25.00.

Heritage Financial Company Profile

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