Heritage Financial (NASDAQ:HFWA) Posts Quarterly Earnings Results, Misses Estimates By $0.09 EPS

Heritage Financial (NASDAQ:HFWA) issued its quarterly earnings results on Thursday. The financial services provider reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.09), Zacks reports. The firm had revenue of $81.65 million during the quarter, compared to the consensus estimate of $58.17 million. Heritage Financial had a net margin of 14.59% and a return on equity of 7.95%. During the same quarter last year, the firm posted $0.51 earnings per share.

Heritage Financial Stock Performance

Shares of Heritage Financial stock traded down $0.02 during trading on Friday, hitting $22.34. 127,156 shares of the stock were exchanged, compared to its average volume of 127,507. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.81 and a current ratio of 0.81. Heritage Financial has a 12 month low of $15.94 and a 12 month high of $23.82. The stock’s fifty day moving average is $21.94 and its 200 day moving average is $19.95. The stock has a market cap of $770.73 million, a PE ratio of 17.73 and a beta of 0.53.

Heritage Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Wednesday, November 6th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 4.12%. The ex-dividend date is Wednesday, November 6th. Heritage Financial’s dividend payout ratio (DPR) is 73.02%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Piper Sandler lifted their price objective on shares of Heritage Financial from $23.00 to $26.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods boosted their price objective on shares of Heritage Financial from $20.00 to $23.00 and gave the company a “market perform” rating in a research report on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $23.50.

About Heritage Financial

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.