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Fintel reports that on April 24, 2023, Piper Sandler maintained coverage of Heritage Financial (NASDAQ:HFWA) with a Overweight recommendation.
Analyst Price Forecast Suggests 54.46% Upside
As of April 24, 2023, the average one-year price target for Heritage Financial is 28.56. The forecasts range from a low of 24.24 to a high of $32.55. The average price target represents an increase of 54.46% from its latest reported closing price of 18.49.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Heritage Financial is 296MM, an increase of 15.19%. The projected annual non-GAAP EPS is 2.72.
Heritage Financial Declares $0.22 Dividend
On April 18, 2023 the company declared a regular quarterly dividend of $0.22 per share ($0.88 annualized). Shareholders of record as of May 4, 2023 will receive the payment on May 18, 2023. Previously, the company paid $0.22 per share.
At the current share price of $18.49 / share, the stock’s dividend yield is 4.76%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.21%, the lowest has been 1.88%, and the highest has been 5.12%. The standard deviation of yields is 0.75 (n=237).
The current dividend yield is 2.06 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is 0.37. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is -0.02%.
What is the Fund Sentiment?
There are 456 funds or institutions reporting positions in Heritage Financial. This is an increase of 44 owner(s) or 10.68% in the last quarter. Average portfolio weight of all funds dedicated to HFWA is 0.16%, an increase of 3.53%. Total shares owned by institutions decreased in the last three months by 1.75% to 33,897K shares. The put/call ratio of HFWA is 9.19, indicating a bearish outlook.
What are Other Shareholders Doing?
IJR – iShares Core S&P Small-Cap ETF holds 2,349K shares representing 6.69% ownership of the company. No change in the last quarter.
Alliancebernstein holds 1,685K shares representing 4.80% ownership of the company. In it’s prior filing, the firm reported owning 1,665K shares, representing an increase of 1.21%. The firm increased its portfolio allocation in HFWA by 8.92% over the last quarter.
Invesco holds 1,087K shares representing 3.10% ownership of the company. In it’s prior filing, the firm reported owning 1,141K shares, representing a decrease of 5.00%. The firm increased its portfolio allocation in HFWA by 0.31% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 1,081K shares representing 3.08% ownership of the company. In it’s prior filing, the firm reported owning 1,064K shares, representing an increase of 1.56%. The firm increased its portfolio allocation in HFWA by 8.59% over the last quarter.
Goldman Sachs Group holds 952K shares representing 2.71% ownership of the company. In it’s prior filing, the firm reported owning 944K shares, representing an increase of 0.84%. The firm increased its portfolio allocation in HFWA by 13.02% over the last quarter.
Heritage Financial Background Information
(This description is provided by the company.)
Heritage Financial Corporation is an Olympia-based bank holding company with Heritage Bank, a full-service commercial bank, as its sole wholly-owned banking subsidiary. Heritage Bank has a branching network of 61 banking offices in Washington and Oregon. Heritage Bank also does business under the Whidbey Island Bank name on Whidbey Island.
See all Heritage Financial regulatory filings.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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