Heritage Financial

HFWA · NASDAQ

$27.85+$0.39 (+1.42%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $27.46

HFWA analyst rating

HoldConsensus of 5 analysts over the last 12 months. 40% rate it a buy.

Strong buy0
Buy2
Hold3
Underperform0
Sell0

12-month price target · 7 analysts

Average $33.66 (+20.9% upside)

Low: $32.32
Now: $27.85
High: $35.70

Upgrades and downgrades

The latest rating actions, newest first

HFWA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Stephens & Co.	Jul 28, 2026	Maintains	Equal-Weight	$30.00 → $32.00	67%
Keefe, Bruyette & Woods	Jul 27, 2026	Maintains	Market Perform	$31.00 → $32.00	63%
DA Davidson	Jul 24, 2026	Maintains	Buy	$32.00 → $34.00	50%
Piper Sandler	Apr 27, 2026	Maintains	Overweight	$34.00 → $32.00	68%
Piper Sandler	Apr 2, 2026	Maintains	Overweight	$35.00 → $34.00	68%
Piper Sandler	Feb 5, 2026	Maintains	Overweight	$33.00 → $35.00	68%
Stephens & Co.	Jan 26, 2026	Maintains	Equal-Weight	$28.00 → $30.00	50%
DA Davidson	Jan 23, 2026	Maintains	Buy	$29.00 → $32.00	50%

The case for and against

Updated Jul 26, 2026

Bull case

Heritage Financial is expected to benefit greatly from potential economic recovery in the Pacific Northwest as it has a strong commercial lending and deposit relationship with small businesses and attracts deposits from the general public. With a stable credit profile and low non-interest expenses, the company is well-positioned to continue its stock buyback initiative and potentially see loan growth and net interest margin expansion in the future, supporting potential earnings growth. The recent acquisition of Olympic Bancorp will also contribute to future earnings growth and increase the company's relative premium to peers.

Bear case

Heritage Financial is facing challenges with its NII and NIM, as they fell short of expectations in the last quarter. Despite efforts to improve margin through higher yields and lower deposit costs, the bank is struggling to see significant growth, with moderate improvements projected in the upcoming quarters. Additionally, the bank is focusing on integrating its recent acquisition of Olympic to meet its EPS accretion targets, which may further limit potential growth opportunities.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.