Notable News Spotlight: Heritage Financial Corporation (NASDAQ GS: HFWA)

Heritage Financial Corporation (NASDAQ GS: HFWA) spotted trading -23.91% off 52-week high price. On the other end, the stock has been noted 2.01% away from the low price over the last 52-weeks. The stock changed -4.16% to recent value of $28.37. The stock transacted 159410 shares during most recent day however it has an average volume of 126.95K shares. The company has 37.08M of outstanding shares and 36.38M shares were floated in the market.  

On July 25, 2019, Heritage Financial Corporation (NASDAQ GS: HFWA) the parent company of Heritage Bank, reported that the Company had net income of $16.0 million for the quarter ended June 30, 2019 compared to $11.9 million for the quarter ended June 30, 2018 and $16.6 million for the linked-quarter ended March 31, 2019. Basic and diluted earnings per share for the quarter ended June 30, 2019 were both $0.43 compared to $0.35 for the quarter ended June 30, 2018 and $0.45 for the linked-quarter ended March 31, 2019.

The Company had net income of $32.5 million for the six months ended June 30, 2019, or $0.88 per share, compared to $20.9 million, or $0.62 per share, for the six months ended June 30, 2018. There were no acquisition-related expenses for the six months ended June 30, 2019 compared to acquisition-related expenses of $0.17 per share for the six months ended June 30, 2018.

Jeffrey J. Deuel, President and Chief Executive Officer of Heritage commented, We are pleased with our progress in the first half of the year as we see the benefits of our last two mergers and recent hiring initiatives in Seattle and Portland. We saw mid-single digit annualized loan growth despite elevated pay-offs. In addition, we are pleased to see our new teams in Seattle and Portland emerging from the integration stage as high performing production teams with strong pipeline growth in all of our markets. We have also made good progress improving efficiencies across the organization while also managing staffing levels.

Further, we are proud that Heritage Bank provided project funding to support the Tacoma Housing Authority’s 1800 Hillside Terrace construction project which added 64 affordable apartments to the Hilltop area of Tacoma, and that we have been selected to provide project funding for Plymouth Housing Group’s 2nd & Mercer construction project adding 93 units of affordable family housing to Seattle’s Lower Queen Anne neighborhood. We are pleased to be able to partner with these great organizations to make a difference in our local communities.

 Its earnings per share (EPS) expected to touch remained 1.00% for this year while earning per share for the next 5-years is expected to reach at 7.00%. 

 The price moved ahead of -3.18% from the mean of 20 days, -3.44% from mean of 50 days SMA and performed -8.84% from mean of 200 days price. Company’s performance for the week was -2.00%, -2.81% for month and YTD performance remained -4.54%.

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