What’s Next for Heritage Financial Corp (HFWA) After Forming Bullish Wedge Up Chart Pattern?

September 17, 2017 - By Peter Erickson

Investors sentiment increased to 1.53 in 2016 Q4. Its up 0.16, from 1.37 in 2016Q3. It increased, as 5 investors sold Heritage Financial Corp shares while 38 reduced holdings. 20 funds opened positions while 46 raised stakes. 21.25 million shares or 0.93% more from 21.06 million shares in 2016Q3 were reported.
Bessemer Grp Incorporated holds 47,600 shares or 0.01% of its portfolio. D E Shaw &, a New York-based fund reported 82,487 shares. Morgan Stanley stated it has 342,525 shares. Moreover, Sei has 0.01% invested in Heritage Financial Corp (NASDAQ:HFWA) for 60,713 shares. Kansas-based Creative Planning has invested 0% in Heritage Financial Corp (NASDAQ:HFWA). Ameriprise Finance has 0% invested in Heritage Financial Corp (NASDAQ:HFWA). State Street has 0% invested in Heritage Financial Corp (NASDAQ:HFWA) for 576,051 shares. Gsa Partners Llp has invested 0.06% in Heritage Financial Corp (NASDAQ:HFWA). Loomis Sayles & L P has 115 shares. Nwq Investment Mngmt Lc accumulated 1.91 million shares. Principal Fincl Grp has 0% invested in Heritage Financial Corp (NASDAQ:HFWA) for 16,327 shares. Pinnacle Assocs Limited has 0.01% invested in Heritage Financial Corp (NASDAQ:HFWA). The Connecticut-based Thomson Horstmann And Bryant has invested 1.56% in Heritage Financial Corp (NASDAQ:HFWA). Private Management Group Inc Inc invested in 0.46% or 318,293 shares. Pdt Prns Ltd has invested 0.02% in Heritage Financial Corp (NASDAQ:HFWA).

Since March 17, 2017, it had 0 insider buys, and 1 sale for $220,900 activity. Shares for $61,375 were sold by CRAWFORD MARK D. VANCE BRIAN L also sold $220,900 worth of Heritage Financial Corp (NASDAQ:HFWA) on Tuesday, May 2.

The stock of Heritage Financial Corp (HFWA) formed an up wedge with $29.59 target or 9.00 % above today’s $27.15 share price. The 9 months wedge indicates low risk for the $812.61 million company. If the $29.59 price target is reached, the company will be worth $73.13 million more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock increased 0.56% or $0.15 on September 15, reaching $27.15. About 238,149 shares traded or 64.55% up from the average. Heritage Financial Corp (NASDAQ:HFWA) has risen 35.92% since September 17, 2016 and is uptrending. It has outperformed by 19.22% the S&P500.

Wall Street await Heritage Financial Corp (NASDAQ:HFWA) to release earnings on October, 26. Analysts forecast EPS of $0.35, down exactly $0.02 or 5.41 % from 2014’s $0.37 EPS. The expected HFWA’s profit could reach $10.48 million giving the stock 19.39 P/E in the case that $0.35 earnings per share is reported. After posting $0.39 EPS for the previous quarter, Heritage Financial Corp’s analysts now forecast -10.26 % negative EPS growth.

Heritage Financial Corp (NASDAQ:HFWA) Ratings Coverage

Among 3 analysts covering Heritage Financial (NASDAQ:HFWA), 0 have Buy rating, 0 Sell and 3 Hold. Therefore 0 are positive. Heritage Financial had 6 analyst reports since September 28, 2015 according to SRatingsIntel. Keefe Bruyette & Woods downgraded it to “Market Perform” rating and $20 target in Friday, October 23 report. The stock of Heritage Financial Corp (NASDAQ:HFWA) has “Mkt Perform” rating given on Monday, October 5 by Raymond James. The stock has “Hold” rating by Piper Jaffray on Monday, August 14. Piper Jaffray initiated the stock with “Neutral” rating in Monday, September 28 report. The stock of Heritage Financial Corp (NASDAQ:HFWA) earned “Hold” rating by Keefe Bruyette & Woods on Thursday, June 1. The stock of Heritage Financial Corp (NASDAQ:HFWA) has “Hold” rating given on Monday, July 10 by Piper Jaffray.

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