OLYMPIA, Wash. - Heritage Financial (NASDAQ:HFWA) Corporation (NASDAQ:HFWA) announced the resignation of Eric K. Chan from its Board of Directors, effective Monday. Chan, who joined the board on January 1, 2023, stepped down due to a new executive position at The Gap, where he will serve as Chief Business and Strategy Officer.
Brian L. Vance, Board Chair of Heritage Financial, expressed his regret over Chan's departure, acknowledging his valuable contributions during his brief tenure. Vance extended best wishes to Chan for his future endeavors with The Gap.
Heritage Financial Corporation operates as a bank holding company with Heritage Bank as its sole subsidiary. The bank offers full-service commercial banking across a network of 50 offices in Washington, Oregon, and Idaho, and operates under the name Whidbey Island Bank on Whidbey Island. Heritage Financial's shares are publicly traded on the NASDAQ Global Select Market.
This news update is based on a press release statement from Heritage Financial Corporation.
InvestingPro Insights
As Heritage Financial Corporation (NASDAQ:HFWA) navigates the departure of board member Eric K. Chan, investors may be evaluating the impact of this change on the company's financial health and stock performance. According to InvestingPro data, Heritage Financial has a market capitalization of $634.25 million and an attractive price-to-earnings (P/E) ratio of 10.33, which suggests a potentially undervalued stock in comparison to its earnings.
One of the InvestingPro Tips for Heritage Financial indicates that the stock is currently in oversold territory based on the Relative Strength Index (RSI), which may point to a buying opportunity for investors. Additionally, the company has shown a commitment to shareholder returns, having raised its dividend for 3 consecutive years and maintained dividend payments for 14 consecutive years. The dividend yield stands at a notable 5.0%, with a 9.52% dividend growth in the last twelve months as of Q4 2023.
While the company has faced some challenges, such as a revenue decline of 3.96% in the last twelve months as of Q4 2023, it remains profitable over the same period. Investors might also consider that three analysts have revised their earnings forecasts downwards for the upcoming period, which could influence the stock's short-term performance. Despite this, analysts predict the company will remain profitable this year.
For those interested in exploring more about Heritage Financial's performance and future outlook, InvestingPro offers additional insights and metrics. Use coupon code SFY24 to get an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 to get an additional 10% off a 1-year InvestingPro+ subscription. There are 6 additional InvestingPro Tips available, which could further guide investment decisions regarding Heritage Financial Corporation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.