Comerica Bank Buys New Position in Heritage Financial Corp (HFWA)

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Comerica Bank bought a new stake in Heritage Financial Corp (NASDAQ:HFWA) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 82,904 shares of the financial services provider’s stock, valued at approximately $2,889,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Louisiana State Employees Retirement System acquired a new position in shares of Heritage Financial in the 2nd quarter valued at $446,000. Washington Trust Bank acquired a new position in shares of Heritage Financial in the 2nd quarter valued at $103,000. Cardinal Capital Management LLC CT lifted its stake in shares of Heritage Financial by 187.1% in the 1st quarter. Cardinal Capital Management LLC CT now owns 827,472 shares of the financial services provider’s stock valued at $25,321,000 after purchasing an additional 539,225 shares during the period. Trexquant Investment LP acquired a new position in shares of Heritage Financial in the 1st quarter valued at $235,000. Finally, Allianz Asset Management GmbH lifted its stake in shares of Heritage Financial by 18.3% in the 1st quarter. Allianz Asset Management GmbH now owns 106,280 shares of the financial services provider’s stock valued at $3,252,000 after purchasing an additional 16,416 shares during the period. Hedge funds and other institutional investors own 78.82% of the company’s stock.

In other news, CFO Donald Hinson sold 1,316 shares of the company’s stock in a transaction on Friday, July 27th. The shares were sold at an average price of $36.11, for a total transaction of $47,520.76. Following the completion of the sale, the chief financial officer now owns 31,909 shares of the company’s stock, valued at $1,152,233.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brian L. Vance sold 6,734 shares of the company’s stock in a transaction on Friday, July 27th. The stock was sold at an average price of $36.29, for a total transaction of $244,376.86. Following the sale, the director now directly owns 133,313 shares of the company’s stock, valued at approximately $4,837,928.77. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.

Several equities analysts recently issued reports on HFWA shares. Zacks Investment Research upgraded shares of Heritage Financial from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research note on Thursday, April 26th. BidaskClub cut shares of Heritage Financial from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 18th. ValuEngine cut shares of Heritage Financial from a “buy” rating to a “hold” rating in a research report on Friday, April 27th. Keefe, Bruyette & Woods cut shares of Heritage Financial from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 26th. Finally, Piper Jaffray Companies upgraded shares of Heritage Financial from a “neutral” rating to an “overweight” rating and set a $35.00 price objective for the company in a research report on Wednesday, May 2nd. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $35.60.

NASDAQ:HFWA opened at $35.75 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of 24.02, a P/E/G ratio of 1.97 and a beta of 0.50. Heritage Financial Corp has a fifty-two week low of $25.25 and a fifty-two week high of $37.38.

Heritage Financial (NASDAQ:HFWA) last posted its quarterly earnings data on Wednesday, July 25th. The financial services provider reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.09). The company had revenue of $51.32 million for the quarter, compared to analyst estimates of $50.90 million. Heritage Financial had a return on equity of 8.54% and a net margin of 19.36%. equities research analysts predict that Heritage Financial Corp will post 1.79 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 23rd. Shareholders of record on Thursday, August 9th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Wednesday, August 8th. Heritage Financial’s dividend payout ratio is presently 40.54%.

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.

Further Reading: Should I invest in “strong buy” stocks?

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Institutional Ownership by Quarter for Heritage Financial (NASDAQ:HFWA)

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